Jamie Lee and Ross have been hearing many stories recently about acquaintances w

Question

Jamie Lee and Ross have been hearing many stories recently about acquaintances who are passing away without leaving a will, which made Jamie Lee and Ross anxious to review their estate plan with an attorney. They do not want to think about eventually passing on, but they know it is an essential part to careful financial planning. It was suggested that they assemble all of their legal documents in a place where their heirs would be able to access them if necessary. What documents would you suggest that Jamie Lee and Ross make accessible?

Explanation / Answer

Jamie Lee and Ross should keep their important legal documents at safe place where their heirs can access them after their death. Such key documents can also be stored with the attorney. Or keeping them at locked place where only trusted family member has access.

Important legal documents that should be maintained are:

·        Original registered will

·        Ownership proofs of the assets held

·        List of Debt owed

·        List of Mortgage assets

·        Tax returns of previous years

·        List of all bank accounts including dormant accounts

·        Health care insurance details

·        Life insurance details

·        Retirement accounts

·        All valid identity proofs

·        Financial assessment details

·        Beneficiaries details

·        Trust documents

·        Letter of instruction

·        Escrow accounts

·        Investments details-stocks, bonds

·        Partnership agreements

·        Pension documents

·        Safe deposits boxes

·        Details of all passwords

·        Financial accounts

·        All deeds or agreements details

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