Time to Remember
More to Consider
Here's more information to aid your planning:
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End-of-Life Planning Documents
Will: can be written by a lawyer, an online service, or on your own. An estate planning lawyer can make sure the will is clear and comprehensive. An online will-writing program might be suitable for someone with basic needs and no complex assets. Regardless of which method is used, make sure it meets the requirements of the state in which you live. And be sure your Successor has a copy of the will. It’s also a good idea to file a copy with your local government’s Register of Wills office for safekeeping and to make it easier to file with the court after you pass away. Use the End-of-Life worksheet to indicate where the will is stored
Advanced healthcare directive / living will: outlines medical treatments a person does and doesn't want to accept near the end of their life. It can be activated if the person is unable to express their wishes when the need arises.
Healthcare power of attorney (POA) / healthcare proxy: designates a person who will confer with doctors and make healthcare decisions for someone who cannot make them on their own.
Financial durable power of attorney: designates someone to make financial decisions in the name of a person when they are unable to do so. For example, the person with financial power of attorney authority might make sure the rent or mortgage, utilities or other bills continue to be paid.
A trust: enables you to put assets into it that will be transferred upon death to whomever you specify.
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Burial plot deed: verifies that you have purchased a final resting place.
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Obituary: is your story. Some people write their own to make sure friends and family know exactly what was important to them, to share life lessons, and to manage the official narrative of their lives. Writing your own allows you to control the tone of your story – lighthearted, glowing, introspective, blunt or inspirational – giving readers a sense of your personality as well as facts about your life.
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To learn more about these vehicles, do a state-specific online search for information, such as “wills in Maryland” or “advance directives in Georgia,” or contact attorneys who specialize in wills and trusts.
Types of Care
As life circumstances change, people may need long-term care, perhaps after a medical procedure or due to declining health. Before that time comes, consider options like long-term care insurance, which helps pay for care so that you won’t have to pay as much out of pocket or go into deeper debt to finance your care. Types of care include:
Home-based: Family members or friends may provide informal care, but nurses, health aides, or therapists may also be needed. Plan ahead to clarify who will do the work and how such services will be paid for.
Community center care: Local senior centers or adult day care centers can provide activities or personal care for people who are mobile but need minor assistance, exercise, mental stimulation, meals or social connections. These can provide relief for family caregivers and cost much less than institutional care.
Residential care: Depending on the facility, an assisted living facility or nursing home can provide as little or as much care as is needed, from housekeeping to round-the-clock medical care. This can cost thousands of dollars per week. If possible, build savings, research government programs, or invest in long-term care insurance that can help pay for residential care.
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Consider exploring several options in case health needs change. And make sure Successors understand the Designers' preferences and how they will be paid for.
Bank Accounts
For Designers
If you are the sole owner of an account, anyone you list as a payable-on-death beneficiary is entitled to the money when you pass away. If the account has joint ownership, such as with a spouse, the surviving owner will continue to have full access to make deposits and withdrawals and can close the account if it has automatic survivorship rights. Having a joint owner typically makes it easier for one person to handle bills that must be dealt with soon after the other owner’s death.
If a bank account has authorized signers, they do not own the money in the bank account but have permission to sign checks, and make deposits and withdrawals while the owner is alive. They typically will NOT have access to the account’s funds after the owner dies unless they are listed as a beneficiary of the account.
To establish payable-on-death beneficiaries, joint ownership or authorized signers, contact your bank to learn the required procedures. Also consider reviewing account beneficiary information regularly and updating it when necessary.
If someone dies with no will and no payable-on-death beneficiary, the probate court determines what happens to the person’s assets, including their bank accounts.
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For Successors
To manage a Designer's estate, you can open an estate bank account for paying bills and depositing insurance proceeds or other income. To open the account, a bank will most likely require a copy of the death certificate, the Designer's Social Security number, a letter of administration or other legal document proving your authority, and an EIN tax ID number for the estate, available for free from the IRS website. If possible, open the account at a bank at which the Designer's had accounts because that bank will already have information about the Designer's previous bank accounts.