Actec Power Of Attorney: Fill & Download for Free

At a minimum, you should have your estate planning documents located where they are accessible and tell your heirs where that is. You need to print a list of assets and have copies of financial statements from your bank and brokerage firm so your heirs will know whom to contact to claim the funds. A will that leaves asserts to your heirs does no good if your heirs don’t know where those assets are located (including account numbers).As far as the fine details go, that’s up to you. There is no right or wrong answer. Every family is different. For some, it’s a good idea to sit down after a Thanksgiving meal and discuss “who gets what” of your estate. It’s an opportunity to tell kids that you love them all equally. Some people will divide their estate equally to their kids—thats fine (assuming your spouse is not alive needing provision). No problem. Some other people will leave much less to a child who’s a heart surgeon and more to a child who teaches elementary school. An extra $300,000 to a heart surgeon won’t change his or her life all that much compared to a school teacher being able to pay off a mortgage, travel to beautiful places, or simply have “extra” money to take some nice weekend getaways with their family that would have never happened otherwise. The heart surgeon child should understand if his or her inheritance is your golf clubs and a few favorite watches while their sibling gets your money. If they don’t understand—thats fine too! It’s YOUR estate. You owe no apologies to anyone for how you decide to bequeath it.In Texas, you can store your Last Will & Testament at the courthouse with the County Clerk’s Office. Only your named executor can get it. This is where my own will is kept. It is far less likely to get destroyed in a fire in a vault at the courthouse. It also prevents a scheming family member who didn’t get what they wanted from destroying my legal documents in an effort to inherit their share under the law that governs who gets my estate if I die without a will.Please note that your will does NOT control who inherits your life insurance, 401k, IRA, or most Bank checking and savings accounts. These assets go to the designated beneficiaries listed on the account. Make sure you keep your beneficiary designations up to date! Also, let your beneficiaries know they are beneficiaries and give them a copy of a statement showing the account number and name of the bank, insurance company, etc., on the account. If your beneficiary does not claim the assets and your estate’s executor misses finding the account, those funds may never reach your beneficiary. In such case, the assets are eventually turned over to the state (the assets “escheat” to the state government). Don’t let this happen. At a minimum, attach copies of all financial accounts, life insurance policies, etc., to your will. Don’t forget to list organizations or credit cards that may have a small death benefit payable to these other statements.I recommend to have the following documents:Last Will & Testament, Power of Attorney (business), Medical Power of Attorney, Directive to Physicians (also called a Living Will), Declaration of Guardian (for you if you can’t manage your affairs), and a Declaration of Guardian for Minor Children (if you have them).A trust can be used to transfer your assets upon death, and trusts do not need to go through the probate process. They may or may not save money on lawyer’s fees, but they make the process much easier, and much more private than the public courthouse where your executor must file an inventory and list of claims, bills, etc., for your estate. My assets, including my home, are owned by a trust. When I die, the next trustee takes over and distributes the assets in accordance with my wishes as written in the trust. All this occurs privately. State laws vary as to the rights of beneficiaries knowing how much is in the trust and who gets what. Regardless of how much disclosure a trustee must make, trusts provide far more efficiency and privacy than wills that must be filed for public record and subject to required probate procedures.For more information about estate planning, speak to a probate lawyer in your state. If you have significant wealth, try finding an attorney who is a member of ACTEC (The American College of Trusts and Estates Council).