National Catholic Forester

National Catholic Forester 28 ESTATE PLANNING Estate Planning Red Flag! YOU HAVEN'T CREATED A "ROAD MAP" FOR YOUR ESTATE PLAN No ma er how much effort you've invested in designing your estate plan – your will, trusts and other official documents aren't enough. You should also create a "road map" — an informal le er or other document that guides your family in understanding and execu ng your plan and ensuring that your wishes are carried out. Your road map should include, among other things: 02 a list of important contacts, including your estate planning a orney, accountant, insurance agent, and financial advisors. The loca on of your will, living and other trusts, tax returns and records, powers of a orney, insurance policies, deeds, automobile tles, and other important documents. A personal financial statement that lists stocks, bonds, real estate, bank accounts, re rement plans, vehicles and other assets, as well as informa on about mortgages, credit cards, and other debts. 01 An inventory of digital assets — such as email accounts, online bank and brokerage accounts, online photo galleries, digital music and book collec ons, and social media accounts — including login creden als or a descrip on of arrangements made to provide your representa ve with access. Computer passwords and home security system codes. Safe combina ons and the loca on of any safety deposit boxes and keys. The loca on of family heirlooms or other valuable personal property. Informa on about funeral arrangements or burial wishes. The road map can also be a good place to explain to your loved ones the reasoning behind certain estate planning decisions. Perhaps you're distribu ng your assets unequally, distribu ng specific assets to specific heirs or placing certain restric ons on an heir's en tlement to trust distribu ons. There are many good reasons for these strategies, but it's important for your family to understand your mo ves to avoid hurt feelings or disputes. Finally, like other estate planning documents, your road map won't be effec ve unless your family knows where to find it, so it's a good idea to leave it with a trusted advisor. © 2018. Used with permission from Thomson Reuters, Checkpoint Marketing. 03 05 08 07 ü HEIRLOOMS FUNERAL LOCKS & KEYS PWs INVENTORY OF DIGITAL ASSETS MONEY IMPORTANT PAPERS CONTACTS 04 06

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