What does it mean when somebody says, “ Do you have your affairs in order”.  Here are some steps to take to be sure that your estate is “in order”.

>All bank accounts need to have direct beneficiaries.  With this in place only a death certificate and ID is needed to have access to appropriate accounts.

>TOD = Transfer on Death Deed for owned homes.  Complete this document and record it.  This will save thousands in lawyer and other legal fees.  This will allow the transfer of ownership of your home without probate. 

>Create a LIVING WILL.   This puts in writing exactly what should happen if you are incapacitated.  This will direct your healthcare to be consistent with your wishes.

>Power of Attorney for Healthcare; This designates someone to make healthcare decisions for you if you are unable.

>Last will and testament: Designates where your personal belongings will go.  If it is handwritten and signed it is most effective. (holographic)  If it is printed it should be notarized and signed by you.

>Funeral Planning Declaration: this lays out your funeral/memorial wishes.  This takes pressure off your loved ones to make decisions for you.

Also,

>Have a list of all bank accounts, investments, credit cards, and other financial relationships you have.  These should include account numbers and contact information. Life insurance policies are often overlooked and may be difficult to discover.

>Make sure somebody understands your online and digital presence. 

>Have titles to homes, autos, and any other ownership documentation for your assets in one place. 

This is a difficult conversation but it is easier to have when things are good.  It is much easier and cheaper to do this ahead of time at your own pace. Talk to your family and friends and have a basic plan.  Let somebody know where documents are stored. 

I have lost several friends this past year and some came to me and said “what do I do? I have no idea about their wishes or financial situation”.  This created unnecessary stress for the loved ones left behind and it costs significantly more to settle everything.  

*this is not to be construed as legal, tax or accounting advice, except to advise you to get professional help as needed. This list just scratches the surface.  These issues are very complex and important and need to be addressed by experts.