Completed
beneficiary
forms for retirement savings plans
A durable
power of attorney
giving a family member or other responsible person the right to pay bills and make business and investment decisions if you aren’t able to do so
A health care proxy allowing a family member or friend to make decisions about your medical care if you cannot
A living will, also called an advance directive, that states whether or not you want doctors to use certain measures — including life support — to keep you alive if your medical condition has deteriorated
Under current law, few planning
alternatives are available to your estate after you die. An heir can decide not to accept certain bequests you leave them in your will, instead electing against the will so that the assets go to someone you have named as a contingent beneficiary. Also, your estate can name a beneficiary to inherit your IRA if you haven’t done so.
Both provisions have strict deadlines, though, and should be done only with legal advice. It’s much wiser to be sure that your estate plan has the provisions you want carried out.
