Making an asset list for fading loved one

[kgtest]

I have been tasked with the list of assets/accounts for my sisters estate. See re: Cancer SUCKS! thread.

She is not winning the battle as of late and down to 100 lbs. on full time top shelf pain meds and drifting to the point of no care or effort which makes gathering this difficult. I was thinking just record her sorta speaking about her financial assets a bit would be helpful when she has the energy, but wanted a check-down list to make sure all bases covered, for her 3 remaining children's sakes... 17, 13 and 10.

My list so far starts with (and only focuses on financial and accounting side):

Her and Children's SSA#, and account logins
Life Insurance Accounts
Bank Accounts



Insurance - To be transferred, distributed, or cancelled
Auto - Policy/ Agent
Home Owners Policy/ Agent
Umbrella -Policy/ Agent
Life - $ Policy
Supplemental Life
Social Security - Survivor benefits for kids
Disability

Financial Accounts
Banking
Checking
Line of Credit
Auto Loan (Liability) - $0
Mortgage Lender (Liability) -
IRAs
401k
Roth IRA
ESOP
SEP-IRA
Broker
529 or other dependent accounts


I am sure I am missing some key things here, so any help is appreciated.

 

[Sunset]

We just went through this with Dad,

Where are her important papers stored like letters and statements. Look at these and they will provide answers and you will know what is missing or not there.
I would never know my kids SS number off the top of my head, but it would be in the pile of important papers.

Annuities (as some may not be paying yet)
Life insurance (as could be a fully paid one so no bills show).
Life insurance from work (even folks on work LTD often qualify for the life insurance when under age 65).

POD/TOD on accounts ?
Anyone joint on checking account ? (how will bills be paid the week after she dies ?).
Which bank is safety deposit box at (if any).
Prepaid funeral arrangement (contract should be with important papers).

Finally, anything secretly hidden away in the house (under furniture, in closet in clothes, in basement).

 

[kgtest]

We just went through this with Dad,

Where are her important papers stored like letters and statements. Look at these and they will provide answers and you will know what is missing or not there.
I would never know my kids SS number off the top of my head, but it would be in the pile of important papers.

Annuities (as some may not be paying yet)
Life insurance (as could be a fully paid one so no bills show).
Life insurance from work (even folks on work LTD often qualify for the life insurance when under age 65).

POD/TOD on accounts ?
Anyone joint on checking account ? (how will bills be paid the week after she dies ?).
Which bank is safety deposit box at (if any).
Prepaid funeral arrangement (contract should be with important papers).

Finally, anything secretly hidden away in the house (under furniture, in closet in clothes, in basement).

Good call. I like the secretly hidden away. My sis has been known to do that in the past. And safety deposit..how could I forget.

She is 47.

 

[RobbieB]

I was helped much by Pops "internet phobia", he got regular paper statements and that makes it a lot easier than online stuff.

 

[kgtest]

I thought of another one. Bitcoin, digital currency, and frequent flier, transferrable CC rewards.

 

[target2019]

Auto Title(s)
List of monthly bills to pay
Drivers License
Passport
Logins
Passwords
R.E. taxes

 

[RunningBum]

Can you get a credit report for her? That should show any accounts with credit associated.

Monitor physical mail and email for utilities, etc.

Assuming you have access to her PC, look at bookmarks and browser history to see if there is anything else she accesses that might have an account, but I'd think she'd get email reminders. You can also look through a year + of bank and credit card statements to look for monthly, quarterly, and yearly expenses.

Her tax return should show most financial accounts that return interest or dividends. Maybe not Roth accounts. I would expect a yearly statement, but a lot of places push paperless. I would hope they send an email when statements are available.

On the financial accounts you listed, I would also look for online savings account at places like Ally Bank. Also see if she has anything through Treasury Direct.

 

[kgtest]

Pin for debit card. Aha!

 

[Sunset]

I was helped much by Pops "internet phobia", he got regular paper statements and that makes it a lot easier than online stuff.

So true, all this paperless trend is very handy and nice when alive, but makes everything suddenly hidden to heirs.

I no longer get bank statements or anything in the mail, it's all invisible.

I need to make a list of institution names and account numbers just so my heirs can find the stuff. (if I say it often enough maybe I'll do it )

 

[kgtest]

Can you get a credit report for her? That should show any accounts with credit associated.

Monitor physical mail and email for utilities, etc.

Assuming you have access to her PC, look at bookmarks and browser history to see if there is anything else she accesses that might have an account, but I'd think she'd get email reminders. You can also look through a year + of bank and credit card statements to look for monthly, quarterly, and yearly expenses.

Her tax return should show most financial accounts that return interest or dividends. Maybe not Roth accounts. I would expect a yearly statement, but a lot of places push paperless. I would hope they send an email when statements are available.

On the financial accounts you listed, I would also look for online savings account at places like Ally Bank. Also see if she has anything through Treasury Direct.

