If you have significant wealth or own one or more properties, expensive vehicles or fine art or collectibles, you may want to look for ways to remove these assets from your estate. Also consider introducing them to your financial adviser, accountant or estate attorney so they can get to know each other before a crisis requires them to start working together.Ĭonsider removing assets from your estate Once you assign financial power of attorney, give this person an overview of all of the assets held in your banking and investment accounts as well as any outstanding debt obligations. Should a health care crisis require them to intercede on your behalf, they’ll need to make critical decisions that may involve significant adjustments of your investment strategy and accelerated withdrawals from your banking and investment accounts to fund your medical and long-term care expenses.ĭon’t Count on an Inheritance for Your Retirement Plan Like a health care proxy, usually a spouse or partner is assigned as a primary proxy, with a child or other family member or close friend as an alternate.Īnyone can serve in this role, but preferably they should have a strong understanding of personal finance and investing. There are additional steps you should take to protect your financial security.Īt some point, you may want to fill out a financial power of attorney form to give control of your finances to others, should you no longer be able to manage them yourself. It’s perfectly acceptable to keep this information close to the vest, but it may be a good idea to set their expectations, especially if they believe they’re going to receive much more than you intend to give them. Many parents don’t want their heirs to know how much they’re worth - or how much they may inherit. Whomever you choose for this role, make sure your heirs are aware of this decision. And remember that you can change your executor - or add a co-executor - at any time. Once you’ve chosen an executor, it’s a good idea to introduce them to your estate attorney, even if it may be years or decades before they’ll have to work together. During this time, your executor may need to have multiple in-person meetings with bankers, appraisers, attorneys and state and local officials. It could take months or years for your estate to be settled. If you ask a non-professional to serve as executor, make sure they understand their responsibilities. As long as you've assigned an estate attorney to do the heavy lifting, anyone can serve as executor, including your children, a family member or a close friend. Your executor doesn’t have to be a legal professional. These could include your home, your non-retirement investments, your vehicles and other valuable items. The executor will be responsible for managing the distribution of assets in your estate. While you don’t necessarily have to give them to your children, friends or family members, you should consider discussing your directives with them. Once you’ve filled out any of these forms, make several copies and give them to your chosen health care agents and your estate attorney. Note that some states have comprehensive advance health care directive forms that allow you to designate health care agents, specify treatment preferences and authorize organ donations in a single document. If you’ve already made arrangements with a funeral home or a cemetery, make sure your loved ones are aware of this. Start at to connect to your state’s donor registry.

If you’ve never registered as an organ donor with your state, you can do it online. Unlike a living will, it is not generally considered a legal document. Most states have their own form, which must be signed by you and a physician. It will go into effect only if you’re facing an end-of-life situation. You can create this form even if you’re not ill. Medical orders for life sustaining treatment (MOLST)Īlso called a physician orders for life-sustaining treatment (POLST), this form is a set of medical orders signed by a doctor for patients after they’ve been diagnosed with advanced illness who could die within the next few years. On the form, you specify whether or not you wish a physician to employ resuscitation procedures, ventilators, tube feeding or other life-sustaining procedures. These legal documents allow you to specify which kinds of treatment and long-term care options you prefer.

Generally, each state has its own health care proxy/power of attorney forms. Most people assign their spouse or partner as their primary health care agent and one of their children or a close family member or friend as an alternate agent should the primary agent pass on or also become incapacitated.

Estate planning checklists