What Documents Do I Need for Estate Planning?

Estate planning involves deciding who will receive or manage your assets and property after you pass away or become incapacitated. Some people avoid or put off estate planning because they don’t know all the decisions it involves or what forms they’ll need. If you want to leave a solid financial plan to protect your family, consider incorporating the following documents in your estate plan:
Last Will and Testament
The purpose of a Will is to specify the beneficiaries who will inherit your assets after you die. In addition to physical assets like real estate and property, a Will includes intangible assets like bank accounts or life insurance policies. You also should delegate an executor, a person you trust to administer the Will after you’re gone.
Beneficiary Designation Form
Some assets, like pension accounts, life insurance policies, or retirement accounts, won’t go through probate court, as long as you have designated beneficiaries.
Instead of listing your non-probate assets in your Will, contact the institutions holding each asset and complete a beneficiary designation form for each one. Beneficiary designation documents override what your Will says, so you must keep all your beneficiaries updated.
Property Deeds and Titles
Secure all the deeds and titles to your house, real estate, vehicles, and other property. These documents also override Wills, so the individuals named on your deeds and titles will retain ownership of your property when you die, no matter what a Will says.
Insurance and Financial Information
Keeping all your insurance, bank account, investment, health, and other financial information in one place makes it easy for your survivors to find it. If you have them hidden or password-protected, remember to leave instructions on accessing the information.
Advance Healthcare Directive or Living Will
If you become incapacitated because of a car accident, to what extent do you want doctors to take heroic measures to preserve your life? In such situations, it’s crucial that your loved ones know your wishes so that they can make informed decisions on your behalf.
With an advance healthcare directive (), you can lay out your preferred decisions about your care if you can’t articulate them yourself. These documents typically consist of
- A living will contains details about your medical preferences, including medications, treatments, life-saving measures, and end-of-life care.
- A medical power of attorney allows you to delegate individuals to make healthcare decisions on your behalf that reflect the wishes you state in advance.
Revocable Living Trust
Like a Will, a revocable living trust indicates who gets your property and assets after you die. However, you can use and execute this document while alive because it “owns” whatever you transfer to it. Many people see the revocable living trust as a viable option because it lets you avoid probate and distribute assets immediately.
Financial Power of Attorney
A trusted person you list as your financial power of attorney has the legal authority to manage your property and assets. They can also pay your bills and make deposits to your bank accounts for you. This person can also work with your healthcare Power of Attorney to use your accounts to pay your medical bills.
Funeral and Burial Instructions
Have you picked a cemetery plot for your remains, or would you prefer cremation? Unless you articulate your wishes in advance, your loved ones will be saddled with making these decisions for you. Your funeral instructions can also include where you want your memorial service, what music or readings you want in the ceremony, or charities to send memorial donations. Although funeral instructions aren’t legally binding, they can simplify final arrangements for the loved ones you leave behind.
Digital Account Passwords and Login Information
If you own a smartphone, laptop, or any digital device, there’s no telling how many password-protected accounts you may have. You may have an app or notebook that helps you keep track of all those passwords. It’s essential to make this information available to surviving family members. They may need your passwords to access your bank funds, close unused online accounts, or maintain other digital assets.
An Estate Planning Attorney Can Help with Important Documents
It’s okay to get help with essential documents associated with estate planning. An experienced lawyer with Donnellon, Donnellon & Miller can take the time to understand your situation and recommend the forms you need in the state of Ohio. Consulting with a probate or estate lawyer is important to planning for the future and providing security for your family.