Good call on the credit report. That will show some of the gaps if not most!

 

[Live And Learn]

I'm so sorry.

See if she used a password locker which may contain info on other accounts.

 

[omni550]

Sorry she's fading.


Pensions due her?
Jewelry?
Art?
Collectibles?


omni

 

[OldShooter]

... Finally, anything secretly hidden away in the house (under furniture, in closet in clothes, in basement).

When one of DW's elderly trust clients died, she and her assistant would make an immediate visit to the client's home to look for stashes. Stashes were very common among people who had experienced the depression.

IIRC popular hiding places included sock drawers, freezers, backsides of art/photos, and hems of curtains. I know DW et al had a few other standard places they looked as well.

 

[ExFlyBoy5]

When one of DW's elderly trust clients died, she and her assistant would make an immediate visit to the client's home to look for stashes. Stashed were very common among people who had experienced the depression.

IIRC popular hiding places included sock drawers, freezers, backsides of art/photos, and hems of curtains. I know DW et al had a few other standard places they looked as well.

My Mom and Dad stashed stuff at the bottom of the clothes hamper. It's amazing where some people stash things. Also, top of cabinets.

 

[Golden sunsets]

The only other thing I can think of, is " are her accounts properly named regarding ownership, if she is married, and if not, beneficiaries/POD's." It would seem that consulting an estate attorney to make sure that her affairs are in order, would be appropriate. At this point, changes could be made to possibly avoid probate, or much of it.

 

[EastWest Gal]

Also consider funeral arrangements. Funeral directors often help provide a checklist for surviving family to review and find accounts and bills.

Wills and trusts. I hope the upbringing of her children has been settled. Far more important than her assets. Included in the list is 529 plans for the kids. The ownership of those will need to be transferred.

Also, do not use her logins once she has passed, and at all, if possible. I took care of my dad's affairs when he became unable to manage on his own, and invoked POA, but for several things it was easier to log in as him, for example, to re-order his meds, until I was able to provide POA documentation. But someone who is deceased cannot log into an account, so the illegality would be apparent.

 

[Bamaman]

Are you going to be the executor of the estate? This is when a great will is really needed since children must be looked after.

It might be best for the executor to have a number of specific power of attorney(s) for different assets.

And hopefully you have a check signer and authorized person that can sign on her behalf for any other financial accounts. The probate judge will eventually issue orders to the executor, but often time is not of the essence to the courts.

All that can be done ahead of time to minimize any attorney's time helps. There are a number of books in the library that can also point you in the right direction. I'd probably need to get "Probate for Dummies" as I made a mistake of getting a family friend as an attorney--mistake.
.

 

[rodi]

My BIL passed two months ago. He had cancer, so we all knew it was coming. He lived alone and had no kids/wife... so his estate is going to his siblings.

When he realized he was terminal he did the following:
- Got a will (didn't have one)
- documented his assets.
- Prepaid his own cremation expenses.

Even with the foreknowledge there are/were things that were hard to handle.
- He owned bitcoin and there was confusion about the digital vault passwords.
- He had both physical and banked precious metals. The banked account required two factor authorization - which didn't work when his cell phone was canceled.
- Titles to cars, house, etc.

He left a treasure hunt map - had stuff buried behind drywall in walls, hidden in books, etc. A few spots on the treasure map turned up nothing. So whoever buys his house may find some gold coins in the walls... (but they think they found most of the assets.)

I agree with the comment about POA (before she dies) for the executor. But POA disappears at death. The Probate process will freeze the assets till probate is opened.

Make sure her will is NOT in a safe deposit box held in her name. The executor should have a copy of the will PRIOR to her passing. The safe deposit box is frozen by probate as well.

IRAs/401ks/529's all transfer outside of probate to the listed beneficiary.
-

 

[ExFlyBoy5]

It might be best for the executor to have a number of specific power of attorney(s) for different assets.


.

I *think* I know where you were going with this, but it might not be clear for others. Once you become an executor then that means that there is a decedent and POAs are no longer legal. They can only be used while the principal (here, a future decedent) is still alive.

 

[scfr]

What automatic withdrawal or subscription charges should be cancelled (charitable donations, gym membership, tv, magazines, etc)?

Receivables (personal loans or P2P lending)?

Deposits to be refunded (apartment, utilities)?

Is she a veteran or union member? Are there death benefits?

Gift Cards

Paper savings bonds

 

[SecondCor521]

The financials are one thing. But since her three children are minors, ascertaining her wishes for their guardianship should be a high priority. Normally this is specified in a will and that's where ideally it would be documented. But if that's not possible then at least understanding her wishes verbally would be a pretty important thing IMHO.

 

[ncbill]

Make sure any safe deposit box is emptied (then closed if you are POA) before she goes.

I was fortunate that there were a few months after my close relative was diagnosed prior to their death so they were able to leave written lists of all their accounts/passwords.

They have become surprisingly opinionated on social media since their death.