A checklist of important documents

An essential part of serving you is helping you ensure that you have all of your important estate documents, and that they are up to date, including wills, powers of attorney, living trusts and beneficiary designations.

A will

Having a will enables you to specify who you want to inherit your wealth, property and other assets. It also enables you to name a guardian for your children that are still minors.

Healthcare documents

Documents, such as a living will, a power of attorney agreement, and a durable power of attorney agreement, for healthcare spell out your wishes for healthcare if you become unable to make medical decisions for yourself.

Financial documents

Financial documents, such as joint ownership, durable power of attorney, and living trusts, can spell out your financial wishes if you become unable to make decisions for yourself.

Beneficiary forms

In some instances, naming a beneficiary or beneficiaries for your bank accounts and retirement plans make these accounts payable on death to your beneficiaries. In other cases, you will need to fill out a “payable on death” form.

The right amount and type of life insurance

Several factors will affect the cost and availability of life insurance, including age, health and the type and amount of insurance purchased. You should consider determining whether you are insurable before implementing a strategy involving life insurance.

Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

A business succession plan

If you own a business with others, you may also want to consider a buyout agreement.

A letter of instruction

A strong, well-written letter of instruction, while not a legal documents, may save your family time, effort and expense as they administer your estate.

The location of your critical documents

To manage your estate, your heirs will need access to the specific documents you have created. These documents include all of the documents mentioned above, as well as any trust accounts, insurance policies, real estate deeds, stock, bond and annuity certificates, company retirement plans and information on any credit card, loan or mortgage debt.