You want to avoid probate for your heirs and beneficiaries—this will save them both time and money. If any of your assets do not have direct beneficiaries, your heirs will have to open an Estate Account and all monies will have to pass through the Estate Account by law before heirs can receive their portion.
Opening an Estate Account requires an attorney.
- Make sure all bank accounts have direct beneficiaries. The beneficiary need only go to the bank with your death certificate and an ID.
- Make a list of all bank accounts, account numbers, investment accounts and where they are held, lists of credit cards, utility accounts. Make sure you have titles for all vehicles, boats, etc.
- Make sure heirs know where life insurance policies are located.
- Set up a Trust for intended beneficiaries, especially those that are too young, and appoint a Trustee.
Transfer on Death (TOD) if you own a home. Completing this document and filing it with your county. has the potential to save your heirs a considerable amount of money. This document allows you to transfer ownership of your home to your designee. All the need to do is take your death certificate to the county building and the deed is signed over. Doing this will avoid your home having to go through probate.
Living Will allows you to put in writing exactly what you want done in the event you cannot speak for
yourself when it comes to healthcare decisions as well as other final decisions.
Durable Power of Attorney allows you to designate a person to make legal decisions if you are no
longer competent to do so.
Power of Attorney for Healthcare allows you to designate someone to make healthcare decisions for
you.
Last Will & Testament designates to whom personal belongings will go to.
Funeral Planning Declaration allows you to say exactly what your wishes are as far as disposition of the
body and services.