REWahoo
Give me a museum and I'll fill it. (Picasso) Give
Here's a blast from the past: http://www.early-retirement.org/forums/f27/aging-parents-what-to-do-15542-3.html#post285321
Wills & instructions for loved ones
- Thread starter ronocnikral
- Start date
This is a very valid point.
Safes are rated for burglary or fire protection or both. The ratings are fairly standard.
For example, UL ratings tell you how long and at what temperature a rated safe can protect its contents. Here is a good description of how those ratings are determined:
UL Fire Safe Rating Guide
In other words, an offsite copy of the instructions is not a bad idea.
brewer12345
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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- Mar 6, 2003
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Mine is very simple. The investments are here and here, the CDs are here, the savings account is here, the insurance policies are here. Put money in this fund, tap this account if you need cash immediately, etc.
Moemg
Gone but not forgotten
Yeah, I think the appropriate phrase is "fire resistant".
Offsite is certainly easier to recover from.
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- Jul 18, 2010
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- 7,951
I happened across a personal inventory form today when I was doing some research for my church
https://www.tpf.org/resources/resource-library/
About halfway down the page is Important Information at my Death
or link directly to the file at
https://www.tpf.org/files/documents/Important_Information_at_my_death_3.xls
I might have chosen some different Excel formatting, but the list looks extremely comprehensive.
https://www.tpf.org/resources/resource-library/
About halfway down the page is Important Information at my Death
or link directly to the file at
https://www.tpf.org/files/documents/Important_Information_at_my_death_3.xls
I might have chosen some different Excel formatting, but the list looks extremely comprehensive.
Sarah in SC
Moderator Emeritus
Joining the chorus for getting your will, durable health care power of attorney (don't forget an alternate) and letters of instruction done ASAP. We did all of this back in the fall, in preparation for a lengthy trip out of the country.
Our executor is my brother in law (who lives out of state), so I left our instructions and our copies of the wills and so forth with my boss, who I knew would assist my BIL if needed, in finding and taking care of the accounts. If I died and my DH was left, he'd pretty much go straight to my boss for help. Our stuff isn't so complicated, though, and I'm sure he'd be able to handle the finances. The big problem would be him having no one to run his life, so I feel like I need to add a codicil to my letter of instruction that names a stand-in nagger, who can direct him and keep him out of trouble should I pass before him.
Our executor is my brother in law (who lives out of state), so I left our instructions and our copies of the wills and so forth with my boss, who I knew would assist my BIL if needed, in finding and taking care of the accounts. If I died and my DH was left, he'd pretty much go straight to my boss for help. Our stuff isn't so complicated, though, and I'm sure he'd be able to handle the finances. The big problem would be him having no one to run his life, so I feel like I need to add a codicil to my letter of instruction that names a stand-in nagger, who can direct him and keep him out of trouble should I pass before him.
skipro3
Recycles dryer sheets
Get to an estate planning attorney like YESTERDAY!
You need;
Family Trust or your estate will go through probate and cost your heirs many thousands of dollars
Living will to declare how you want your life to continue or end if you can't speak up. Doctors will spend every last dime you have, leaving nothing for heirs if you don't have a directive for life support.
Power of Attorney for medical decisions. Someone you trust to follow though with your wishes and sign for you until you are able to again.
Power of Attorney for financial decisions. Same as medical but usually a different person. No need to tempt anyone with an inheritance AND your end of life decisions....
Last Will and Testament. From the music to the flower choices. Veteran death and funeral benefits. Progeny; know what that is? Defined as a child born of legal wedlock. If your will lists an heir as your progeny, then some gal can't claim your 'love child' as an heir to your estate. You have that right and power, so exercise it.
Executor of your will and estate.
An estate planning attorney will take care of all these things during a couple interviews with you and some documents he or she will ask you to produce. All of these will cost around $1500 and include usual and customary updating without additional costs. It all comes in a nice binder with the instructions to call the attorney upon your death. This guy will have the fiduciary responsibility to you and you alone.
