If you die tomorrow, what does your family need to know today? (Lawyer Needs Freeper Help)

JD86 | 12/06/01 | JD86

[JD86]

If you die tomorrow, what does your family need to know today? (Lawyer Needs Freeper Help)

I'm an attorney who helps clients with estate planning and other money matters, but I won't claim that I "know it all". I need Freeper advice.

I once had an elderly client who always told his family "When I die, everything you need is in the manila folder". When he died, we searched high and low but we never did find that folder. As a result, it took years to settle his estate.

That shouldn't happen. I am putting together a booklet for my clients - a checklist of sorts - to help them keep track of important family information.

I'm asking for your suggestions. What would you include in such a checklist?

First - the practical. Doctor's name, where's the will, your desires regarding any minor children ... what else?

Second - the emotional. Would you tell your children you are proud of them? To stop smoking? Dump their lousy mate? What else?

Is there anything you would change about what your parents did? Have you made a checklist yet? If so, what's on it?

Also, if you are incapacitated but don't die, what then?

I have a client who has all her medications listed and taped to the inside of her kitchen cabinet and all her family knows where to find it. Do you have any other ideas like that?

Thanks to all in advance for your suggestions. Please post or send me FreeperMail.

[JD86]

One clarification if you don't mind. Actually, a will, a living will, a durable power of attorney, a designation of a health surogate to make medical decisions....
these are all separate documents that all do different things. You may need one or all....talk to your attorney for information about your state laws.

[JD86]

No soliciting.....freepers helping freepers.....:)

[F16Fighter]

"And toooo...Free Republic...I leave my Fortune. (get the bag Norton.)" :-)

[JD86]

Thanks for the support. Let me make this perfectly clear.

For tax advice, consult a CPA in your state. For legal advice, including estate planning, consult an attorney in your state. For investment advice, consult a financial person in your state.

The purpose of this thread is not to give tax, legal or financial advice to anyone, in any state. The purpose is to raise the awareness of all that these issues are best handled BEFORE the need arises.

[Twins613]

He asked, I answered .. and he still hasn't told the joke ;) ..

But decorum is most appropriate. :)

[Spunky]

I've always told anyone that if I die, notify the VA. They used to guarantee you a free burial if you were a Vet, but I think they took that promise away.

I was listening to a local talk radio program where the VA was saying they give $200 towards a veterans burial and I believe a marker.
The most important thing is the family will need to have your discharge papers because without them they will not be able to get these benefits.

[JD86]

Thank you. That sounds like a wonderful resource. I appreciate your post.

[celtic gal]

Interesting topic and I will have to give this some thought. One suggestion I have right off, based on experience twice, one who stands to be a beneficiary should NOT be a trustee or executor. I think it allows for too much of an opportunity for manipulation. In addition, depending upon how things work out, it can cause very hard feelings among survivors/siblings that will ruin families. I have seen this happen to a friend of ours and it is just awful!

[JD86]

In my state, the safe deposit box contents cannot be removed until an inventory is completed via the state authorities, for inheritance tax documentation purposes (i.e. whatever was in the box must be accounted for on the death tax return). Perhaps this was not the intention of the poster who suggested cleaning out the box, but from my experience, that's exactly what some clients are thinking - if we can get our hands on this stuff, "no one ever has to know about it". Which is exactly why the state requires the inventory, to stop inheritance tax evasion.

This is mostly true in Kentucky too. We can access the box to get the will out but nothing else is allowed out of the box before the tax inventory. I would never advise anyone to try to circumvent the inventory.

[annieokie]

No soliciting here. Your the one with the Law degree, and your soliciting free advice. ROFL. What are the charges you will charge your clients for all this Free Freeper advice? I am still laughing.

Last time I talked with an attorney, it did not dawn on me that when he called me, at that very minute I answered HIS timer was clicked on. He chit chatted, asked about the family, all the time the meter was running. Next time he called me, I made him get to the point, like now.

[JD86]

No offense taken. I think it was appropriate to add some disclaimers which I have done....and I will try to clarify things I see as clearly erroneous....

I would like people to get back to suggestions of things that have worked for them...especially people taking care of elderly or invalid loved ones. We all need help with that.

[classygreeneyedblonde]

I have stocks

[JD86]

Hey guys, can you take the tax talk private? please? keep me out of trouble....:)

[ICU812]

Make sure they specify that "I own plot #38945 at Peaceful Acres Cemetary". I know someone who didn't find out their relative owned a plot until after they had put him in the ground somewhere else!

You might also want to include stuff like whether or not they want to be cremated, or even what songs they want sung at the service; the less decisions that the family has to make during that time the better.

[68-69TonkinGulfYachtClub]

VA Burial and Memorial benefits

[JD86]

Thanks, I knew we could count on you for the veteran's benefits....:)

[JD86]

I thought you were going to tell a joke...did I miss it?

[kstewskis]

We are all too familiar with that feeling of "emotional wreckage" when a close loved one passes away, aren't we? Take care, deadhead.

[JD86]

LOL.....thanks, we needed that...:)

[LarryLied]

Ok..Ok...here is the joke:

A frail, elderly poor widow goes to her long time family lawyer to make out a will.

They agreed on a price for a simple will: $100.

The widow gives her lawyer a crisp new $100 bill.

After she leaves, the lawyer discovers she had given him two $100 bills stuck together.

"This poses an ethical dilemma, " her lawyer thought to himself, "do I keep the entire $200 for myself, or do I split it with my partner?"