Should You Prepare An Estate Now?
It’s a question that runs through the mind of several people. At the ultimate time of their end journey in life, should they prepare essential documents to their loved ones such as a living will, a trust fund or life insurance?
The truth is, you don’t need anything complicated when it comes to preparing your estate. You need to prepare vital pieces of paperwork on your end so you’ll have your peace of mind.
Make an account list
You need to prepare the documents that are all essential such as your financial accounts, account numbers and contact information for all those accounts. This includes accounts with stated beneficiaries as well. Often called the letter of instruction, this will provide a significant checklist to your executor to make sure all your properties and assets are well-accounted for.
Proof of ownership
Next thing that you should do is to compile everything into a single folder the documents that signify your proof of ownership to your assets and properties such as businesses, land or vehicles. You can also include there your investment, business, and savings accounts. It will make it easier for your family to show your ownership with these properties.
Take note that it’s essential to regularly update these documents, at least at the end of the year.
An advanced directive
An advance directive is a document that will help your loved ones assess your needs if the time comes that you’re unable to do so. It states what will be the exact measures to sustain your life, in which the decision making power is handed out to the person you entrusted.
Usually, in most states, it has a simple form that you need to fill out, which would require notarization to have a legal weight in it.
Divorce and marriage paperwork
If you’re currently married, make sure that the copy of your marriage certificate is easy to locate, same as if you’re divorced. Locate the divorce decree from those marriages. These documents are necessary because it shows who your current spouse is, which can prevent unauthorized people from accessing your assets.
On the occasion that you have an unmarried partner or previous spouse, you have the option to make a crafted will wherein you will clearly state that you will leave part of your property or assets to them. These documents will serve as a proof that these people will have legal rights over some of your possessions.
Finally, you can write a letter addressed to each of your loved ones, clearly stating your intention. Writing can encourage self-reflection about these essential relationships with these people, as well as your current assessment of the current status of these relationships. Hopefully, this can cause a positive change in everyone that is involved.
Taking care of these documents beforehand can give you great peace of mind. Many people put off on creating a will and save it up until they reach their senior years. However, as much as you can, to make sure your loved ones are secured, it’s crucial to talk to an experienced wills and estates lawyer to make sure all the necessary legal paperwork is well taken care of as smoothly as possible. Click here to talk to a wills and estates lawyer today.