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Estate Planning: How to Prepare for the Expected

Written by: Anne Thomas Sulton

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Posted over 3 years ago. 5 helpful votes, 0 comments

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Estate Planning: Preparing for the Expected

Among our personal commitments should be one promising to get better organized, which includes preparing for the expected. We all expect to get old and frail, to get sick, and then to die. The alternative is also unpleasant - dying while we still are young and healthy. We should talk to an attorney and ask him or her to help us write a Will. If we already have a Will but it is over two years old, then we should ask an attorney to review it with us to see whether it needs to be updated. We also should speak with an attorney to help us prepare a medical directive in case of an incapacitating illness or injury.

Estate Planning: Preparing for the Expected

There are many other estate planning matters we should discuss with an attorney, including when to transfer property, whom to select as a trustee, and tax liabilities. In addition to working with an attorney to help us with estate planning matters, we also should consider renting a safe deposit box at a bank. Into this box, we should put all of our important papers. In this way, those persons trying to take care of our business affairs will have only one central place to go for all necessary documents.

Estate Planning: Preparing for the Expected

Following is a checklist of some of the documents we should place in our safe deposit box at the bank: 1) social security card; 2) birth certificate; 3) marriage certificate and/or divorce papers; 4) baptismal certificate or other religious record and name of current pastor or religious leader; 5) deeds to house and other real estate;

Estate Planning: Preparing for the Expected

6) mortgage notes (or payoff statements when we are so blessed); 7) car titles and car notes; 8) home, car, and life insurance policies; 9) pension and annuity plans; 10) certificates of deposit, stocks and other investments; 11) checking and savings account numbers; 12) pertinent medical records, particularly when we have some unusual medical condition; 13) health care directives; 14) "do not resuscitate" order if we so choose; 15) names, addresses and telephone numbers of doctors, dentists, lawyers and accountants; 16) names, addresses and telephone numbers of close relatives and friends; 17) copies of last three years income tax returns; 18) copy of passport; 19) Will; and 20) note stating funeral and burial/cremation wishes. It takes time to get better organized. It also costs a little money to obtain helpful advice from professionals. But preparing for the expected will ensure our wishes are met when our voices cannot be heard.