Legal Zoom has a wealth 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 estate planning, from types of wills, legal jargon, unusual aspects of probate law (the legal process whereby all assets and property are expelled after a death), and more.
In addition to the list of names you come up with, it’s a good rule of thumb to have at least one alternate to fill those positions. Circumstances can change and your sibling or friend may not be able to fulfill the duty they agreed with – you’ll want a backup just in case.
Step Two: Seek Legal Help
Approaching a lawyer to do your estate planning may seem like a waste of time or money, especially if you are young and healthy. But this is when you need to start the process. “It’s much better to set it up ahead of time because it gives you a chance to think … you have time to pick out the best person for each job,” says Hess.
There are online options such as Legal Zoom, Rocket Lawyer, and NOLO that provide wills services with the creation of state-specific legal documents, as well as varying degrees of virtual legal advice to aid in the process. But there are also many benefits to seeing a lawyer who specializes in wills and estates.
At the University of Tennessee, Homer A. Jones, Jr. Wills Clinic run by the university’s legal department. It is staffed by law students with a faculty supervisor who is a licensed attorney and must approve all documents sent to clients. According to Hess, “They do all the work that a licensed estate planning attorney would do. They write powers of attorney for health care and financial management, they write wills for life, they write wills and trusts. They do some inheritance law and they do conservatories. “
Clinics such as those at the UT are not anomalies; many universities have them. There are usually income guidelines, but services are free if you qualify. Most states also have legal aid societies where people can get estate planning assistance from licensed attorneys for free or at a reduced cost if they cannot afford the full cost.
Step Three: Choose your document storage solution
The old system of storing everything in a box under your bed has received many updates in recent years. Websites where you can store and organize all your health guidelines, beneficiary list, paperwork for powers of attorney, wills, trusts, deeds, etc. are just a click away for your 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 marital status questionnaire, whether you have existing financial or health guidelines, and the situation with underage children. Once you’ve completed the inventory, Everplans will provide specific instructions on what to tackle first, as well as links to articles and helpful resources to help demystify the process. It is custom and state-specific – this is important because each state’s laws are different.
There is a free version that provides access to articles and resources, but if you want to upload and save documents, there is an annual fee of $ 75, including a digital safe, access to your appointed deputies (loved ones you provide links to) , and bank-level security of all documents.
Because data security breaches are more common than ever, you may be resistant to posting account numbers and personal information on the Internet, even if it is encrypted. The Torch doesn’t ask for that kind of information. Instead, the site will help you set up a profile, fill out a checklist of important documents to help fill in what you might be missing, and create notebooks based on considerations like real estate, pets, and healthcare.