Basic estate planning begins with
completing documents that allow your last wishes to be carried out as you
choose. But are you familiar with the documents you'll need? Here's a list of
common estate planning documents and their purpose.
Advance
Directive. Your instructions for end-of-life and quality of life
wishes regarding medical treatments. Share your directive with your healthcare
providers and family.
Asset
inventory. A list of all your financial assets that shows how much
you paid for the asset (your basis), and how the asset is titled, such as joint
tenancy or payable on death.
Beneficiary
designations. Forms you complete to specify who will receive the
proceeds of accounts and assets that aren't distributed via your will, such as
life insurance policies, IRAs and 401(k)s. Be sure to appoint contingent
beneficiaries as well, in case your first choice predeceases you.
Power
of attorney. Gives the person of your choice the ability to act on
your behalf if you become incompetent or incapable.
Power
of attorney for healthcare. Gives the person of your choice the
authority to make healthcare decisions for you that are not specified in your
Advance Directive.
Record
of locations. A list of the location of legal and financial documents
and assets, including safety deposit boxes and keys, mortgage deeds and titles
to property, bank and retirement accounts, and your will.
Trust
agreement. Trusts are legal arrangements that can be used to carry
out your wishes to distribute income, provide for your long-term care, transfer
your assets, and make sure a favorite charity receives donations.
Will.
Also called a last will and testament. Explains how you want to transfer your
property.
Estate planning is
about much more than taxes. It's also about peace of mind, for both you and
your family. We're happy to work with your financial team to make sure your
plan accomplishes what you intend.
Call us at (219)
769-3616 with your questions, or email them to rzondor@swartz-retson.com
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