Estate planning often becomes one of those “to do” items that gets pushed down the priority list. But when you work hard every day to create a lasting legacy for your family, you should be making sure that important estate planning documents are created and maintained so your legacy will get passed down as you see fit.
Here are 9 estate planning documents you should organize right now:
- Will/trust: Simply stated, wills and trusts allow you to state how you want your property distributed upon your death. You can also name guardians for your children, provide for pets and name a trusted person (executor) to carry out the terms of your will or trust.
- Power of attorney: If you become incapacitated for any reason, your named power of attorney can make decisions on your behalf. This person will have the legal authority to handle financial, health care and guardian decisions for you or your children as well as handle everyday affairs.
- Living will: A living will allows you to state your medical treatment wishes in the event you are not able to do so. For example, if you do not wish to be placed on life support, this can be stated in a living will so your family does not have to make this difficult decision for you.
- Organ donation: If you wish to donate an organ or part of an organ to help save another person’s life after your death, this should be known by your loved ones. You can learn how organ donation works and register online at Donate Life America.
- Burial/cremation wishes: You can help simplify the memorial service preparation process for your family by clearly stating whether you would like to be buried or cremated. You can also provide details of when, how and where you would like your memorial service.
- Employment: Your family should have access to all of your current employment information, including the beneficiaries you have listed for current and past employer benefit plans.
- Life insurance policies: If you have set up life insurance or other types of insurance policies, make a comprehensive list of the plan documents including coverage and beneficiaries so your family or executor can easily access the information.
- Retirement plans/pensions: These plans can be from current or past employers, so make sure your family or executor has access to all the plans and their details and beneficiary information.
- Passwords: To access some of your stored information, your family or executor may need your passwords and PIN information. You may wish to keep these in a safe deposit box for security reasons.
To complete and maintain this detailed information it is advisable to hire an estate planning attorney for experienced help. At The Brown Law Firm we can help you create estate planning documents in Denver. Don’t wait to put these “peace of mind” documents in place. Contact us today.