Do Your Loved Ones a Favor

Hello Everyone;

I hope that this message finds you all doing well. A recent study conducted by the TransAmerica Center for Retirement Studies The survey (transamericacenter.org) has revealed that a majority of retirees — 53% — have a Last Will and Testament, but most lack six other crucial legal documents. In fact, amid the coronavirus pandemic, and according to the same study, 30% of retirees have none of these crucial documents — not even a Will. The result, when these individuals pass away, is a legal mess left behind for the decedent's loved ones.

Do yourself, and your loved ones, a favor, and don't leave behind a legal mess. Below are 8 documents you should consider having prepared that will give you peace of mind, and save your heirs and loved ones from any further distress when you die.

Last Will and Testament

A Will gives you the power to decide what is in the best interests of your children and pets after you are gone. It also can help you determine what will happen to possessions with financial or sentimental value. It typically names an executor — someone who will ensure that your intentions are carried out according to your Will. Finally, you can include any funeral provisions.

Revocable Living Trust

A Living Trust is another tool for passing assets to heirs while avoiding potentially expensive and time-consuming probate court proceedings.

Beneficiary Designations

When you purchase life insurance or open a retirement plan or bank account, you are often asked to name a beneficiary, which is the person you want to inherit the proceeds when you die. These designations are powerful, and they take precedence over instructions in a Will.

Durable Power of Attorney

A Durable Power of Attorney allows you to choose someone to act on your behalf, financially and legally, if you are unable to make those decisions.

Health Care Power of Attorney and Living Will

To ensure that someone can make medical decisions for you in the event you become incapacitated, establish a Health Care Power of Attorney and Living Will — also called a durable health-care power of attorney. This is different from the previously mentioned Durable Power of Attorney for financial and legal affairs.

Digital Asset Trust

You can use a Digital Asset Trust to decide what to do with your electronic property, including your computer hard drive, digital photos, information stored in the cloud, and online accounts such as Facebook, Yahoo, Google, and Twitter. Create a separate list of your passwords.

Letter of Intent

For instructions, requests, and important personal or financial information that do not belong in your Will, write a letter. Use it to convey your wishes for things you hope will be done. For example, you may have detailed instructions about how you want your funeral or memorial service to be performed.

List of Important Documents

Make certain your family knows where to find everything you have prepared. Make a list of documents, including where each is stored. Include papers for:

• Life insurance policies

• Annuities

• Pension or retirement accounts

• Bank accounts

• Divorce records

• Birth and adoption certificates

• Real estate deeds

• Stocks, bonds, and mutual funds.

As always, I wish you health and comfort in these trying times of COVID. If you have, or anyone you know has, any questions regarding the preparation of any of these documents, I can be reached at any time.

Happy, Safe Holidays.