What All Families Should Know
It is important to periodically review your records, and decide whether you
need to prepare a summary of your property and debts, so that others can
effectively administer your estate if you are disabled, or when you die. If you
are disabled before you die, your family must know about your debts and
insurance, so they can make payments as they become due.
A recent loan application and tax returns often provide a good starting
point to identify your assets, but these won't include some important property.
Will your family know the following?
- Location of vital documents (birth,
death, marriage, divorce,adoption)
- Location of employment records
(and military records, if applicable)
- List of real estate owned (including
partnerships/joint ownership)
- Location of deeds, loan documents
- Payment information for mortgages, taxes,
insurance
- Name(s) of person(s) most knowledgeable
about property
- List of valuable personal property.
Make sure your family knows if any of your furniture,
artwork, or other personal property items have a special
value (emotional or financial); consider the possibility
that the family members who already know about these things
may not outlive you. HINT: Video tape your valuables
with some reasonable detail.
- Information regarding employee
disability and survivor benefits
- Information regarding Pension/Retirement
Benefits: IRA; SEP; Keough; 401(k); Social Security; other
- List of bank and investment/security
accounts
- Childrens' savings accounts
(including trust and custodianship accounts)
- Investment accounts (broker, mutual
funds)
- Business
- Location of corporate records,
documents, share certificates
- Information re: management, employees, etc.
- Information relevant to valuation of
business
- Names of advisors (accountant,
attorney, insurance agent) continued
- Securities/Investments not held in
financial institution
- Partnerships (including limited
partnerships, investment pools, "tax shelters")
- Mutual funds
- Shares of stock in publicly-traded
companies
- Bonds (including corporate bonds, municipal bonds, savings bonds)
- Shares of stock in closely-held companies
(together with info re: transfer restrictions or repurchase
obligations)
- Intangible property:
copyrights, patents, trademarks, other
- Burial/Funeral plans,
prearrangements
- Motor vehicles (Description;
location of vehicle; location of title; loan and insurance
information)
- Stock options: terms;
deadline(s) for exercise; location of documents
- Safe deposit box; storage
lockers; safe; lock box (Location; Who has key & access
rights? Detailed list of contents)
- Insurance Information (Location
of policies & related documents; Life Insurance company,
policy number, amount; Disability Insurance; Health
Insurance (including Medicare/Medi-Cal); Long-Term Care
Insurance; What are the "premium due" dates and
amounts for each policy?
- Loans, Promissory Notes (Debts you
owe; Debts others owe to you; Payment terms, amounts,
due dates; location of documents; State your agreement or
intent re: forgiveness of debts, or plan to offset from
future inheritance)
Other Helpful Sources of Information
Social Security: Every person should request a "Personal Earnings
and Benefit Estimate Statement" at least once every three years, to confirm
accurate recording of your earnings and to help predict your future benefits.
Call 800-537-7005 to obtain a form to request the statement.
Employee Benefits: If you work for a large company or government
agency, check with the personnel office for assistance and information about
benefits and retirement options.
Books: Check out your local library for many helpful books on estate
planning.
Credit Reporting: To learn how to obtain a copy of your credit report,
call TRW (at least as most of us still call it) 800-392-1122, Equifax
800-685-1111, and/or TransUnion 800-851-2674.
Long-Term Care: The California Department of Aging produces an
excellent booklet on long-term care, called "Taking Care of Tomorrow: A
Consumer's Guide to Long-Term Care." You can obtain a free copy from any
insurance agent who is licensed to sell long-term care insurance, or from the
Department of Insurance (800-927-4357).
Choosing an Attorney: If I am unable to represent you in a matter, I
can refer you to other qualified attorneys in the area. Or call the Lawyer
Referral and Information Service (LRIS) for your local county bar association
(see the "Lawyer Referral" section of the Yellow Pages).
This information is intended to provide basic information about estate
planning for Californians; it is not legal advice. Each person's estate-planning
needs are unique. You should consult with an attorney before making specific
estate-planning decisions.
Rex Alan Lowe, Attorney at Law
Estate Planning, Probate & Trust Law
630 South El Camino Real, Suite A
San Clemente, California 92672-4200
949.498.3045
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Estates@RexLowe.com
Last updated on
May 28, 2002