Recently, we have been discussing the importance of having an Estate Plan. That is, having a Will, Personal Directives and an Enduring Power of Attorney etc…. If you are starting to work on Estate Planning and you need to meet with a lawyer to have these three documents prepared, it is a good idea to take inventory of what you have. Not only physical or financial assets, things like that, but how you want things to be taken care of when you are gone.

 

This could also apply to people that become disabled or incapacitated and aren't able to handle their own affairs. That's where the Power of Attorney comes into play. You want them to be well informed of your wishes, because they will be taking over for you when you're not able to.

 

Generally, when we discuss Estate Planning, we use a reference book as our guide. This book is available, upon request, should you be interested in it for planning your affairs. The book covers things like;

 

1. 1. 1. Personal Information
      2. Medical Information
      3. Key contacts
         1. Executor
         2. Attorney
         3. Accountant
      4. People to contact upon my passing
         1. Family
         2. Friends
         3. Others
      5. Insurance policy information
      6. Funeral arrangements if any
         1. Funeral home
         2. Where my remains are to go
         3. Buried, cremated, etc.
      7. My dependents
         1. Relationships
         2. Location
         3. Health care history
      8. Where my Will located
      9. Other important documents
         1. Drivers license
         2. Passport
         3. Birth certificate
         4. marriage/ divorce certificates
         5. Address book
         6. Computer user names and passwords
      10. Financial information
          1. Financial power of attorney document location
          2. Appointed agent
          3. Bank account information
          4. Credit card information
          5. Other store charge cards
          6. Investment portfolio
          7. Other accounts
             1. Frequent flyer, rewards programs
          8. Tax records
          9. Safe Deposit Box
          10. List of debts
              1. Mortgage
              2. Loans
              3. Lines of credit
          11. List of what is owed to me from others?
              1. Personal loans
              2. Judgements
              3. Possessions
          12. Any commercial/ business information
              1. My business name
              2. Location
              3. Contact info
              4. Landlord
              5. Employees
                 1. Contact information
              6. Accountant
              7. Attorney
              8. Insurance
              1. Bank information
              10. Business credit card
              11. Key customers, royalties, licenses
              50. Utilities
              1000. Business website information
              14. Business social media sites
                  1. Name

1. 1. 1. 12. 1. 2. User name and password
         13. What beneficiaries can expect
             1. Life insurance policies
                1. Type

1. 1. 1. 13. 1. 2. Contact info
                3. Amount
                4. Beneficiary
                5. Location of papers/ information
             2. Employer benefits
             3. Social Security
         14. Personal property
             1. Real estate
             2. Co-owners
             3. Location of legal documents
             4. Location of keys
             5. Etc
         15. Vehicles
             1. VIN
             2. Lease/ loan information
             3. Location of keys
         16. Storage units?
         17. Safe?
         18. Hidden valuables?
         19. Insurance
             1. Life insurance
             2. Health insurance
             3. Medicare
             4. Dental insurance
             5. Vision
             6. Motor vehicle insurance
         20. My pets
             1. Name(s)
             2. License, information
             3. Health records
             4. Veterinarian
             5. Who will care for my pet
                1. Contact info

1. 1. 1. 20. 1. 2. Instructions for caring for my pet
         21. What to pay, close, cancel
             1. Utilities
                1. Gas

1. 1. 1. 1. 1. 2. Electric
               3. Water
               4. Landline?
            2. Charities
               1. Name

1. 1. 1. 21. 1. 2. Contact info
         22. Email and social media
             1. Email account
                1. User name

1. 1. 1. 1. 1. 2. Password
            2. Social media
               1. Facebook

1. 1. 1. 22. 2. 2. LinkedIn
                3. Instagram
                4. Twitter
                5. Other
             3. My website or blog
         23. Misc.
         24. My wishes!
         25. Last words

 

 

 

 

This list is quiet comprehensive. The whole idea of Estate Planning is to be able to have your wishes be executed essentially from the grave. There are many different types of programs or spreadsheets out there that set up these kinds of lists. The important thing is just to do it, one way or the other.

 

Estate Planning isn’t the most comfortable thing to talk about, but it is really important. Having a list in place is really one of the critical key first steps when you are doing your Estate Planning. Think of it this way: how can you plan for your Estate if you don't have a good, solid record of everything you own, everything you owe and how you think you'd like things to be handled when you're gone?

 

For more information and details on Estate Planning please refer to our Podcast.

 

Stay happy, stay safe, stay well.

 

The CM Group