Monday, October 24, 2011

Preparing a Will

A year ago I decided to have a will drawn up.  For more than a year now I have been trying to finish my will.  Hey, I have a chronic disease, I think it is prudent to have all paperwork in order.  What if I end up in the hospital for a long period of time.  Will my friends and relatives know where my important papers are located?  There are a few documents that I still need to put in place and some I have done already.  Here is a list of documents that are important:

  • Advance Health Care Directive lets your physician, family and friends know your health care preferences, including the types of special treatment you want or don't want at the end of life, your desire for diagnostic testing, surgical procedures, cardiopulmonary resuscitation and organ donation. This is also called a living will.  AARP has a listing by state of  Advance Health Care Directives.  Most Advance Health Care Directives include an Authorization to Release Heath Care Information but if it doesn't, fill out a separate form.
  • Will a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death. 
  • Revocable Trust. A trust agreement is a document that spells out the rules that you want followed for property held in trust for your beneficiaries. Common objectives for trusts are to reduce the estate tax liability, to protect property in your estate, and to avoid probate.
According to an article in the Wall Street Journal, The 25 Documents You Need Before You Die, by Saabira Chaudhuri, it is prudent to have all important paperwork in one place, like a safe deposit box or safe. Below is a list of the items you need:

Will
Letter of instruction
Trust documents
Living will
Life insurance policies
Do-not-resuscitate order
Tax returns
401K accounts
List of all bank accounts
All user names and passwords
Personal and medical family history
Durable health-care power of attorney
Authorization to release heath care information
Housing, land and cemetery deeds
Marriage license
Divorce papers
Escrow mortgage accounts
Stock certificates, savings bonds and brokerage accounts
Proof of loans made and debts owed
Vehicle titles
Partnership and corporate operating agreements
Individual retirement accounts
Pension documents
Annuity contracts
List of safe deposit boxes
I am working on finishing my list. Some folks think this list is depressing but I am a preparedness buff so I don't find it depressing at all. What do you think of this list?  Can anyone think of anything left off this list?  Let me know!

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