1. Gift Planning
  2. Your Estate Plan Might Be Missing Something

Your Estate Plan Might Be Missing Something

If you are taking another look at your existing estate plan—or just starting your planning journey—be sure you include the following items, in addition to a will. This will make things easier for you as well as your loved ones. These additional documents should be kept in a secure place with your original estate documents, as they may have sensitive information like account numbers and asset locations.

  1. A high-level overview document that lays out the basics of your finances and plan. Include:
    • Where to find your will and other documents, and who the key people are—your powers of attorney agents, executors, or personal representatives
    • Financial assets (where accounts are held and who owns them)
    • Insurance coverage (property/casualty, health, life)
    • Property and vehicle information
    • Regular household bills that you pay
  2. A detailed description of your finances (account numbers, contacts at financial institutions, etc.).
  3. A personal property memorandum that is often referenced by your will and states how you want personal property distributed and/or sold. This allows you to assign sentimental or valuable assets to specific people without having to change your will if you change your mind.
  4. A plan for your pets to ensure that someone will take care of them. You also can make provisions in your will or trust for your pets after your lifetime.
  5. Advance directives, powers of attorney, and other end-of-life planning tools to communicate your basic wishes. Add personal messages and detailed plans for your funeral, memorial, and other specifics.
  6. An ethical will, which is your opportunity to hand down your values in a document or video. Think of it as a personal record of your life—how you have lived it and how you want to inspire others.

Explore Your Legacy at Northwestern

Wherever you are in the process, your estate plan is a powerful way to show your love. Please contact Northwestern Gift Planning at 800-826-6709 or giftplanning@northwestern.edu to learn about including the University in your future plans.