Legal and Financial Plans

People have many choices for outlining financial decisions and health-care choices. They can be put in place long before needed.

The two most popular mechanisms for care during a person's lifetime are a Power of Attorney and an Advance Directive. People usually want a power of attorney that covers bank transactions and selling or buying property. Occasionally a person will divide the duties of a power of attorney among family members.

People often make a will to go along with these, ensuring their wishes are implemented. Since a will goes through probate, it will take a minimum of six months to be executed. The attorney's fees are based in part on the size of the estate, taking a percentage of the estate.

Moving your property into a living trust is a financial alternative to a will. You can appoint yourself the trustee, enabling you to retain control of the property. It can save the cost and time delays involved in probate. An alternate person is named to manage the trust if you are incapacitated.

When someone becomes incapacitated without legal plans, family members have options, but they are more difficult and costly. They can file papers with the circuit court seeking to have someone appointed conservator, whom the court then supervises. The courts also can appoint someone as guardian for the ill person.

At the time of death, the funeral home personnel will have you assist them in completing the information required for completing the death certificate (Form D). They will also guide and help you with the needed information and procedure for dealing with Social Security and the Veterans Administration.

If you have a safe deposit box, it is important for a survivor to know where it is located and where the key is kept.

It is recommended that a listing of your life insurance and investment policies names and numbers be in the safe deposit box, but the policies be kept in some other location.

A suggested Records Inventory is included in this guide as Form F. Complete it in pencil and use it as a work sheet. Store the copies in your emergency evacuation box, safe deposit box and at another location away from your home. Update the list once a year.

There is a more extensive guide available from Oregon State University Extension Service titled “Where Are Your Valuable Papers?”

Previous Page    Next Page