https://www.washingtonpost.com/wellness ... -finances/
It takes the digital age to really screw up things this badly. From banks to social security to visa , and it only gets worse from there. Seriously if you are old enough to need to do estate planning, or for that matter to die young and have any sort of estate you need to do some things.
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- MohawkWeekend
- Posts: 2781
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Re: Estate Planning in the Online Bureaucratic Era
Good post and a reminder that everyone should have these things in order. It's one of the last good deeds you can do to help your family out.
Dealing with Estates can be a real pain-in-the- a** even with the data.
Trying to convince my kids in their late 20's that they need to do this too. But they seem to feel there is always tomorrow.
Dealing with Estates can be a real pain-in-the- a** even with the data.
Trying to convince my kids in their late 20's that they need to do this too. But they seem to feel there is always tomorrow.
Re: Estate Planning in the Online Bureaucratic Era
Good estate or general life planning should include a number of things.
A up to date Will
Power of Attorney if become mentally or physically incapacitated so a designated person can manage your finances
A 'Living Will' or medical directive so can make medical decisions including when to stop treatment and the person pass away.
Name and update any beneficiaries of bank accounts, life insurance proceeds, retirement accounts and benefits.
Notify as necessary insurance companies, credit card companies as to where to send notices to others to make sure bills are paid.
Know what or where can find Social Security and Medicare numbers and info are
Know where birth certificates, marriage and divorce documents are, make sure have 'raised seal' originals or certified copies
Have a list or in a will or a codicil to it of where specific objects, art, jewelry, collectables, etc with emotional or financial value should be distributed
As the article suggests have a list of places where have bank, investments, credit accounts, mortgages, have life, health and other insurance with.
Have a record of computer website screen names, passwords and other security info so can access them
Have some idea what kind of funeral, if want cremation, where to be buried or remains to be handled.
If getting close to passing, set aside monies in a Funeral Trust account to cover those costs. Most state's funeral home organizations have such trusts that have low fees and will pay interest. Such trusts of reasonable amounts can make sure that money not taken by Medicare/Medicaid.
A up to date Will
Power of Attorney if become mentally or physically incapacitated so a designated person can manage your finances
A 'Living Will' or medical directive so can make medical decisions including when to stop treatment and the person pass away.
Name and update any beneficiaries of bank accounts, life insurance proceeds, retirement accounts and benefits.
Notify as necessary insurance companies, credit card companies as to where to send notices to others to make sure bills are paid.
Know what or where can find Social Security and Medicare numbers and info are
Know where birth certificates, marriage and divorce documents are, make sure have 'raised seal' originals or certified copies
Have a list or in a will or a codicil to it of where specific objects, art, jewelry, collectables, etc with emotional or financial value should be distributed
As the article suggests have a list of places where have bank, investments, credit accounts, mortgages, have life, health and other insurance with.
Have a record of computer website screen names, passwords and other security info so can access them
Have some idea what kind of funeral, if want cremation, where to be buried or remains to be handled.
If getting close to passing, set aside monies in a Funeral Trust account to cover those costs. Most state's funeral home organizations have such trusts that have low fees and will pay interest. Such trusts of reasonable amounts can make sure that money not taken by Medicare/Medicaid.
Re: Estate Planning in the Online Bureaucratic Era
One thing some people forget to do is to add all of their accounts into the trust. That's what my aunt did. I was trustee for both my mom and aunt. My mom had everything in one investment firm, one bank and one credit union. It was easy. My aunt had 12+ accounts and she forgot to put a couple of the smaller ones into the trust, so they had to be probated. I just missed by 2 weeks with getting everything distributed by the end of the year, so I had to have a CPA do the tax returns for two years. They were the smallest accounts but took up the biggest chunk of my time. It all worked out but it was frustrating.
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- PlymSpotter
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Re: Estate Planning in the Online Bureaucratic Era
I agree entirely - planning in advance makes the loss of a relative so much easier to deal with for those left behind
I'm currently helping to manage two probate processes in the UK, for my family and for my partners. One had well set out finances and was easy to complete, the other was a minefield and has taken months just to get to application stage because paperwork was everywhere. We could have hired a professional, but the cheapest quote we had was £30,000 to administer the process, so I / we did it ourselves.
Taking the lesson, I've ensured everything of my own is in order, well before I'm hoping to snuff it!
I'm currently helping to manage two probate processes in the UK, for my family and for my partners. One had well set out finances and was easy to complete, the other was a minefield and has taken months just to get to application stage because paperwork was everywhere. We could have hired a professional, but the cheapest quote we had was £30,000 to administer the process, so I / we did it ourselves.
Taking the lesson, I've ensured everything of my own is in order, well before I'm hoping to snuff it!
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