04/26/2022
I wanted to spread this information today for those of you that don’t have your affairs in order. I unfortunately see issues all to often in my business when working with clients on the sale of an estate property.
Here are lots of things to consider. Firstly, consult with professionals to guide you. Attorneys are a great place to start. Find an experienced real estate agent too.
- Make sure all your bank accounts have beneficiaries.
- Beneficiary Deed: Maine now allows you to leave real estate with a transfer-on-death deed, also called a beneficiary deed. You can sign and record the deed now, but it doesn't take effect until your death. You can revoke the deed or sell the property at any time; the beneficiary you name on the deed has no rights until your death.
- Living Will: Allows you to put in writing exactly what you want done in the event you can’t speak for yourself when it comes to making healthcare decisions
- Durable Power of Attorney: Allows you to designate a person to make legal decisions if you are no longer competent.
- Power of Attorney for Healthcare: This document allows you to designate someone to make healthcare decisions for you.
- Last Will and Testament: Designates who your personal belongings will go too.
- Funeral Planning Declaration: This allows you to say exactly what your wishes are.
- Make a list of all your banks and account numbers, all investments and account numbers, lists of all your credit cards and utility accounts. Give instructions as to how and when these things are paid. Make sure your heirs knows where your life insurance policies are located too.
- In today’s day, make sure someone knows your Apple ID, your bank ID, your account logins and passwords.
- Make sure you have titles for all of your vehicles, campers, trailers, etc.
This is the tough part. Talk with those closest to you and make your wishes known. Talk to those you designated as well as those close to you that you did not designate. I think it is so important to do this to explain why your decisions were made and to avoid any lingering questions or hurt feelings.
I hope you found this helpful. It can be such relief to friends and family when we take care of these things in advance.
This stuff isn’t easy to do, think about or talk about but it is way to important to ignore.