None of us have the ability of escaping death. However, we can reduce the amount of stress on our loved ones and allow for proper mourning. Getting our affairs in order can significantly reduce the stress on loved ones after we pass away. In addition, having everything prepared ensures our final wishes are followed. We should all have Power of Attorney and Health Care Proxy executed. We should also have a proper estate plan and a letter of instructions.
Executing Advance Directives
Loved ones are often faced with difficult decisions regarding finances and health care of the dying individual. Without guidance or proper legal documentation, loved ones tend to feel quilt or uncertainty regarding decisions made on behalf of the decedent, especially in the case of health care decisions. Executing a proper Power of Attorney and Health Care Proxy enables an individual and his or her loved ones to arrange for proper legal decision making and an opportunity to discuss tough decisions prior to sickness.
Setting up a best-fit estate plan
Letter of Instructions
While it is important to have an updated estate plan, there is a lot of information that your heirs should know that doesn't necessarily fit into a will, trust or other components of an estate plan. The solution is a letter of instruction, which can provide your heirs with guidance if you die or become incapacitated.
A letter of instruction is a legally non-binding document that gives your heirs information crucial to helping them tie up your affairs. Without such a letter, it can be easy for heirs to miss important items or become overwhelmed trying to sort through all the documents you left behind. The following are some items that can be included in a letter:
- A list of people to contact when you die and a list of beneficiaries of your estate plan
- The location of important documents, such as your will, insurance policies,financial statements, deeds, and birth certificate
- A list of assets, such as bank accounts, investment accounts, insurance policies, real estate holdings, and military benefits
- Passwords and PIN numbers for online accounts
- The location of any safe deposit boxes
- A list of contact information for lawyers, financial planners, brokers, tax preparers, and insurance agents
- A list of credit card accounts and other debts
- A list of organizations that you belong to that should be notified in the event of your death (for example, professional organizations or boards)
- Instructions for a funeral or memorial service
- Instructions for distribution of sentimental personal items
- A personal message to family members
Once the letter is written, be sure to store it in an easily accessible place and to tell your family about it. You should check it once a year to make sure it stays up-to-date.
Ronald A. Fatoullah, Esq. is the principal of Ronald Fatoullah & Associates, a law firm that concentrates in elder law, estate planning, Medicaid planning, guardianships, estate administration, trusts and wills. The firm has offices in Forest Hills, Great Neck,Manhattan, Brooklyn and Cedarhurst, NY. Mr. Fatoullah is certified as an elder law attorney by the National Elder Law Foundation. He has been named a "fellow" of the National Academy of Elder Law Attorneys and is a former member of its Board of Directors. Mr. Fatoullah chairs the Legal Committee of the Alzheimer's Association, LI Chapter, and serves on its Board of Directors
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