Step 7

Homework: The Legal Documents

 The main reason to meet with a legal advisor is to draft or update your estate planning documents. The basic legal documents give instructions about what you want to happen with your assets after you are gone. They typically include a will and/or trust, Durable (Financial) Power of Attorney, and Health Care Power of Attorney.

1. Do you need a will or a trust? Estate Tax laws have changed over the years. Your wishes and desire/need for control must be factored into your legal advisor’s recommendation on this question.
2. The Power of Attorney documents clarify who you want to make financial or health care decisions for you when you are alive but unable to act (if you are in a coma, for example).
3. Your agent for health care does not need to be the same person as your agent for financial power. Sometimes the one who you want to pay bills is not the same person you want to pull the plug!

 Estate Planning Document Reminders 

• When choosing your executor/personal representative/successor trustee, choose someone who is not only honest, but also organized with communication skills; a non-family member (fiduciary or corporate trustee) may make sense instead or jointly with a family member.
• Discuss whether your Durable (Financial) Power of Attorney should be immediate or “springing” (springs into action only at the time of incapacity). As we get older and/or for couples, immediate may be the best option but discuss with your attorney for the best advice regarding your situation.
• Review estate planning documents every 3-5 years, whenever there has been a law change, or when you have had a change in your circumstances.
• The best resource for this legal advice is an attorney who specializes in estate planning and is licensed in your state.
• Attorneys will remind you that you can write, date and sign a Disposition of Personal Property at any time to attach to your estate planning documents. This separate list itemizes things you specifically want to go to certain people (i.e. china to daughter, gun to son, piano to school, etc.)

For more on these chapters and other steps to take before a major life event happens, check out my book the “Before” Financial Checklist: 15 Important Actions to Complete Before the Loss of a Loved One, available on Amazon.

Step 11

The First Month: Miscellaneous “To Dos”

1. Go to the DMV (Department of Motor Vehicles) to cancel driver’s license and transfer vehicle title.
2. Notify the Registrar of Voters.
3. Cancel any medication prescriptions, print subscriptions, and memberships.
4. Delete online personal accounts: email, social media, business sites, etc., to avoid fraud or identity theft. Procedures for each will vary.
5. Send out acknowledgements for cards, donations, etc., if you’ve decided that is something you want to do. This can also be delayed until a time that you are ready and able to tackle this project.
6. Contact the Post Office with forwarding information, if necessary.
7. Cancel all services no longer needed, i.e. phone, internet, cable, etc.