What are the two key documents used to prepare an estate plan?

The 4 Most Important Estate Planning Documents

  • A Last Will and Testament. When it comes to estate planning, having a last will and testament is likely the first thing that will come to mind.
  • A Document Granting Power of Attorney.
  • An Advance Medical Directive.
  • Revocable Living Trust.

What are the major elements of estate planning?

Here is an estate planning checklist of items every estate plan should include:

  • Will/trust.
  • Durable power of attorney.
  • Beneficiary designations.
  • Letter of intent.
  • Healthcare power of attorney.
  • Guardianship designations.

What are the four major components of a will?

Table of Contents

  • Testator Information and Execution.
  • The Executor and Their Powers.
  • Guardianship of Dependents.
  • Disposition of Assets.

How do I organize my estate documents?

5 Steps to Organize Estate Documents for Your Executor

  1. Step 1: Create a checklist of important documents (and their locations)
  2. Step 2: List the names and contact information of key associates.
  3. Step 3: Catalog your digital asset inventory.
  4. Step 4: Ensure all documents are organized and accessible.

Are Suze Orman documents legal?

Suze Orman has no legal background, so we should take her advice on estate planning matters with a grain of salt. Because misinformation about revocable living trusts is rampant, we thought it would be a good idea to review the actual benefits of a revocable living trust, as well as their drawbacks.

What are the most important parts of a will?

The 10 MUST HAVE Parts of a Will

  • Heading, Marital History, and Children.
  • Debts and Taxes.
  • Disposition of Assets.
  • Guardianship.
  • Executor and Trustee.
  • Executor and Trustee Powers.
  • No Contest Provision.
  • General Provisions.

What should be included in a simple will?

What should I include in a simple will?

  • Property, like your home, vehicles, and other real estate you own.
  • Bank and retirement accounts.
  • Life insurance policies.
  • Pets.
  • Family heirlooms or personal items.

How do you store trust documents?

Storing the Trust Document Store your living trust document where you keep important papers such as your will or durable power of attorney. A fireproof box in your home or office is fine. If you want to be extra careful, a safe deposit box is a good choice.