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Estate Planning for Everyone by Orysia N azar Zinycz Many people consider estate issues some thing that concerns people with big bank accounts and expensive houses, automobiles, or personal be longings. But anyone with real estate, bank ac counts, and personal belongings should be aware that such things represent an estate and that some planning about the disposition of this estate after death is important. Even if your estate is small, you should make some decisions about how it is to be divided. The first thing to do is to make a list of things that you own (real estate, money, jewelry, artwork, etc.) and then create a solid estate plan outlining what should be done with these things in the event of your death. Estate Plan 1. Decide who should receive your property. 2. Talk it over with your heirs (to avoid disputes later). 3. Make or update your will. 4. Make certain to designate beneficiaries (or up date beneficiaries) for your life insurance, retire ments plans, and annuities. Remember that the beneficiaries you have listed will receive those assets regardless of who is named in your will. 5. Choose an executor. The executor is the person you designate to carry out your instructions and ensure that your estate will be settled properly 6. Review your estate plan annually. Estate Tax rates and exemption amounts change almost every year. These changes require flexible language in your documents. 7. Execute "Advance Directives" for a time when you cannot speak for yourself. Note: State laws vary, so it is important to check with appropriate state offices or with an attorney. A "Living Will" or "Durable power of attorney for health care" and "Durable power of attorney" can prevent family conflicts over your care should you be come disabled. Important Papers and Information Any good attorney or financial planner will tell you that one way to prevent problems for you or your heirs and beneficiaries is to compile a list of important papers and information and store those papers in a safe but accessible location so that you or your family or the executor of your will can easily find them. This important information in cludes Personal Records and Financial Records. A partial list of each is provided below: Personal Records Full legal name Social Security number & Medicare information Legal residence Date and Place of Birth Names and addresses of spouse and children Location of will, living will, and other advance directives Location of birth certificate, certificates of marriage, divorce, citizenship, or adoption Employers and dates of employment Medications you take regularly Education and military records Religion, name of church & clergy Names and addresses of relatives, friends, doctors, lawyers or financial advisor Financial Records Sources of income and assets (pension funds, IRAs, 401Ks, etc.) Information about deeds, investments, and other valuables, jewelry, art, etc. Investment income documentation related to stocks, bonds, and/or property, along with the name, address, and telephone number of stockbroker(s). Policy numbers (and names) of life, health, long term care, home, and car insurance. Name(s) of bank(s) and account numbers of checking, savings, and credit union accounts Location of safe deposit boxes (also location of keys to boxes) Copy of most recent income tax return Copy of your will Liabilities (what you owe, to whom, and when payments are due) Mortgages and debts (how and when paid) Location of deed of trust and car title Credit card companies, charge account names and numbers
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