It is important to have all your Power of Attorneys ( health care power of attorney and financial power of attorney) as well as your Living Will in place before you lose the ability to make decisions for yourself. You want to know that the person you choose will be able to make rational decisions and help to keep you family together.Īlso make sure someone can make financial decisions for your, as well as health care decisions. It's tempting to choose your spouse or children, but remember that this is going to be an emotional time. This is the person who's responsible for administering your will or it will be the person that you define as your trustee. You need to consider who you want to declare as the executor (or administrator) of your estate. Make a list of account numbers and any other relevant information so it's easy for your family members to handle. Credit cards, loans, mortgages, and personal debts all count. When it comes to your debts, include everything. If you have a revocable living trust make sure to designate your trust as the beneficiary of your accounts, that helps protect your assets. Make sure all the beneficiaries for your accounts are updated as well. If you have stocks, retirement accounts, bank accounts, and various types of insurance, these should be included as well. You should also include assets that aren't tangible. Take care to write everything down and don't be shocked if the list is longer than you thought. If you have expensive art or tech equipment, this will also qualify. This includes heirlooms, jewelry, vehicles, land, and your home. Next, take inventory of your debts and assets. One of the benefits of estate planning ahead of time is that you can make sure that your family gets the best possible payouts when you pass.Ĭontact all of the insurance companies and make sure that all beneficiaries are accounted for and updated for all insurances. You should always look into your insurance (and any associated memberships) as a part of your estate planning. We've come up with a brief estate planning checklist so you can get your affairs in order while you're still able.
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