Legal Zoom has a real estate planning checklist that explains some of the finer points of trusts, assets and beneficiaries. Their site also has a wealth of resources to help you understand every aspect of property planning, from types of wills, legal jargon, unusual aspects of the will (the legal process in which all assets and properties are disposed of after a death) and many more.
In addition to the list of names you have come, it is a good rule of thumb to have at least one alternate person to fill these positions. Circumstances may change and your brother or friend may not be able to fulfill the duty they have accepted – you want a backup in case that happens.
Step two: Seek legal assistance
Approaching a lawyer to plan your estate can seem like a waste of time or money, especially if you are young and healthy. But this is when you should start the process. “Setting up in advance is much better because it gives you a chance to think … you have time to designate the best person for each job,” says Hess.
There are online options such as Legal Zoom, Rocket Lawyer and NOLO, which offer testing services with the creation of state-specific legal documents, as well as varying degrees of virtual legal advice to assist in the process. But there are also many advantages to seeing a lawyer who specializes in wills and estates.
At the University of Tennessee, the Homer A. Jones, Jr. Wills Clinic is run by the university’s Law Department. It consists of law students with a faculty supervisor who is a licensed attorney and must approve all documents that are sent to clients. According to Hess, “They do all the work that a licensed real estate lawyer would do. I write proxies for healthcare and financial management, I write living wills, I write wills and trusts. I do some testing and I’m conservative. ”
Clinics like the one at UT are not anomalies; many universities have them. There are usually income guidelines, but the services are free if you qualify. Most states also have legal aid companies where people can get free or low-cost real estate planning assistance from licensed attorneys if they can’t afford the full fees.
Step three: Choose the document storage solution
The old system of recording everything in a box under your bed has seen many updates in recent years. Websites where you can store and organize all your health care directives, list of beneficiaries, power of attorney documents, wills, trusts, deeds, etc. they are just a click away for loved ones. Facilitating this process is one of the best gifts you can give to a grieving person.
Below are some document storage programs that are encrypted for security and will give you peace of mind.
This is a comprehensive site that starts with a questionnaire to determine marital status, whether you have existing financial or health guidelines and the situation with minor children. After completing the inventory, Everplans provides specific instructions on what needs to be addressed first, as well as links to articles and resources useful for demystifying the process. It is personalized and specific to the state – this is important because the laws of each state are different.
There is a free version that provides access to articles and resources, but if you want to upload and store documents, there is an annual fee of $ 75, which includes a digital safe, access to appointed deputies (loved ones you link to), and bank security of all documents.
With more frequent data security breaches than ever before, you may be resistant to entering account numbers and personal information on the web, even if it’s encrypted. The torch does not require this type of information. Instead, the site helps you set up a profile, complete a checklist of important documents to help you identify what you might be missing, and create notebooks based on considerations such as real estate, pets. company and healthcare.