Going paperless is a great idea for curbing clutter. As I have lost digital documents, I prefer a paper version that I can hold in my hand. I do keep my files organized and down to the essentials, but they take up space.
If you prefer the paperless route for your important documents, then most of the items held in my file box 1 and file box 2 could be stored digitally. However, you will need access to your original paper-version estate planning documents.
Though each state differs slightly on their requirements for settling your estate, a typical estate planning package includes the following documents:
- Last Will and Testament
- General Power of Attorney
- Health Care Power of Attorney
Depending on your state’s acceptance of the Health Care Power of Attorney, you might also need a Living Will.
Not wanting to spend more than needed, I pinch every penny to save my family money. However, when it comes to our estate planning, I do not skimp. Shelling out $600 was worth every penny we paid 10 years ago. Hiring an experienced paid-per-hour attorney will save you money and time.
From my experience, you want an attorney that charges by the hour rather than a fee-based attorney. Most fee-based attorneys have a standard form that they replicate for clients. The hourly attorney tends to start with a standard form and then customizes the forms to better meet their client’s needs.
If you use a form-version computer program or free resources, then your assets will probably end up in probate for at least a year. Most pre-made forms refer to California laws due to their broad interpretations.
What those forms do not tell you is that should you pass away in a state other than California, then your estate goes to probate in your state. The court will send your Last Will and Testament to California for verification, where it may take between 6 months and a year.
Once validated, your Last Will and Testament will return to your state and proceed through their approximate 1-year process. Meanwhile, your estate is frozen until those resources are verified and released by your state.
Having your estate planning documents prepared by a reputable attorney in your state is worth every dime you spend. Your attorney, who understands your state’s laws, will prepare the correct forms and expedite the process saving your family money, energy, and time.
Last Will and Testament
The first document in our estate planning package is our Last Will and Testament. Our documents are 11 pages in length and composed of 9 items each.
Our Last Will and Testament thoroughly covers all aspects of our estate, including how to dispose of our property, appoints our personal representatives and guardians, identifies the powers of our personal representative, and signature pages.
Attached to our Last Will and Testament is a marriage license as one of our named individuals had a name change due to a marriage. To expedite the process, I have attached a copy of the marriage license to prove that person’s right to our estate.
As Paul and I each have a Last Will and Testament, copies of these documents are kept within the 7th file opening of our file box 3. This second opening within the fourth category of estate planning contains copies of all of our estate planning documents. In three weeks (after our Summer Reading series), I will continue explaining these documents focusing on our General Power of Attorney forms. Happy organizing!
Question: Do you have an estate planning package?