Why You Need a Will (and a Few Other Essential Documents)

Financial Literacy EducationEstate Planning

Oct 9

Essential Documents and Information

No one wants to talk about what happens when they are incapacitated or when they die. However, for the people caring for you or ones left behind, complete and organized critical documents and information is a gift to your loved ones so they can manage your affairs as you wish. What happens if you don’t have a will? The courts decide how to distribute your property and assets according to a set list of relatives called “intestate succession”. This process can take months or sometimes years, and can be upsetting for those left behind. Fortunately, with some expert help from an estate attorney,

Following is a list of essential documents and information for your estate, to have assembled and organized. You should let your loved ones and executor(s) know where these documents are stored.

Most Critical Documents

Paying an estate attorney to properly craft and execute these documents so they are legally sound ensures your wishes can be followed with ease by your heirs and executors. You can also look into a legal clinic for simple will development that cost much less. These documents must be signed before witnesses to be valid. Do check with your state for requirements on witnesses and notarizing. Please note that original documents are required for efficacy – copies or scans aren’t legal substitutes. Essential documents and lists of information should be kept together in a safe place, preferably in a safe or fire-proof box. Here’s a list of must-have documents that are in most estate attorney’s family estate packages.

• Will with a Trust in it – becomes effective when you pass away

• Health Care and Financial Powers of Attorney – protects you if you cannot conduct your own health care or financial affairs while you are alive

• Living Will (Advance Health Care Directive) – expresses your wishes if you are in a vegetative state

• Temporary Guardianship documents for minor children – if you currently have guardianship

Important Documents & Essential Information

Some information we keep in our heads or on sticky notes. It’s a great time to track down, organize, and file these critical items and pieces of information so they are easily found and gathered by your executor. Essential documents and lists of information should be kept together in a safe place, like a safe or fire-proof box.

• Birth certificate, Driver’s license, Social Security card, Passport

• A list of all bank account information, numbers, online login information

• Location of credit cards, debit cards, checks plus online login usernames and passwords to all

• Pension, 401(k), 403b information, and annuity contracts with online login info

• Savings bonds, stock certificates, brokerage accounts – locations of any paper documents plus online login usernames and passwords to all

• Documentation of open loans and debts, including all credit accounts - online login usernames and passwords to all

• Tax returns – Last 10 years+

• Utilities, internet, cell phone, newspaper, music, TV program, entertainment subscriptions – online login usernames and passwords

• Deeds, appraisals, and keys to all properties

• Vehicle titles

• Insurance information (Medicare, Medicaid, Independent, Long Term Care, Life)

• Marriage & Divorce papers