A final wishes letter of intent is not a legal document but can be a catchall for anything you want to document, including the type of service, burial, or cremation you want.

A living will or medical directive outlines your wishes regarding life‐prolonging medical treatments, and may vary depending on your state of residence.

An organ donation form enables you to state your desire to have all or part of your body donated for transplant or medical research.

Without a properly executed HIPAA release, your named agents may not have the ability to talk with your doctors or access your medical records.

A HIPAA release informs doctors and other hospital staff of people who can visit you and the information they can receive if you are unable to state your wishes directly.

A health care proxy names the agent who can make health care decisions for you if you are unable to communicate for yourself.

A power of attorney appoints an agent to act on your behalf regarding financial and other matters while you are alive.

Then consider additional supporting documents intended to protect you and provide instructions in the event of your incapacity.

For more on trusts, read Viewpoints on : 6 reasons you should consider a trust.

Trusts are a tool that can allow you to control when and to whom your assets will be distributed. A trust is a more complex legal structure that contains a set of instructions on exactly how and when to pass assets to trust beneficiaries.A will is an essential legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children when you die.Next, learn about the 2 common documents found in an estate plan:.Start by getting copies of beneficiary designations for all your accounts, including insurance policies annuities and saving, brokerage, and retirement plan accounts.Review beneficiary designations for relevant assets to ensure they are consistent with your overall wishes and they coordinate with your other estate planning documents.īefore you meet with an estate planning attorney, you will need to pull together key documents.Record ownership/titling for each asset and liability.Be sure to include shared obligations and those you have guaranteed, such as a student loan or mortgage for a child or grandchild. List all your liabilities: Mortgages, secured debt (e.g., car loans) and unsecured debt (e.g., credit cards).

Catalogue all your assets, their location, and their value: Financial accounts (including retirement accounts), share certificates or investments not located in financial accounts, real estate, business interests, safe-deposit boxes, tangible personal property, mineral rights, life insurance, mortgages or notes owed to you, and any other assets (trusts, investment interests, etc.).Start out by creating a personal balance sheet. When planning for your family's financial future, be comprehensive. Without the proper-or properly updated-documents (durable power of attorney, health care directive), a spouse or family member may not have the legal authority to manage financial matters on behalf of the incapacitated person. With the COVID era still upon us, the time is now. Tip: Talk with your family about the importance of incapacity planning before a loved one becomes incapacitated. Incapacitation: Who do you want to make key decisions to help manage your financial affairs?.Education: Do you want to contribute to your children's or grandchildren's education? Contributions to 529 college savings plans or direct tuition payments to an institution can lower your taxable estate.Living expenses: Do you want to provide financial assistance to family members, such as your parents, children, or grandchildren, or to relatives who require special care?.

Philanthropy: What causes are most important to you and your family? How do you want to support them?.Wealth transfer: How can you help ensure that your assets will be transferred smoothly to your heirs? Beyond having a will, you may want to set up trusts.Then, put together a list of objectives, covering such topics as: Consider who you wish to receive a portion of your assets, and when. Understand your wealth transfer objectives.To best explore all the options for building your specific plan, your attorney will need to know all the players in your family-or families-and how they may factor into your intentions. The evaluation of wealth transfer objectives and of wealth transfer strategies will benefit from the involvement of an estate planning attorney.

Checklist to give kids estate planning