A Will
A will includes your instructions for how your property are to be distributed after your death. If you die without a valid will, your property will be divided based on the laws of the state in which you live. If you have been saving a precious heirloom to pass onto a favorite relative, that will not happen unless your will specifies it.
If a legacy gift to Navy-Marine Corps Relief Society is in your plans, that won’t happen either unless it is designated in your will.
A will can do so much more than provide directions for the distribution of your assets. With a valid will, you can decide:
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Who should serve as your executor, trustee, or personal representative, as well as an alternate, should the person you name be unable to serve in this capacity
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Who will receive specific items of property, such as your car, antique furniture, jewelry and other valuable personal belongings
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What arrangements should be made for, and who will be guardians of, minor children or family - members with special needs
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Whether to divide your assets among loved one or give according to circumstance; and/or
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Whether those to whom you are considering leaving assets can handle an inheritance in a lump sum or if they should instead receive the gifts over a period of years
A Living Will/Trust
Also called an advanced directive for health care, instructs your physician on what types of life-sustaining treatment or procedures you do or do not want if you cannot articulate your wishes at the time.
A Health Care Power of Attorney
A health care power of attorney indicates a specific person that you appoint to make medical decisions for you that may not be included in your living will. This person is usually a family member or a friend who understands your opinions and values about medical decisions.
A Durable Power of Attorney for Property
Also known as your agent or attorney-in-fact, this person has the legal authority to coordinate your affairs and manage your assets if you are unable to act on your own behalf. A durable power of attorney also gives you power over filing taxes, applying for government benefits for another and managing payments and bank accounts.
A Letter of Instruction
A letter of instruction communicates your wishes to your family about matters such as funeral plans and obituary information that are not usually included in other documents. Keep your letter of instruction at home where it can be easily found. If the only copy of your letter of instruction is in a safe-deposit box at your attorney’s office, your wishes may not be known or followed.
A List of Emergency Information
To help loved ones find and access your assets. List all of your financial accounts, Also provide names and contact information for important individuals such as lawyers, accountant, and other with who your conduct financial business. Other useful documents to keep in a safe place along with estate planning documents include:
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Birth certificates
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Marriage certificates
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Divorce agreements
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Prenuptial agreements
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Insurance policies
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Loan documents
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Real estate titles
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Deeds
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Powers of attorney
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Social Security records
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DD-214 or Military service records
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Partnership agreements
Once you’ve completed the various components of your estate plan, you will have peace of mind knowing that you have a valid plan that addresses your needs and wishes and those of the family members, loved ones and charities that are important to you, like the Navy-Marine Corps Relief Society.