Important Documents
Please make sure to revisit / update your documents at least annually.
Your Executor / Successor Trustee needs to know where to find each of these documents.
Living Will (instructs the doctor to keep you alive on the machine, or to "pull the plug")
Healthcare Power of Attorney (Designates a person to manage your health when you are unable to.)
Durable Power of Attorney (Designates a person to manage your financial affairs when you are unable to.)
Regular Will (or a "Pour-Over" Will if a trust is involved) (Also, if you have minor children or other dependants, this document asks a judge to award custody to particular individuals you have in mind.)
Revocable Living Trust. This document is created to hold your assets. You have total control of these assets during your lifetime. At death, the assets stay in the trust. What changes is the name of the trustee. After death, the trustee follows the instructions you have left for them in the trust. Court appearances are normally not needed. If a new trust replaced (replaced, not restated) a prior trust, please keep a copy of the prior trust, just in case an asset is still owned or directed to that prior trust.
Irrevocable Life Insurance Trust (typically for larger estates, if needed.)
Birth certificates for every member of the family
Marriage license (and any divorce papers) (Social Security typically asks to see such documents)
Death Certificates of deceased family members (in case a direct beneficiary has died and beneficiary arrangements were not subsequently updated, these documents help the insurer pay the next level of living beneficiaries.)
Military discharge papers
Real Estate Deeds
Titles to investments
Titles to cars and other personal property
Life insurance policies
Bank records
Citizenship Papers
List of credit cards and other liabilities (including a computerized statement with account numbers)
Employee Benefit Records
Financial Statement (including at least the most recent tax return)
Location of safety deposit box key (and list of authorized signors)
Business Agreements
Written Final Arrangements (Cremation or Burial - if burial, where?) (Large or private funeral or memorial service? Which funeral director? Favorite soloists? Favorite Bible Verses?)
Person to Contact List - (Family & Friends) (CPA - Attorney - Northwestern Mutual Financial Representative)
This list was compiled and reviewed by actual clients who have gone through the experience of losing a loved one.
daniel.pearson@northwesternmutual.com
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