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Estate Planning

Will, Funeral Needs, Finding an Attorney

This section is being expanded. We could have written hundreds of pages on estate planning. In fact, there are many books currently on the market, and your attorney, financial advisor, estate planner, accountant, etc., can provide you with a great deal more information than is covered here. We have just chosen to cover a few of the subjects that seem to be at the forefront of seniors’ concerns right now.

It is important to have a basic estate plan in place.

This plan should include:

A will and a living will or medical power of attorney
An assignment of power of attorney
In some cases a trust (check with your attorney)
A list of all your assets and where they are
See bottom of this page for questionnaire
A discussion with your attorney involving whom do you want to inherit various assets.
Whom do you want handling your affairs if you are unable to act yourself?
Whom do you want making medical decisions if you are unable to act yourself?
How do you want your assets distributed?
Do you want to name a guardian for your children?

Finding an Attorney

To reach a list of attorneys specializing in estate planning, go to the American College of Trust and Estate Counsel’s Web site, http://www.actec.org/public/roster/search.asp.

The American Bar Association Website http://www.abanet.org/rppt/public/home.html, offers the following advice:

When asked, “Should I give a member of my family a power of attorney?” the following answer is provided: “There is no easy answer to this question. You could be creating a difficult situation for your family and heirs. You could also be solving a number of problems. Your attorney should be able to give you guidelines to follow however it is usually best to get your children and heirs to approve these plans ahead of time. However it is important to ‘spell out’ what you want ahead of time. This approach generally avoids at least some of problems (and suits) that could result. Remember the power of attorney covers your finances but you also need a document that covers your health care decisions if you are unable to act for yourself. A medical power of attorney can help, but each state has different laws and regulations governing what can and can’t be done.

“Do Not Resuscitate” Forms/Advance Directives

Many people across the United States have become aware of what a “Do Not Resuscitate” (DNR) form is after reading the sad story of a young woman in Florida whose physicians declared essentially brain dead. Her husband wanted to disconnect her from life support as her prognosis for recovery was virtually nonexistent, but her parents wanted to keep her alive using life support. The State of Florida also became involved in this sad case, which would not have come to this conclusion had she signed a DNR prior to her unfortunate accident.

If you wish to download a DNR form you may do so from either of the sites listed below. However, it is in your best interest to also check with an attorney with regard to your particular state’s laws. Many people also include some kind of letter to loved ones along with this form telling of their wishes and indicating that they know how hard this decision will be should this time ever come. This letter will make it a little easier for a loved one to instruct the physician to turn off life support.

Forms and Information

http://www.ochealthinfo.com/docs/forms/ems_dnr_form.pdf
http://www.med.umich.edu/1libr/aha/umlegal03.htm

Funeral Needs and Health Care

Most retirement plans put too much emphasis on money issues and don’t focus enough on the need to manage healthcare and funeral needs in a way that keeps retirees in control when ill health and other problems arise.

The Web site http://www.finalplanning.info/ provides information to help seniors manage and solve the many problems created by insurance and Medicare rules, regulations, eligibility, and so on, as far as health care is concerned. This excellent resource also gives assistance in arranging a funeral without getting victimized and includes a funeral buyer’s guide and much, much more.

The site also offers interactive planners that boil down complex issues into simple language, prompting retirees to state their preferences in a document that can be filed with personal papers for later use.

If you are worried that you could be unable to make informed decisions because of some debilitating illness or stroke, you can avoid this terrible predicament by executing a living will or health-care directive and a medical power of attorney for health care. These documents will ensure that important decisions will be in the hands of those who you so designate. The person you choose should be someone you trust absolutely, perhaps a member of your family, a close friend, or attorney. Remember that the person you choose may have to fight with others who do not agree with your directives, so pick someone who is strong enough to fight for your wishes. Choose someone who lives near to you as it is possible that this individual might have to spend a good deal of time supervising the medical decisions that are being made, and traveling from a distance could prove extremely difficult.

It is also a good idea to execute a durable power of attorney for finances to manage your finances in case you are unable to act. Once again, choose someone who is knowledgeable in this area, who lives nearby, and who is strong enough to fight for your directives. This person must also understand your health-care wishes to avoid any possibilities of a conflict.

The American Bar Association (ABA) Web site is an excellent resource. Here is an outline of the information this site provides at http://www.abanet.org/rppt/public/home.html.

Estate Planning Overview What Is Estate Planning?
An Introduction to Wills
What Happens If You Die without a Will? What a Will Does
What a Will Does Not Do How to Execute a Will

Personal Information Form

Complete and leave a copy with your will, with your attorney, your spouse, or your caretaker.

