To ensure that the time is less stressful for the people you love, make sure that you organize all of the legal documents necessary to put your affairs in order. This can take some time to put together, but once you get all of the legal paperwork you do not have to worry about it anymore, and neither will your family after you are gone.
It is very important to put these documents together and store them in a safe place where they can be accessed after your passing. These legal documents can be excessive, so it may be in your best interest to hire a lawyer to help you put things in order.
Hiring an estate lawyer ensures that your family does not have to deal with the various legal proceedings while they are in mourning. The lawyer will also ensure that everything is done correctly and that your will is carried out exactly the way you intended with having a bias or agenda.
Your lawyer can safeguard the various legal documents, but you should also have a hard copy of your own that is kept at your house or in a safety deposit box at the bank. You will need the original copies of all paperwork as well though, so make sure that those are accounted for.
It would probably be the best option to put the original copies of all legal documents into a safety deposit box, have a copy of everything on hand at your home in a file cabinet, and then give copies of everything to your estate attorney as well. This will ensure the most clarity and organization after your passing.
The first set of documents needed is asset information. These will include account statements, life insurance policies, beneficiary designations, deeds for real estate, automobile, boat, RV titles, and stock and bond certificates.
Account statements include any bank, brokerage, and retirement accounts that are current and have a balance. Beneficiary delegations should be established for all life insurance, retirement accounts, and payable on death accounts.
Stock and bond certificates are needed and it should be established how the funds should be handled. The next set of paperwork needed is business paperwork if you own your own company.
These will include, corporate, LLC, or partnership documents, account statements, contracts, business licenses, and income tax returns. Any corporate, LLC, or partnership documents will include copies of the corporate charter, articles of the organization, and minutes.
There should also be copies of the shareholder’s agreement, operating agreement, partnership agreement, original stocks, and LLC certificates. These are needed to switch over titles and names to the beneficiary or new owner.
Contracts will include leases, loans, and employment agreements; and you should also have state and local business licenses. Income tax return receipts and paperwork should be collected for the last three years as well.
Contracts that should be collected include prenuptial agreements, postnuptial agreements, loans, mortgages, lines of credit, promissory notes, and any leases. Estate planning documents that are necessary include the last will and testament and any codicils, and a revocable living trust and any amendments.
These documents will state how you will divide you assets, if any will be given to charity, and how you want your funeral arrangements to be made. You may also include personal notes to anyone in your life as a last “testament” to them.
You should also have a folder for all of your tax returns that are needed; including federal income tax returns, state income tax returns, and gift tax returns. Each of these will need to have at the last three years of returns on paper.
You will also need the paperwork for any bills that you have so that services can be cancelled and balances be paid off. This will include bills for utilities, cell phone, internet, television, credit cards, mortgages and personal loans, real estate taxes, storage units, and any medical bills.
In addition, you should have the paperwork prepared for the funeral arrangements, including the funeral home and/or church, where you want to buried or have your ashes spread, and how you want the services to be conducted. It would be wise of you to have these things pre-arranged and paid for, or have a fund set up so your family can pay for them right away.
Terry Daniels has been working with personal injury law in Utah for the past 10 years. He has written hundreds of articles dealing with the subject. He recommends (http://www.utahinjury.com) for your injury attorney needs.
|
|