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.

[IncPen]

Tell them to forward their assets to me via FReepMail.

I'll take care of everything...

[JD86]

Suggestions? What if you had been in the WTC on 9/11? Does your family know what they need to?

[JD86]

Any serious suggestions?

[Twins613]

Don't forget the kids. They're a vital part of any plan you do.

A bump for an important thread.

[mass55th]

I'm a single parent with two grown sons. I was advised to put the name of one of my children on the account. He wouldn't be listed on the account itself and his name wouldn't appear on the checks, but in case anything happens to me, he would have access to the funds and would be able to withdraw any monies in it.

[VA Advogado]

I think access to your address/phone number book is important. Friends that your children may not be aware of, but would need to be contacted.

[JD86]

Suggestions? What if you had been in the WTC on 9/11? Does your family know what they need to?

[snippy_about_it]

How about phone numbers or addresses of people you would like contacted. When my mother-in-law passed we knew she had a logtime friend somewhere in Arizona or New Mexico but did not know enough information to contact her. Eventually we did but it took some searching.

[Roy Tucker]

Insurance policies (or where they can be located), details on any employment benefits that may inure to your survivors, bank and brokerage account details.

Lots of money goes unclaimed by beneficiaries who are unaware of its existence.

[JD86]

Thanks, that would mean guardians? trusts?

[nicmarlo]

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

The law firm where I work routinely has an area about pulling the plug, or not (vs. artificial life support forever). It's in their wills. But if they want organs donated, that should be told to the children, too. I have a will, but it's routine--just sell the assets and divide the proceeds in half, unless there's something the children feel is important to them to keep. Otherwise, I haven't specified anything in particular (I probably should do that, like the Hummels or Lladro or jewelry, etc.)

[dep]

i wrote about this at some length in "sylvia porter's your finances in the 1990s," which you might want to take a look at, if one of the seven copies that sold happens to be in your local library. rule number one: put nothing crucial in a safe-deposit box, because it will take a court order to get that box opened, which will take a longer time than the bereaved would want, particularly if it's the will and, say, life insurance policies.

dep

[Bahbah]

I will be happy to send you a complete checklist. Please send me a FReepmail. There are, of course, peculiarities state by state, but I think this will be useful as a checklist.

[classygreeneyedblonde]

Ask them if they have any safety deposit boxes in any banks..........ask them if any of their freinds are holding any of their valuables........if they own any stocks or bonds.......any secret hidden places that should be known in case of death......

[JD86]

Suggestions? What if you had been in the WTC on 9/11? Does your family know what they need to?

[Twins613]

Could mean either, depending on the ages of the kids. That's why we need folks like you, JD :)

[Miss Marple]

You have reminded me that my husband doen't really have a clue about my accounting system for my very small antique business. I am going to write out an explanation so that he doesn't have to mess with it if something should happen.

There should be a list (not included in the will, but binding to all through family agreement) of which heirlooms go to which heirs. In my state, if said heirlooms wind up in the estate you have to buy them at auction. This happened with my grandfather's things, and I am taking steps to make sure it doesn't happen to my things.

[deadhead]

If you die tomorrow, what does your family need to know today?

Where is the key to the safe deposit box at the bank?

[kstewskis]

I'm a single parent with two grown sons. I was advised to put the name of one of my children on the account. He wouldn't be listed on the account itself and his name wouldn't appear on the checks, but in case anything happens to me, he would have access to the funds and would be able to withdraw any monies in it.

Good advice. This is what my Mom did for me, I am on all of her accounts, and my name isn't listed on the checks. I did the same for her (put her on my account), and also listed my sister as a trustee of my accounts. That way, we have all bases covered in that avenue.