Updated____________

Name__________________ Address_____________________

SS #_______________ City___________________________

e-mail______________ State _ Zıp Phone

Cell phone______________

Spouse________________________

SS #_______________

e-mail_______________________

Cell phone______________

Attorney________________________

Phone______________ FAX_____________

Cell phone__________ e-mail

Accountant________________________

Phone______________ FAX_____________

Cell phone______________ e-mail______________________

Stockbroker_________________________

Phone______________ FAX_____________

Cell phone______________ e-mail______________________

Financial Planner_________________________

Phone______________ FAX______________

Cell phone______________ e-mail______________________

Passwords

Computer_____________ Internet Provider______________

DSL/Cable Connection___________ e-mail_______________

Other Passwords______________

IN THIS SECTION Children/grandchildren/people in your will

Name________________________

Phone_____________ Cell Phone

FAX_____________

e-mail_______________________

Name________________________

Phone_____________ Cell Phone

FAX_____________

e-mail_______________________

Name________________________

Phone_____________ Cell Phone

FAX_____________

e-mail_______________________

Executors & ~ııstees

Name________________________

Phone_____________ Cell Phone

FAX_____________

e-mail_______________________

Name________________________

Phone_____________ Cell Phone

FAX_____________

e-mail_______________________

Name________________________

Phone_____________ Cell Phone

FAX_____________

e-mail_______________________

From this point on, allow space within entries for whatever ıs applicable: phone, cell phone, fax, e-mail, account numbers, descriptions, company names, persons' names, key numbers, safe deposit numbers, expiration dates.

Medical

Physicians

Name_____________ Specialty Phone

Dentist Name_______________ Phone

Ueterinary

Name_____________________ Phone_____________

(give name, breed, color, bırth date, date annual shots due, habits-i.e. indoor or outdoor-for each pet)

Medical-Insurance

Medicare pending______________

Medicare (spouse) pending_______________

Long-Term Health Care

Policy Number______________ Company_____________

Agent______________ Phone number______________

Financial Banks

Name_____________________ Location

Checking Account #______________

Savings Account #______________

Name____________________ Location__________________

Checking Account #______________

Savings Account #______________

Mortgage Information

Name of holder_______________ Account #_______________

Amount paid monthly________

Address_____________

Phone number______________

Name of holder_______________ Account #

Amount paid monthly______________

Address_____________

Phone number______________

Brokerages

Name of Firm______________

Name of Broker______________

Account Number______________

Federal Taxes Due dates___________ Amounts

State Taxes Due dates_____________ Amounts_____________

Real Estate Taxes Property Address_______________

Due dates______________ Amounts______________

Real Estate Taxes Property Address_______________

Due dates______________ Amounts______________

Social Security

Amount Received___________ By Check________________

By Direct Deposit____________

Pension Name of Provider______________________________

Amount Received Due date

Life Insurance Policies

Name of Agent_____________

Phone Number_______________ Policy Number

Insurance Company______________

Amount of Policy______________

Drivers license number

Name of Agent____________

Phone Number_____________ Policy Number___________

Insurance Company______________________

Amount of Policy_________

Auto Insurance Policies

Name of Agent____________

Phone Number_____________ Policy Number___________

Insurance Company______________________

Amount of Policy_________

Liability Insurance Policies

Name of Agent____________

Phone Number_____________ Policy Number___________

Insurance Company______________________

Amount of Policy_________

Home Insurance Policies

Name of Agent____________

Phone Number_____________ Policy Number___________

Insurance Company______________________

Amount of Policy_________

Other Insurance

Name of Agent____________

Phone Number_____________ Polıcy Number___________

Insurance Company______________________

Amount of Policy_________

Safe Deposit Box

Name of Bank____________

Location of Key & Other Information________________

Credit Cards

Name on card (primary card holder)

Card number______________

Identification secret word (like mother's maiden name, etc.)

Household

Utilities

Electric Company phone number

Gas Company phone number Contractor that services heating/air conditioning

Name Phone number

Plumber Name Phone Landscaper/Gardener

Name of company Phone

Snow Removal Company

Phone

Sanitation Company

Phone

Home telephone numbers &

Name of company Phone

Cell Phones &

Name of company Phone

Cable or satellite provider

Phone number

News Delivery Service Phone

E-Z pass number How is it paid for

Real estate agent Phone Automobiles

1 Dealership for service

Phone number

2 Dealership for service

Phone number

Emergency

Family (to call in emergency)

Name Phone

Neighbors (to call in emergency)

Name Phone

Housekeepers/aides/assistants

Name_____________________ Phone

Position___________________ SS#_____________

Name_____________________ Phone

Position__________________ SS#_____________

Alumni (who to contact)

Name_____________________ Phone

Affiliation (college, high school, etc)_______________

Location of documents and information

Insurance Policy Information

Kind of insurance (life, auto, home owners, liability, etc.)

Name of company_____________ Name of agent___________