Are you organized if something takes place to you? If you become handicapped unexpectedly through an automobile accident or health catastrophe, will your family or loved one understand what your dreams are? If you drop dead, will those closest to you know what to do? Will they know where your pertinent papers are kept or what possessions may be readily available for your care?
As released in the Naperville Sun – July 20, 2008
While you are well and there are no health issues before you is a good time to begin to end up being organized. One location that is an outright in this process is to have your estate planning approximately date. At a minimum, you will need a will and monetary power of attorney, which will select the correct individuals to handle your matters for you either throughout life or upon your death. A copy of these documents must be kept in a binder with your attorney’s card on the within. Make a list of all of your specialists who help you such as your Certified Public Accountant, certified monetary planner, life insurance coverage agent, banker and doctor, and include the addresses and phone numbers for each such person. You should let individuals appointed know the area of that binder so that it is offered on the occasion that you need it.
In the event that you do not wish to be kept alive by synthetic methods if your physician deems that you are in a terminal state, you ought to likewise have a living will and a power of attorney for health care, which should be kept in the very same binder. A copy of the monetary power of attorney, which contains the HIPAA language that allows your agent to access your medical details, the living will and the power of attorney for health care need to be given to your primary doctor simply in case it is required. If you travel, you must consider taking a copy of these documents with you, in case they are needed.
Another extremely valuable binder would be one that contained a list of every possession you own, consisting of property, savings account, CDs, mutual funds, brokerage accounts, employee benefit strategies, life insurance, safe deposit boxes, in addition to a list of collectibles and other personal property. This will help the individual who you designate to look after your interest while you live or the individual that you select to end up your estate, so that they will not need to browse your whole residence and office to find them. This will also help to ensure that no property is missed out on. When a year, it would be a good idea to make a copy of the statements as of Dec. 31 for each and every account, so that your agent will know the account numbers and the quantities that you have that can be utilized for your benefit.
Other documents that would be helpful and must be kept in a binder would be your birth certificate, marriage license, divorce decree, military discharge papers, passport or permit, Social Security card, health insurance card, naturalization papers and copies of the car/truck/boat titles. These files will allow your agent to make an application for the proper advantages that you might be allowed.
Many individuals like to prepay their funeral cost. If you have these, include these documents and a copy of the cemetery plot deed in your binder. Some individuals are specific as to the guidelines that they have for their funeral services. If you are among them and desire to determine the church, clothes, if donations will be accepted, the get-together for the friends and family afterward, include your instructions in your binder.
It sounds like a significant project, however if you tackle it a little at a time, it will not be. Instead of leaving a mess for your family, you have made it simple on them at a difficult time for them and you can have your dreams fulfilled.
How arranged are you?