Important information to get your affairs in order.
• Make sure all bank accounts have direct beneficiaries. The beneficiary need only go to the bank with your death certificate and an ID of their own.
• TOD: Transfer On Death deed if you own property. Completing this document and filing it with your county saves your heirs money and time. This document allows you to transfer ownership of your home to your designee. All they need to do is take their ID and your death certificate to the county building and the deed is signed over. Doing this will avoid the home having to go through probate.
• Living Will: Allows one to put in writing exactly what you want to be done in the event you cannot speak for yourself when it comes to healthcare decisions as well as other final decisions.
• Durable Power of Attorney: Allows one to designate a person to make legal decisions if one is no longer competent to do so.
• Power of Attorney for Healthcare: This document allows one to designate someone to make healthcare decisions for their person.
• Last Will and Testament: Designates to whom personal belongings will go too.
• Funeral Planning Declaration: Allows one to say exactly one’s wishes as far as disposition of the body and the services.
• Make a list of all banks and account numbers, all investment institutions with account numbers, lists of credit cards, utility accounts, etc. Leave clear instructions as to how and when these things are paid.
• Make sure heirs knows where life insurance policies are located.
• Make sure someone knows your phone ID, bank ID, account logins and passwords
• Make sure you have titles for all vehicles, RV’s, boats, etc
• Talk with those closest to you and make all your wishes KNOWN. Talk to those whom you’ve designated, as well as those close to you whom you did not designate. Do this to explain WHY your decisions were made and to avoid any lingering questions or hurt feelings.
Jan Jordan is a Reverse Mortgage Specialist serving the Boulder, Longmont, Fort Collins, Loveland, Greeley, and Front Range areas of Colorado. Click here to contact Jan and learn if reverse mortgage is right for you.