JD, I don't know what kind of attorney you are, but if you are actually writing wills and doing estate planning, don't you think you should have had this figured out long ago (like in 1986)?
I have been loathe to reveal my legal identity on this forum in the past, just because it leads to so much abuse, but in the interest of protecting my fellow FReepers from tragic blunders, I feel compelled to speak up here.
Please folks, retain competent estate planning counsel and don't rely on goofy tips that can end up costing you money or land you in jail (doesn't it occur to people that "cleaning out the safe deposit box before the bank finds out about the death" is tax evasion, a real, actual, bona fide CRIME?). Yikes. Scariest thread I've ever seen on Free Republic.
How in the world could you imply that is tax evasion? Its no different than having a diamond ring in the house. The point is ACCESS, not evasion. You clearly have a criminal mind and little intelligence.
I think JD would be the first to tell you that you should seek out the advice of a competent attorney when you're planning these things -- not to take some of these posts as gospel. She's merely asking that people relate some things that they have come across in their personal experience.
With that caveat, this thread is fine. Or, better yet, I could stand aside and let JD say that herself :)
LikeLight is correct that some of the information that has been posted is incorrect or at least inappropriate. I strongly encourage everyone to take the idea of getting your estate in order and talk to your attorney, your CPA and your financial advisor. I personally think everyone should have one of each. The financial advisor can help you make money. Your CPA can help you reduce taxes and keep your money and your attorney can help you pass your estate on to the people you want to have it.
Let me use the example of multiple names on a financial account. This might be a good idea for you, it might not. It might not even be legal in your state. One poster pointed out that if your child is on an account with you and the child gets sued (think 19 year old in a car accident), your entire account could be lost.
Although I appreciate the enthusiasm and all the suggestions....let's back up a little and not try to practice estate planning online. Most of us are not qualified to do so.
Let's talk about the list of what your family needs to know, rather than advise other freepers to do something that might not be in their best interests.
My advice to all....use these ideas to ask your personal professionals for answers. DO NOT RELY on the answers posted here. A little information can be a very dangerous thing.
Note to self: File this screen name under "LAWYER"
Hey, seriously...lawyers are held in great regard on Free Republic. Barbara Olson and Mark Levin have made comments here. Probably others too. It all depands what you say and what laws you think good. Bashing has nothing to do with your profession.