If something were to happen to you today, would your estate be distributed according to your wishes and in a timely manner?
In addition to reviewing your financial information on a regular basis, you should also review your estate planning documents. Laws change, families change, situations change, and your preferences may change. You should review your documents to verify who you want making decisions and who you want receiving property. Not only should you select qualified decision makers, like a personal representative, trustee, or health care agent, but you should ensure that family members know where to find key documents. Below is a checklist to help you create a plan and get organized:
-Make sure that your heirs know where all your belongings are, or leave them a detailed list of where they will be able to find them. Death and probate can be difficult enough to deal with without turning them into a scavenger hunt.
-Make a list of your attorney, accountant, financial advisor, employer's benefit department and insurance agent, along with their phone numbers and a list of recent statement copies.
-Keep a binder or folder with copies of important documentation, health care directives, trust agreements, tax forms, titles on real property, cars, boats, etc., credit card statements, and bank statements. Ask your attorney about keeping copies of wills and powers of attorney. Documents that can be contested are often better when not copied. Many attorneys will provide you with a summary letter of your estate-planning documents that details the important facts without revealing the entire document.
-If your estate plan incorporates separate lists, be sure to make such a list for bequests of tangible personal property (personal items), so family members will not argue over who should inherit your watch, jewelry, favorite golf clubs, or other belongings not specifically listed in your will.
-Choose the type of disposition and ceremony you would like to have. Have your wishes recorded in a health care declaration. Make sure that everyone in your family is aware of your desires and if you wish to have a particular kind of ceremony or have your organs donated. Even with good planning in place, family members can still disagree if they do not know what your feelings are.