Before people retire in Ohio, many only have a last will and testament. This document is an essential way to distribute assets upon death, but it does not fully cover a person’s entire estate.
Retirement is a great time to ensure a person has all the necessary documents in their estate plan, update beneficiaries and help loved ones avoid probate.
Documents for while you are alive
NerdWallet recommends inventorying all items from assets to property to treasured possessions. Look over all the beneficiaries for insurances and retirement accounts. If possible, include a contingency in case something happens to the original beneficiary.
Establishing medical directives now can help ease the burden when loved ones have to take care of the retiree due to incapacitation or memory loss. Documents that can help loved ones while a person is still alive include a living trust, durable financial power of attorney, medical care directive and limited power of attorney. Make sure the designated person is trustworthy and willing to take on the task.
Documents for after you pass away
Money Talks News lists several documents to have in a place the family knows to look. In addition to the estate planning documents, put real estate deeds, annuities, stocks, bonds, mutual funds, life insurance policies, divorce records, retirement or pension accounts, birth and adoption certificates and bank accounts in a similar place.
Having a list of bills, utility providers, contact information and account user names and passwords together helps loved ones handle these items with less hassle. By making these documents easy to find, loved ones can focus on grieving rather than searching for necessary documents.