A typical trustee, executor or loved one spends a lot of time searching for pieces of paper: wills and trusts, bank statements, insurance policies, birth and marriage certificates, divorce decrees, military discharge papers, cemetery deeds…
Even if you think you’re organized, that doesn’t mean your executor or loved one will know where to look. Rethink your system and consider putting together a binder that contains the items your executor is likely to need. Here are legal and financial documents almost everyone will need; you may think of others.
• Last will
• Trust Agreement(s)
• Durable Powers of Attorney
• Medical Powers of Attorney (Patient Advocate)
• Prepaid Funeral Receipt/ Information
• Any burial plot/ niche ownership
• Bank statements
• Brokerage statements
• Insurance policies or cards (car, house, life, healthcare)
• Death certificate
• Deeds to real estate
• Divorce decree
• Marriage discharge
• Property tax records (most recent)
• Social security records
• Vehicle titles
Other Items To Include:
• Location of the safe deposit box keys and list the contents.
• Take an inventory of assets and debts, and if necessary, have them valued. Include the following:
- Bonds: kind of bond, serial numbers, face value, interest rate, maturity date, market value, total value, any coupons that have been clipped and the name and location of registration for any corporate bonds.
- Stocks: company name, type of shares, whether transferable or non-transferable, current market value per unit and total value of all shares.
- Business or farm assets: equipment, machinery, accounts receivable, goodwill, etc.
- Personal belongings of value: artwork, stamp and coin collections, electronics, vehicles (with details on registration and insurance) and recreational vehicles.
Below is a downloadable, detailed checklist that can help you with your estate planning needs.
Herbert Financial Group and LPL Financial do not provide legal advice or services. Please consult you legal advisor regarding your specific situation.