9 Year Mortgage Talks the Documents You Need Before You Die
When it comes to getting your affairs in order before you die, most people know what to do, except for when it comes to the documents you need. You may think that just signing a bunch of papers establishing your estate plan and other end-of-life instructions would be enough, however it is not. You also have to make sure that your heirs are aware of them and where they are located. If you are not sure what documents you need, read on and 9 Year Mortgage will tell you.
9 Year Mortgage Tells You Why You Need These Documents
There has been an investigation in 10 states of whether or not some of the country’s largest insurers are failing to pay out unclaimed life policies to people. Insurance companies are saying that they are behaving lawfully. Under policy contracts, they do not have to take steps to see whether or not a policyholder is still alive. 9 Year Mortgage says to avoid this from happening secure the documents and tell your family where they are stored. Also 9 Year Mortgage recommends creating a folder of all of your documents that family members can get to in case of an emergency. This way they are not left trying to get all the papers together and finding them all. There are many places you can put these documents; 9 Year Mortgage suggest putting them in a safety deposit box, or keeping them with your attorney. If you don’t keep your documents in order there can be huge consequences. According to the National Association of Unclaimed Property Administrators, state treasurers currently hold $32.9 billion in unclaimed bank accounts and other assets. Keep in mind that there are certain documents you don’t need to keep like old utility bill and bank account statements. If you hang on to too many documents, then your family may not be able to easily find the important ones.
9 Year Mortgage on The Essentials
An Original Will
An original will is the most important document to keep on file. This document allows you to dictate who inherits what, and if you have underage children it also specifies who their guardians will be in the event of your death. If you don’t have a will prepared before death, then you can’t control how your assets are distributed and the state will determine what happens to your estate. Setting up a will is the first step to preparing your estate documents, and 9 Year Mortgage advises all clients to prepare a will immediately if they do not already have one.
Proof of Ownership
You should keep documents of home ownership, land ownership, cemetery plots, cars, stock certificates and saving bonds; any partnership or corporate operating agreements; and a list of brokerage and escrow mortgage accounts. If you don’t tell your family that you own any of these, they may never find the documentation. 9 Year Mortgage also advises to keep a list of any debts you owe so that you avoid surprising your family.
9 Year Mortgage recommends making a list of all accounts and online log-in information with your family so that can notify the bank of your death. If no one ever takes money out or puts money in, it then becomes a dormant account and can be seized by the state.
The most important health-care document to fill out in advanced is a durable healthcare power-of-attorney form. This allows the person you choose to make all healthcare decisions for you, if you are unable to do so. If you haven’t taken care of this or your family can not locate a healthcare power-of-attorney, they will end up going to court to appoint a guardian. 9 Year Mortgage thinks that it might not be enough to just have the healthcare power-of-attorney, unless you have told your designee how you would like to be treated in case of incapacity. You may need to fill out an Authorization to Release Protected Healthcare Information form.
Life Insurance and Retirement Accounts
Keep copies of life insurance policies with all of the other important documents for your family to have. 9 Year Mortgage says your family members need to know the name of the carrier, the policy number, and they agent with the policy. 9 Year Mortgage also says you need to be extra careful with your life insurance policies given by an employer when you retire, as those are the kind that financial planners often miss.
Marriage and Divorce
You need to make sure that your spouse knows where your marriage license is stored. If you don’t know where that is you will not be able to claim anything. 9 Year Mortgage also recommends that divorced people leave behind the divorce decree, or if the case was settled, the stipulation agreement. These documents lay out any child support, alimony, and property settlements.
9 Year Mortgage Wraps It Up
Remember to not only compile and create the necessary documents, but make sure your loved ones know where to fine them. Don’t forget to pick someone for your healthcare power-of-attorney, so that your voice can be heard, when you are not able to speak for yourself. Also don’t forget to stay organized! By keeping everything in order your family can access everything quicker and not have to sift through piles of unimportant documents. To lean more about us, and to read what our clients are saying, check out our 9 Year Mortgage Reviews page. For more information on becoming debt free, visit the 9 Year Mortgage Accelerate Your Path site.
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