Jill On Money: Estate planning cheat sheet

You sure do like talking about death Jill commented one of my favorite producers Unlike so multiple areas of our lives that are out of our control planning for an event that has a percent probability of occurring our eventual demise seems like a good task to tackle for all of us Related Articles Consumer price chart Monthly change in cost of groceries gasoline and more Social Shield cost-of-living increase informed for Are car loan delinquencies a sign of a struggling economic system Protect your robustness and your wealth tips to beat healthcare debt Jill On Money The great lock in Yet according to a modern assessment from Caring com we have a lot of work to do Only one in four Americans has a will and these numbers have gotten WORSE since Incredibly not even a global pandemic can motivate people into action Adding to my distress level The investigation determined that Americans with children under comprise the largest cohort of people without wills or other estate planning documents Even if you don t have children or think that you don t have enough money don t you want chosen say in your end-of-life vitality decisions Or how specific of your possessions no matter what they are worth should be distributed Importantly if you die without a will your state of residence determines who should get what and then the local Probate Court will take its time and then divvy up your estate according to a preset formula As we enter National Estate Planning Awareness Week here s my Estate Planning Cheat Sheet Will A document that ensures that assets are passed to designated beneficiaries in accordance with your wishes In the drafting process you name an executor the person or institution that oversees the distribution of your assets If you have minor children you will also name a guardian Wellness care proxy Appointment of someone to make healthcare care decisions on your behalf if you lose the ability to do so Power of attorney Appointment of someone to act as your agent in a variety of circumstances like withdrawing money from a bank responding to a tax inquiry or making a transaction Letter of instruction This covers things like the disposition of your remains and your desired funeral arrangements which can be key if you are choosing something that is contrary to your family s tradition Contact information for executor Include names current addresses and Social Safeguard numbers of all people named in the estate documents and contact information for your estate attorney and CPA Document list Include all accounts insurance policies automatic pay accounts with payee information housing land and cemetery deeds mortgage and loan accounts van titles partnership and corporate operating agreements marriage license divorce papers and military discharge information Utilize transfer on death accounts Various financial institutions offer the ability to designate a beneficiary of non-retirement bank and venture accounts which allows ownership of the account to be transferred to the designated beneficiary upon death and generally avoids probate Weigh the value of a trust A trust comes in two forms revocable changeable or irrevocable not changeable Trust assets avoid probate and can provide a more precise way in which to transfer assets But in particular cases a trust can overly complicate the process and add to the cost of the estate plan Communicate the plan to heirs Have these conversations while you still are able to do so Attorney vs online I am partial to hiring a qualified estate attorney especially if there are any complications like a second marriage family estrangement a special requirements family member a partnership in a small business or considerable assets A lot of companies now offer legal services as part of their benefits so you may be able to defray certain of the costs by electing to participate during open enrollment If you have a straightforward situation online is better than nothing Related Articles Antioch council to discuss housing projects linked to controversial developer US China Tee Up Sweeping Agreement Deal for Trump Xi to Finish Wearable tech for your dog Life releases a new pet tracker PG E sees major enhancement feasible in San Jose as electricity demand rises Trump threatens Canada with extra import tax for not pulling down anti-tariffs ad sooner Jill Schlesinger CFP is a CBS News business analyst A former options trader and CIO of an stake advisory firm she welcomes comments and questions at askjill jillonmoney com Check her website at www jillonmoney com