A. Here are 6 things you should do in order to deal with the legacy challenge -
- A Will
- A Trust
- A Financial Power of Attorney
- A Durable Power of Attorney
- Make sure your bank account has a payable-on-death provision that transfer the account after you die
- A master list of every financial asset and obligation you have
The master list in 6 above should include information about the following accounts:
- Bank accounts
- Credit card accounts
- 401(k) accounts
- Investment accounts
- Pensions
- Life insurance
- Home insurance
- Mortgage
- Car loan
- Titles and deeds to your home and car