Money Talks....

Do you have your affairs in order?  When was the last time you reviewed important documents?  Here are some of the documents you should have and their meaning.

TOD: Transfer on Death.  Completing this document and filing it with your county saves heirs thousands of dollars.  This document allows you to transfer ownership.  All you need is ID and a death certificate.

Living Will: Allows one to put in writing exactly what you want

done in the event you cannot speak for yourself when it comes to healthcare.

Durable Power of Attorney:  Allows one to designate a person to make legal decisions for both healthcare and financial if one is no longer competent to do so.

Last Will & Testament:  Designates to who personal belongings will go to.

Trust: Are established to provide legal protection for the trustors assets to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and in some cases, avoid or reduce inheritance or estate taxes.  This is for those who have over $100k in assets.

Funeral Planning Declaration:  Allows one to say exactly ones wishes as far as disposition of the body and the services.

Having these documents done can help AVOID probate along with having direct beneficiaries on accounts/policies.  If all the above is not done, you will have to open and estate account at the bank.  All money that doesn’t have direct beneficiaries will go into this account.  It’s then publicized of the love one ‘s passing to allow anyone to make a claim on the property.

Make a list of all bank accounts, investments, credit cards, utilities.  Leave clear instructions as to how and when things are to be paid.  Make sure heirs know where life insurance/annuity policies are located.  This includes all logins and passwords and titles.  Make sure you are having those conversations!

Until next time!

Diane