07/08/2022
For those of you that don’t have your affairs in order, here’s a list that can help:
1) Make sure all bank accounts have direct beneficiaries. The beneficiary will only need to go to the bank with your death certificate and their ID.
2) TOD = Transfer On Death deed if you own a home. Completing this document and filing it with your county saves your heirs' THOUSANDS!!! This document allows you to transfer ownership of your home to your designee. All they need to do is take your death certificate and their ID to the county building and have the deed signed over. Doing this will avoid the home having to go through probate.
3) Living Will: Allows one to put in writing exactly what you want to be done in the event you cannot speak for yourself when it comes to healthcare decisions.
4)Durable Power of Attorney: This allows one to designate a person to make legal decisions if one is no longer competent to do so. AND Power of Attorney for Healthcare: This document allows one to designate someone to make healthcare decisions for their person.
5) Last Will & Testament: Designates to whom personal belongings will go too. Make sure it is handwritten and signed. Or printed, notarized, and signed to be valid.
6) Funeral Planning Declaration: allows one to say exactly one’s wishes as far as the disposition of the body and services.
If the above documents are done, you can AVOID probate. If all the above is not done, you have to open an estate account at the bank. All money that doesn’t have direct beneficiaries goes into this account. You have to have an attorney to open the estate account. The attorney also has to publicize your passing in the newspaper or post-publication at the county courthouse, to allow anyone to make a claim on your property. - It’s a long arduous process that can cost $2,500 and more in legal fees.
7) Make a list of all banks and account numbers, all investment institutions with account numbers, lists of credit cards, utility accounts, etc. Leave clear instructions as to how and when these things are paid.
8 Make sure heirs know where life insurance policies are located.
9) Make 100% sure SOMEONE knows your Apple ID, bank ID account logins and passwords!
10) Make sure you have titles for all vehicles, campers, etc!
11) MOST IMPORTANTLY!!!! - Talk with those closest to you and make all your wishes KNOWN. Talk to those whom you’ve designated, as well as those close to you whom you did not designate. Don’t avoid these important conversations with your loved ones! This will also help explain why your decisions were made and avoid any lingering questions or potentially hurt feelings. - It has to be done!
12) Make an appointment with The JRP Law Firm (www.jrpfirm.com) or with a qualified Estate Attorney licensed to practice law in your state (these laws, and the requirements to make these documents valid, differ from state to state. There’s a reason attorneys go to law school for years and then have to pass a multi-day written examination, to be licensed to practice law - it’s complex. Minor omissions or errors can have significant legal implications. If you don’t do a will correctly, it can quickly be completely invalidated. Don’t leave these things to a Google search or some cheap form you pick up at an office store. Do this right! It’s important.
***Also, an attorney can help you set up a "Living Trust,” which will save your loved ones from having to go through probate, which is a long and costly process that can also take away a substantial amount from your heirs' inheritance.