Give your children the priceless gift of knowing the location of your “Estate Planning Binder.” This package contains documents, keys and instructions that ties your estate planning efforts to tangible results. Creating a comprehensive turnover package for heirs is crucial for efficient estate planning. In this video we list 21 items you should include in your package. Some of the most noteworthy are : Last Will and Testament, Revocable Living Trust, durable Power of Attorney, Healthcare Power of Attorney (Healthcare Proxy), Living Will (Advance Healthcare Directive), Trust Documents, Beneficiary Designations.
See the full list below in the description.
Without knowing the location of the Estate Planning Binder, you and your heirs will struggle to keep abreast of your changing lifestyle as you age. Once you have passed, your heirs will be equipped to face their grief while also having the operational capability to execute your wishes.
The very name, "Estate Planning Binder" conveys the idea that it contains all necessary documents and information.
The full list of the 21 items is:
Last Will and Testament:
Revocable Living Trust:
Durable Power of Attorney:
Healthcare Power of Attorney (Healthcare Proxy):
Living Will (Advance Healthcare Directive):
Trust Documents:
Beneficiary Designations:
Insurance Policies:
Property Deeds:
Vehicle Titles:
Financial Account Information:
Digital Asset Information
Safe Deposit Box Information
Business Documents
Tax Records:
Funeral and Burial Instructions:
Contact List:
Letter of Instruction
Keys and Access Codes:
Medical History:
Family Information:
Last Will and Testament: A legal document that outlines how the testator wishes to distribute their assets and manage their affairs after death.
Revocable Living Trust: A trust that holds assets during the grantor's lifetime and transfers them to beneficiaries after death, bypassing probate.
Durable Power of Attorney: A document that appoints someone to make financial and legal decisions on behalf of the individual if they become incapacitated.
Healthcare Power of Attorney (Healthcare Proxy): Designates someone to make medical decisions if the individual is unable to do so.
Living Will (Advance Healthcare Directive): Specifies the individual's preferences for medical treatment and end-of-life care.
Trust Documents: Including the trust agreement, any amendments, and schedules listing trust assets.
Beneficiary Designations: For retirement accounts, life insurance policies, and any other accounts with designated beneficiaries.
Insurance Policies: Copies of life insurance, long-term care insurance, and other relevant policies.
Property Deeds: Documentation showing ownership of real estate, including primary residence, vacation homes, and investment properties.
Vehicle Titles: Titles for cars, boats, and other vehicles owned by the individual.
Financial Account Information: Including bank accounts, investment accounts, retirement accounts, and brokerage accounts, along with contact information for financial institutions.
Digital Asset Information: Instructions for accessing online accounts, such as email, social media, cryptocurrency wallets, and digital storage.
Safe Deposit Box Information: Location of the box, key or combination, and inventory of contents.
Business Documents: If the individual owns a business, include documents such as operating agreements, partnership agreements, and succession plans.
Tax Records: Recent tax returns, as well as documentation related to any ongoing tax matters.
Funeral and Burial Instructions: Preferences for funeral arrangements, burial or cremation, and any prepaid funeral plans.
Contact List: Names and contact information for key advisors, including attorneys, accountants, financial planners, and insurance agents.
Letter of Instruction: A personalized letter providing guidance to heirs on handling the estate and expressing final wishes.
Keys and Access Codes: Keys to property, vehicles, safe deposit boxes, and any relevant access codes or passwords.
Medical History: A summary of the individual's medical history, including current medications, allergies, and contact information for healthcare providers.
Family Information: Names and contact information for immediate family members, as well as any other relevant family details.
By compiling these documents and ancillary information into a turnover package, heirs will have a clear understanding of the individual's estate plan and be better equipped to handle the administration of the estate. It's essential to keep the package updated regularly to reflect any changes in assets, preferences, or laws.
The information contained in this Higgins Capital communication is provided for information purposes and is not a solicitation or offer to buy or sell any securities or related financial instruments in any jurisdiction. Past performance does not guarantee future results.