I set this up for my parents and let me tell you it was great. When Mom passed, Dad couldn't even answer whether or not Mom wanted to be an organ donor. Not to worry; it was in this binder. Prepaid funeral expenses? Only if someone knows it's there and knows immediately. Dad is a vet and so Mom's ashes were placed in the Veteran's Cemetery with no charge as the spouse of a vet.
don't leave this to chance. If you love your family, plan for the eventuality of your death.
You need;
Family Trust or your estate will go through probate and cost your heirs many thousands of dollars
Living will to declare how you want your life to continue or end if you can't speak up. Doctors will spend every last dime you have, leaving nothing for heirs if you don't have a directive for life support.
Power of Attorney for medical decisions. Someone you trust to follow though with your wishes and sign for you until you are able to again.
Power of Attorney for financial decisions. Same as medical but usually a different person. No need to tempt anyone with an inheritance AND your end of life decisions....
Last Will and Testament. From the music to the flower choices. Veteran death and funeral benefits. Progeny; know what that is? Defined as a child born of legal wedlock. If your will lists an heir as your progeny, then some gal can't claim your 'love child' as an heir to your estate. You have that right and power, so exercise it.
Executor of your will and estate.
An estate planning attorney will take care of all these things during a couple interviews with you and some documents he or she will ask you to produce. All of these will cost around $1500 and include usual and customary updating without additional costs. It all comes in a nice binder with the instructions to call the attorney upon your death. This guy will have the fiduciary responsibility to you and you alone.
I set this up for my parents and let me tell you it was great. When Mom passed, Dad couldn't even answer whether or not Mom wanted to be an organ donor. Not to worry; it was in this binder. Prepaid funeral expenses? Only if someone knows it's there and knows immediately. Dad is a vet and so Mom's ashes were placed in the Veteran's Cemetery with no charge as the spouse of a vet.
don't leave this to chance. If you love your family, plan for the eventuality of your death.
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Damn, you've been chatting with my spouse, haven't you?
Apparently we guys aren't allowed to nominate nagger candidates, either...
OP
OP
ronocnikral
Full time employment: Posting here.
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another question:
-would it be better to go with a firm or one man shop?
I tend to lean towards the latter, but not being quite at the big three O, the guy I am looking at is well into his 50's. If everything goes as plans, his one man shop will be long gone before I take my dirt nap. I assume this is just how it works, and we'll take our will and plan to the next guy/gal? Or is there a benefit to using a firm? Or is it "sixes"?
-would it be better to go with a firm or one man shop?
I tend to lean towards the latter, but not being quite at the big three O, the guy I am looking at is well into his 50's. If everything goes as plans, his one man shop will be long gone before I take my dirt nap. I assume this is just how it works, and we'll take our will and plan to the next guy/gal? Or is there a benefit to using a firm? Or is it "sixes"?
Sarah in SC
Moderator Emeritus
Well, duh, because you'd pick that Hooters waitress, in a second!
Midpack
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I don't know why it would matter for a will. They don't have to be complicated, mine is 3 pages, double spaced with huge margins and lots of flowery legal (19th century) language, that would easily fit on 1 page normally formatted. Just pick someone who does it routinely at a good price. If you pick someone who does wills on an exception basis, it's likely to be more expensive and possibly less effective. Again, where I am a simple will and advanced directive with medical power of attorney ranges from $150 (may be out of date) to $600 (the most prestigious firm in our little burg).
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kcowan
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Estate Planning: Trusts
There is a Testamentary Trust which can offer tax advantages over a Family Trust. One of them is a separate taxation as an individual, with lower rates than if the entire inheritance were taxed in the spouse's hands. It would require an accountant and a lawyer to determine which combination is best. Only for estates of a certain size.
There is a Testamentary Trust which can offer tax advantages over a Family Trust. One of them is a separate taxation as an individual, with lower rates than if the entire inheritance were taxed in the spouse's hands. It would require an accountant and a lawyer to determine which combination is best. Only for estates of a certain size.
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Maybe my spouse is just trying to avoid putting me through a very lengthy & exhausting interview process. Yeah, that's it.
I read once that those Dickensian triple-verb sentences ("bequeath, devise, and bestow") actually have specific detailed definitions that would otherwise allow [-]loopholes[/-] confusion to creep through as to the dearly departed's true intent.
