Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-18-2016, 12:51 PM   #21
Full time employment: Posting here.
kaudrey's Avatar
 
Join Date: Feb 2006
Location: Alexandria, Va
Posts: 943
As others have said, you should have all of your legal documents (wills/POAs, etc) in a safe or safety deposit box - and at least 2 other people should know where these are - spouse and/or executor/lawyer/trusted friend/whomever. My parents, aunt/uncle, sister/BIL and I/DH all have 'in case of death' folders that list all of our assets, liabilities, and bills. My sister and I know where the older generation's documents are, and we know where to find each others', as does our dad. So, unless we all die in a fire at Christmas, someone will know where to find our stuff when the time comes.
__________________

__________________
Two roads diverged in a wood, and I - I took the one less travelled by...
kaudrey is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-18-2016, 03:10 PM   #22
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
Quote:
Originally Posted by kaudrey View Post
As others have said, you should have all of your legal documents (wills/POAs, etc) in a safe or safety deposit box - and at least 2 other people should know where these are - spouse and/or executor/lawyer/trusted friend/whomever. My parents, aunt/uncle, sister/BIL and I/DH all have 'in case of death' folders that list all of our assets, liabilities, and bills. My sister and I know where the older generation's documents are, and we know where to find each others', as does our dad. So, unless we all die in a fire at Christmas, someone will know where to find our stuff when the time comes.
Technically - wills don't belong in a safe deposit box. The safe deposit box gets frozen during probate... so you can't get the will. Perhaps keep a copy of the will at home - so probate can start and give access to the safe deposit box.

I was told this by a lawyer and by the instructor in an estate planning course.
__________________

__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 05-18-2016, 04:37 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,891
Quote:
Originally Posted by rodi View Post
Technically - wills don't belong in a safe deposit box. The safe deposit box gets frozen during probate... so you can't get the will. Perhaps keep a copy of the will at home - so probate can start and give access to the safe deposit box.

I was told this by a lawyer and by the instructor in an estate planning course.
I don't even have a safe deposit box at a bank. Sure, by keeping stuff in a home safe, there is risk with that too, but I'm willing to take the chance. Plus, I really don't have any priceless jewelry or other collectibles.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is online now   Reply With Quote
Old 05-18-2016, 05:14 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 2,718
Quote:
Originally Posted by rodi View Post
Technically - wills don't belong in a safe deposit box. The safe deposit box gets frozen during probate... so you can't get the will. Perhaps keep a copy of the will at home - so probate can start and give access to the safe deposit box.

I was told this by a lawyer and by the instructor in an estate planning course.
That very much depends on the state you live in. In TX my parents had a joint safe deposit box, and after my father died my mother could access it immediately. (Tx has no inheritance tax so they have no interest in restricting acess). Again the point of having an instate lawyer who knows how things are done in your state.

Actually where states provide the process depositing your will with the county clerk is about as safe as you can get. It is in a safe place, and accessible.
__________________
meierlde is online now   Reply With Quote
Old 05-18-2016, 05:31 PM   #25
Full time employment: Posting here.
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 831
Although wills might not generally belong in a safe deposit box should both halves of a marital union die, single me has no intention of having my estate going thru probate. All liquid assets (bank / brokerage / insurance) have designated beneficiaries and the house is in a trust.

When mom died, we escaped probate doing that an the small estate affidavit. Search it in your state and stay under it 150k in California
__________________
gayl is offline   Reply With Quote
Old 05-18-2016, 07:31 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,430
I've got the standard (encrypted, and DW knows the password) list of financial accounts and instructions, as well as a printed out copy in a file. But I've also considered an online service like www.ifidie.org, which will send out emails upon your demise. My problem with the services is that it takes weeks for them to verify your death, which would lead anyone needing the information on tenterhooks until the info shows up. At the same time, I wouldn't want them to be premature and send out death emails while I'm still kicking. Interesting tech, but not quite totally useful yet.
__________________

__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Warren Buffett to heirs: Put my estate in index funds Ready FIRE and Money 6 03-21-2014 09:20 PM
Wills, Trusts and Estate Planning nun FIRE and Money 37 07-22-2013 06:48 PM
Sell the farm or pass it on to the heirs? km4hr FIRE and Money 21 08-24-2012 10:36 AM
Wills, planning, etc cute fuzzy bunny Other topics 31 08-20-2006 01:29 PM

 

 
All times are GMT -6. The time now is 05:51 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.