SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
My Mom passed away last year and we've worked through most of the items regarding her estate and it for the most part has gone smoothly, in part because of the good job she did in pre-planning.
Now I'm looking at my nearly 81-year-old father and the related planning needs with him. I think we've got nearly everything covered except one relatively minor detail: final expenses immediately after he passes away.
When my Mom passed away, my Dad was there to write checks and/or provide a credit card. When my Dad passes away, the situation will be different.
There will very likely be enough money to pay for everything, it's just the practicality of how that I'm stumped with.
Expenses will include cremation, interment, obituary, death certificates, and probably a moving van to get his stuff out of his retirement apartment. Probably about $3K total.
Ways to pay for it:
1. Out of the life insurance proceeds. From prior experience, these don't arrive until a few months after death.
2. Out of his checking account or Vanguard brokerage checking account. But nobody has POA currently, and anyway those expire at death in my understanding. My sister will be executor but filing the paperwork with the court and being named executor takes time also.
3. Out of our own pockets (I have two sisters), and then truing things up later. This seems the most practical option and is what I am planning on.
How do you plan / how did you handle this stuff?
Now I'm looking at my nearly 81-year-old father and the related planning needs with him. I think we've got nearly everything covered except one relatively minor detail: final expenses immediately after he passes away.
When my Mom passed away, my Dad was there to write checks and/or provide a credit card. When my Dad passes away, the situation will be different.
There will very likely be enough money to pay for everything, it's just the practicality of how that I'm stumped with.
Expenses will include cremation, interment, obituary, death certificates, and probably a moving van to get his stuff out of his retirement apartment. Probably about $3K total.
Ways to pay for it:
1. Out of the life insurance proceeds. From prior experience, these don't arrive until a few months after death.
2. Out of his checking account or Vanguard brokerage checking account. But nobody has POA currently, and anyway those expire at death in my understanding. My sister will be executor but filing the paperwork with the court and being named executor takes time also.
3. Out of our own pockets (I have two sisters), and then truing things up later. This seems the most practical option and is what I am planning on.
How do you plan / how did you handle this stuff?