If you’ve already drawn up your Last Will & Testament, Power of Attorney and Healthcare Directives, good for you. You’re in a better position than over 50% of Americans who haven’t thought about estate planning. Now it’s time to organize everything so that your family can access the documents they’ll need if you become incapacitated or pass away.
Proof Of Your Identity
When it comes to settling your estate, entities such as banks and insurance companies often require at least two forms of identification for the deceased and executor or named beneficiary. It’s important to have all of your IDs in one place along with other crucial documents including your birth certificate; Social Security card; discharge papers for veteran benefits; and citizenship papers if you’re a naturalized citizen. Also, if needed, your marriage certificate, prenuptial agreement and divorce settlement.
Proof Of Your Identity
When it comes to settling your estate, entities such as banks and insurance companies often require at least two forms of identification for the deceased and executor or named beneficiary. It’s important to have all of your IDs in one place along with other crucial documents including your birth certificate; Social Security card; discharge papers for veteran benefits; and citizenship papers if you’re a naturalized citizen. Also, if needed, your marriage certificate, prenuptial agreement and divorce settlement.
Property Deeds & Titles
Property titles include cars, homes, or investment real estate that you want to leave to people you’ve named in your will. However, it’s important to understand that any names on jointly-owned titles or deeds will override your will. Put these documents in a safe place along with your Last Will & Testament, Healthcare Directives (Living Will), and other crucial estate documents listed below.
“However, it’s important to understand that any names on jointly-owned titles or deeds will override your will.”
Debts That Need To Be Paid From Your Estate
Your survivors need to know if any debts need to be paid from your estate before assets can be distributed. Compile a file of all your debts and the necessary lender information for your mortgage, credit cards, auto loans and personal or college loans.
Other Crucial Estate Documents
- Policies for life, healthcare, car and home owners insurance.
- Retirement accounts: Thrift Savings Plan, 401(k) accounts and IRAs.
- FERS/CSRS annuity and other pension plans
- Tax returns, stock certificates and bank accounts
- Cemetery deeds and pre-arranged funeral information
If you decide the best place for these documents is a safe deposit box, make sure your executor is listed with the bank and has access to the key.
