![]() Information on any debts you have: credit cards, mortgages and loans.ĭepending on the size and complexity of your estate, preparing for your passing can be a complicated process.Information on your financial accounts and safe deposit boxes.Deeds to any real estate, and certificates for stocks, bonds, annuities.Question #9: Will My Heirs Be Able to Locate My Critical Documents?Īfter your passing, your heirs will need access to the specific documents you have created to manage your estate. A strong, well-written letter may save your heirs time, effort and expense as they administer your estate. Question #8: Have I Created a Letter of Instruction or Intent?Ī letter of instruction is a non-legal document that outlines your wishes. If you’d like your family to continue running the business, do you have a family succession plan in place? If you own a business with others, you may also want to consider a buyout agreement. 1 Question #7: Have I Taken Steps to Protect My Business? If you and your spouse have more than $23.4 million in assets (for 2021), you may want to consider taking steps to manage federal estate taxes, which will be due at the second spouse’s death. Question #6: Have I Taken Steps to Manage My Federal Estate Tax? Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications.Ĭonsider determining whether you are insurable before implementing a strategy involving life insurance. Life insurance policies have expenses, including mortality and other charges. Keep in mind that several factors will affect the cost and availability of life insurance, including age, health and the type and amount of insurance purchased. When was the last time you assessed your life insurance coverage? Have you compared the life insurance benefit with your financial obligations? Question #5: Do I Have the Right Amount and Type of Life Insurance? In other cases, you will need to fill out a “Payable on Death” form. In some cases, naming a beneficiary for bank accounts and retirement plans makes these accounts “payable on death” to your beneficiaries. Question #4: Have I Filed Beneficiary Forms? If you become unable to make decisions for yourself, these financial documents can be structured to empower a person to make decisions on your behalf. Question #3: Do I Have Financial Documents in Place?Ĭertain financial documents can outline your financial wishes. Durable power of attorney agreement for healthcare.They also authorize a person to make decisions on your behalf if that should prove necessary. Healthcare documents spell out your wishes for health care if you become unable to make medical decisions for yourself. Question #2: Do I Have Healthcare Documents in Place? A will also enables you to name a guardian for dependents, such as children under 18 or loved ones with special needs. Question #1: Do I Have a Will?Ī will enables you to specify who you want to inherit your property and other assets. As you try to address every possible question or pain point your heirs may encounter, here are a few questions of your own to consider. The estate planning process can feel overwhelming and forever ongoing - especially if you’re taking it on alone. ![]()
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