Legal Zoom has an estate planning checklist that explains some of the finer points of trusts, assets and beneficiaries. Their website also has a wealth of resources to help you understand every aspect of estate planning, from types of wills, legal language, unusual aspects of the will (the legal process where all assets and property are distributed after death), and more .
In addition to the list of names you come up with, it is a good rule of thumb to have at least one alternate person to fill those positions. Circumstances may change and your brother or sister or friend may not be able to fulfill the duty they agreed to – you want a backup if that happens.
Step two: Seek legal help
If you approach a lawyer to do your estate planning, you can waste time or money, especially if you are young and healthy. But this is when you need to start the process. “It’s much better to set it up in advance because it gives you the chance to think … you have time to hire the best person for each job,” says Hess.
There are online options like Legal Zoom, Rocket Lawyer and NOLO that provide testamentary services with the creation of state-specific legal documents, as well as various degrees of virtual legal advice to assist the process. But there are also many benefits to having a lawyer who specializes in wills and estates.
At the University of Tennessee, Homer A. Jones, Jr. Wills Clinic is managed by the University’s Legal Department. It is staffed by law students with a supervisor who is a licensed attorney and must approve all documents sent to clients. According to Hess, “They do all the work that a licensed attorney does in estate planning. They write power of attorney for health care and financial management, they write wills, they write wills and trusts. They do a trial and do conservatories. ‘
Clinics like those at UT are not disorders; many universities have it. There are usually revenue lines, but services are free if you qualify. Most states also have legal aid associations where people can get free or cheaper help with estate planning from licensed attorneys if they cannot afford the full fee.
Step three: choose your document storage solution
The old system of putting everything in a box under your bed has updated a lot over the last few years. Websites where you can store and organize all your healthcare instructions, list of beneficiaries, power of attorney, wills, trusts, deeds, etc., are just a click away for your loved ones. Facilitating this process is one of the best gifts you can give to a grieving person.
Below are some document storage programs that are encrypted for security and will provide peace of mind.
This is an extensive website that starts with a questionnaire to determine marital status, whether you have existing financial or health guidelines, and the situation with minor children. Once you have completed the inventory, Everplans provides specific instructions on what to do first, as well as links to articles and useful resources to demystify the process. It is customizable and state-specific – this is important as the laws of each state are different.
There is a free version that provides access to articles and resources, but if you want to upload and save documents, there is an annual fee of $ 75 that includes a digital safe, access to your appointed deputies (loved ones to whom you link provided), and security of all documents at bank level.
Because data security breaches are more common than ever before, you can resist posting account numbers and personal information on the Internet, even when it’s encrypted. The torch does not ask for that kind of information. Instead, the site guides you through setting up a profile, filling out a checklist of important documents that can help you analyze and create notebooks based on considerations such as real estate, pets, and health care.