{"id":853,"date":"2024-08-13T19:05:26","date_gmt":"2024-08-13T19:05:26","guid":{"rendered":"https:\/\/stacygrove.com\/blog\/?p=853"},"modified":"2024-08-13T19:05:40","modified_gmt":"2024-08-13T19:05:40","slug":"legacy-documents-you-need-to-have","status":"publish","type":"post","link":"https:\/\/stacygrove.com\/blog\/legacy-documents-you-need-to-have\/","title":{"rendered":"Legacy Documents You Need to Have"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">So, clearly, I\u2019m not an attorney. This blog is NOT me giving legal advice. However, I\u2019ve had the life-altering experience of losing a parent and so has my husband. This completely non-real-estate-related post is just from our personal experience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to end of life, there are <strong><u>12 important documents you should have organized. <\/u><\/strong>Regardless of age, this is SO important. It\u2019s also important to update these documents as you go about your life. A will that you created in your 30s might really need to be different now that you\u2019re in your 60s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I\u2019d HIGHLY encourage you to interview and hire a local attorney who can guide you through the proper legal forms for YOUR state and YOUR wishes.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"\ud83d\udcc4 12 Essential Documents to Organize Before It&#039;s Too Late \ud83d\udcc4\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/6EhCaNV7QOo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Will<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:&nbsp;<\/strong>To choose an executor and spell out your final wishes for how your estate should be distributed after you die.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What happens without it:<\/strong>&nbsp;You die &#8220;intestate&#8221; and your assets go through probate, where your state&#8217;s intestacy laws determine how to pay your debts and distribute your assets according to survivorship rights in that state.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Living Revocable Trust<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:<\/strong>&nbsp;To retain control of your assets while you&#8217;re alive and to appoint a trustee to transfer assets directly to your beneficiaries, avoiding probate. <strong>What happens without it:<\/strong>&nbsp;Your estate goes through probate. However, a trust needs to be properly funded to work, meaning you&#8217;ve transferred ownership and titles of all of your assets from your own name to the trust name.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Living Will<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:&nbsp;<\/strong>To state your preferences for end-of-life medical treatment when you become incapacitated or terminally ill, and you can&#8217;t speak for yourself. <strong>What happens without it:<\/strong>&nbsp;State law determines who makes these decisions in order of closest relationship. Also, any disagreements on life-sustaining care can wind up in court.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Healthcare Power of Attorney<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:<\/strong>&nbsp;To give someone you trust the final say about your medical care when you become incapacitated or seriously injured. <strong>What happens without it:&nbsp;<\/strong>State law dictates who can make medical decisions on your behalf. But if conflicts arise among relatives, the battle could go to court.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Financial Power of Attorney<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:&nbsp;<\/strong>To give someone permission and authority to manage your finances when you can&#8217;t do it yourself due to illness or distance. <strong>What happens without it:<\/strong>&nbsp;No one can access your financial accounts or pay bills on your behalf. That could put you behind on meeting your financial obligations and rack up debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Designated Beneficiary Accounts<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:&nbsp;<\/strong>To ensure your beneficiaries can easily file a claim and receive any benefits you&#8217;ve left in their name on life insurance, retirement, and annuity accounts. <strong>What happens without it:&nbsp;<\/strong>Your survivors will have to inventory all of your assets to figure out what companies hold these policies. That can take substantial time and effort.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Copy of marriage licenses\/divorce decrees<\/u><\/strong><strong><u><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:<\/strong>&nbsp;To transfer ownership of assets to a surviving spouse. <strong>What happens without it:<\/strong>&nbsp;It could take a few weeks or more to order a certified marriage license or a divorce decree, which are both critical to establishing (or disproving) spousal benefits and entitlements.<strong><u><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Copy of latest federal tax returns<\/u><\/strong><strong><u><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:<\/strong>&nbsp;To help your agent file your taxes if you become incapacitated, or to file a final tax return after you die. <strong>What happens without it:<\/strong>&nbsp;Your taxes could be filed late, incurring penalties and liens. If you use an accountant, list his or her contact information with your tax returns, too.<strong><u><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Financial Accounts<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:&nbsp;<\/strong>To identify what banks and other financial institutions you do business with to pay bills or distribute assets. <strong>What happens without it:&nbsp;<\/strong>Again, it will take detective work and time to get to the bottom of it. Meanwhile, your bills will go unpaid and asset distributions could be delayed. Tip: Designating your bank accounts &#8220;transferable on death&#8221; to specific beneficiaries keeps them out of probate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Letter of Intent<\/u><\/strong><strong><u><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:&nbsp;<\/strong>To give your executor clear directions on how to manage\/distribute your estate. <strong>What happens without it:&nbsp;<\/strong>It&#8217;s a free for all among your survivors.<strong><u><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Funeral Plan<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:<\/strong>&nbsp;To make it clear&nbsp;<a href=\"http:\/\/www.countryliving.com\/life\/g4889\/things-a-funeral-director-wants-you-to-know\/\" target=\"_blank\" rel=\"noreferrer noopener\">what kind (if any) memorial service you want<\/a>&nbsp;and whether you want a burial or cremation. <strong>What happens without it:&nbsp;<\/strong>It&#8217;s not a legal document, but it makes your loved ones&#8217; lives much easier when the clock is ticking and decisions need to be made quickly. If you&#8217;ve pre-purchased a burial plot, cremation or services, you&#8217;ll want to leave a copy behind in a place loved ones can easily find it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Business succession plan<\/u><\/strong><strong><u><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why you need it:&nbsp;<\/strong>To outline what should happen to your business and who should be in control if you die or become incapacitated. <strong>What happens without it:<\/strong>&nbsp;Your business (and your employees) could suffer financially, and operations might be impacted. Ideally, your business should have its own living trust, separate from a personal trust, with a special trustee named to keep things running smoothly.<strong><u><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Documents to include in your business file: certificates of ownership, operating licenses, titles or deeds to real property, contracts, stocks\/investments, articles of incorporation, bylaws, and emergency plans.<\/em><em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>So, clearly, I\u2019m not an attorney. This blog is NOT me giving legal advice. However, I\u2019ve had the life-altering experience of losing a parent and so has my husband. This completely non-real-estate-related post is just from our personal experience. When it comes to end of life, there are 12 important documents you should have organized. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-853","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized","entry"],"jetpack_featured_media_url":"https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2024\/08\/Legacy-Documents.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/comments?post=853"}],"version-history":[{"count":1,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/853\/revisions"}],"predecessor-version":[{"id":855,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/853\/revisions\/855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media\/854"}],"wp:attachment":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media?parent=853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/categories?post=853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/tags?post=853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}