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Estate Planning- Documents You Should Include

Published by Jamie Nau on 28 Feb 2019

Estate planning isn’t just for the elderly or the rich, it’s for everyone, especially those with young children. Just as you provide for them now, by creating an estate plan you can ensure your loved ones are cared for you when you’re gone. Below is a list of basic documents to include in your estate plan to legally ensure your desires for your heirs. 

Vital information. This would include a list of:

  • Insurance policies.
  • Businesses you own.Estate plan
  • Brokerage and investment accounts.
  • Outstanding debts.
  • Tax related documents.
  • Credit cards.
  • Names and phone numbers for your professional advisors (lawyers, accountants, etc.)

Be sure to review this important information frequently and keep all your documents up-to-date.

Will. This written document is a blueprint of your wishes and intentions for your heirs. You should include:

  • A designated guardian if you have minor children.
  • A list of heirs and who gets what assets.
  • An executor to distribute your assets.

Medical directives. In the event that you are unable to make decisions for yourself, you should appoint an individual to make health care decisions on your behalf.

Durable power of attorney. This is a designated advisor or individual (example: a lawyer or your spouse) that will make financial decisions on your behalf should you become incapacitated. If necessary, the individual will have access to your checking and investment accounts and have the ability to pay your obligations on time such as your monthly bills.

Funeral information. This will include your specific preference of burial instructions. It may also include a list of those to be notified such as:

  • Immediate heirs and other relatives.
  • Business associates.

Taxes. Include provisions to minimize taxes in your estate plan if you feel your estate may be subject to either state of federal taxes.

For your financial and estate planning needs it’s important that you consider the assistance of professionals such as a CPA or lawyer to cover all your bases. For further assistance contact our office at 866-497-9761 to schedule an appointment with our advisors.                                                                                                     WE SPECIALIZE IN VIRTUAL CFO SERVICES

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