Moemg
Gone but not forgotten
I did all the required documents and forgot about the nagger . What was I thinking ?
jIMOh
Thinks s/he gets paid by the post
The devil is in the details. My brother passes away about 3 weeks ago and I have been helping his wife sort through things.
Estate planning 101- There are 3 ways items pass on death
1) is ownership. items like a house, car etc...
2) is beneficiary- like IRAs and life insurance
3) is probate
Some jointly owned assets will go through a probate process. For example my sister in law is being told her house (jointly owned) needs to go through probate. An attorney in my state told me I could title my house so that was not an issue in Ohio. He did not know law where my sister in law lives.
I would strongly suggest going through a detailed estate plan with an estate planning attorney. The issues will be at very small details. Like the house going through probate (or not) or making sure the ownership of assets is very clear to bypass probate.
I would also suggest pre-planning as much of a funeral/memorial as possible. The ability to make good decisions when going through grief is impossible.
For example, Urns at a funeral home cost $500+, urns online cost less than $100. I have heard same thing for coffins. 300% markup is possible at funeral home.
jIMOh
Thinks s/he gets paid by the post
My father's will/letters essentially say "Cremate me. Do whatever you want for a memorial service. I'll be dead; I won't care."
Spouse and I added to our wills "Try to donate our bodies to the medical school or to science." (We've done the paperwork for that.) If I die first, though, and one of you happens to come over to our house, you might want to stay clear of our compost pile for a few months. I'm just sayin'.
I think everyone should have a will and leave instructions and preferences for heirs. It's hard to settle an estate when you are trying to figure out what deceased person wanted. Also, as in my parents' case, they had a will, but did not leave us a list of their IRAs, savings accounts, safety deposit boxes, or other financial records. Therefore, even though my dad died in May, 2010, we are still finding money here and there. Not huge amounts, but enough to certainly be concerned about claiming. Just this month, we discovered an IRA because they mailed a letter saying they would assess a penalty, since he failed to make the minimum withdrawal in 2010 and 2011.
Therefore, I put lists of all our accounts, insurances, will, etc in a green folder and I've shown my children where it is.
Therefore, I put lists of all our accounts, insurances, will, etc in a green folder and I've shown my children where it is.
Htown Harry
Thinks s/he gets paid by the post
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I'll add a point that hasn't come through clearly in the posts: the OP and his DW both need wills.
For a couple with minor children, the wills' provisions for care and custody of the children if both parents pass at the same time are at least as important as the financial elements. I found this was the most challenging part of preparing my will.
For a couple with minor children, the wills' provisions for care and custody of the children if both parents pass at the same time are at least as important as the financial elements. I found this was the most challenging part of preparing my will.
We're going to have our wills done next month (after our taxes are done). Neither of us want any of our family to serve as executors (plus, we are the youngest in each family so we might outlive all of them) and would rather hire a third-party professional executor?
How would that work? Assuming we go with the reputable firm in city (who have been in business for a few decades), would one of their lawyers be an executor? and at what price (do they charge a % of the estate?)
How would that work? Assuming we go with the reputable firm in city (who have been in business for a few decades), would one of their lawyers be an executor? and at what price (do they charge a % of the estate?)
Brat
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
A law firm would be expensive which would only be a factor if you want to preserve your estate for heirs. You can change the executor of your will without re-writing the whole kit & caboodle. Name the person in your family who you think would do the best job for now then revisit that decision in 10 years or if your opinion changes.
At one time I named my sister as executor, now I wouldn't trust her with my worst enemy.
At one time I named my sister as executor, now I wouldn't trust her with my worst enemy.
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kcowan
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
We have our lawyer as the default executor if we both pass on simultaneously.
I have a Word document that specifies all the accounts and passwords that I send to her whenever it changes. While I manage the accounts actively, I have recommended that she transfer the majority of the portfolio to passive if she outlives me.
I have a Word document that specifies all the accounts and passwords that I send to her whenever it changes. While I manage the accounts actively, I have recommended that she transfer the majority of the portfolio to passive if she outlives me.
kcowan
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I think the law firm can charge lawyers fees in addition to the 5% executor fees. Best to check with them and get their response in writing.
