Author Topic: Legacy planning - wills, POA, what else?  (Read 3088 times)

lifejoy

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Legacy planning - wills, POA, what else?
« on: August 04, 2016, 08:08:19 AM »
I was reading the inheritance drama thread and it got me thinking. Also, my DH's father passed away recently and I'm seeing how difficult it can be for a family to tie up affairs if things are not laid out clearly and planned ahead of time.

I will post the list of items I sent my parents to look at, and we're on track to do power of attorney when I move back to their province. Is there anything else we should look into? I live in Canada, my parents are in BC, and they are badass mustachians.

lifejoy

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Re: Legacy planning - wills, POA, what else?
« Reply #1 on: August 04, 2016, 08:09:19 AM »
List from Dave Ramsey:

Legacy Box:

Executive Summary
Legacy Letters
Birth Certificates, Social Security Cards, Marriage Certificate and Passports
Insurance Information (auto, homeowner’s, renter’s, health, long-term care, identity theft protection and life insurance)
Estate Plan
Power of Attorney Forms
Wills and Funeral Instructions
Financial Accounts Log
Safe Deposit Log
Monthly Budget
Tax Returns
Money Market and Mutual Fund Statements
College Funds
Retirement Funds
Rental Property Summary
Car Titles
Home Ownership Records
Passwords and Combinations

Choices

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Re: Legacy planning - wills, POA, what else?
« Reply #2 on: August 04, 2016, 09:10:01 AM »
Sorry for your loss and wishing you and your family peace and comfort.

This is under the umbrella of passwords and combinations--
- a list of specific companies and websites or phone numbers for recurring bills, along with account numbers. Power company, water company, Netflix, internet provider, etc.
- if still employed, a contact person and phone number for the boss and/or HR

chesebert

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Re: Legacy planning - wills, POA, what else?
« Reply #3 on: August 04, 2016, 09:13:41 AM »
List from Dave Ramsey:

Legacy Box:

Executive Summary
Legacy Letters
Birth Certificates, Social Security Cards, Marriage Certificate and Passports
Insurance Information (auto, homeowner’s, renter’s, health, long-term care, identity theft protection and life insurance)
Estate Plan
Power of Attorney Forms
Wills and Funeral Instructions
Financial Accounts Log
Safe Deposit Log
Monthly Budget
Tax Returns
Money Market and Mutual Fund Statements
College Funds
Retirement Funds
Rental Property Summary
Car Titles
Home Ownership Records
Passwords and Combinations
That's very comprehensive. Good idea to have a zip file with all the dox.  Thanks!

lifejoy

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Re: Legacy planning - wills, POA, what else?
« Reply #4 on: August 04, 2016, 09:33:55 AM »
Sorry for your loss and wishing you and your family peace and comfort.

This is under the umbrella of passwords and combinations--
- a list of specific companies and websites or phone numbers for recurring bills, along with account numbers. Power company, water company, Netflix, internet provider, etc.
- if still employed, a contact person and phone number for the boss and/or HR

Good tip!! What a headache it would be to be grieving and also hoping the water and electricity will stay on :/

Freedomin5

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Re: Legacy planning - wills, POA, what else?
« Reply #5 on: August 04, 2016, 02:37:45 PM »
We also gave a copy to the executor of the will, and we keep our copy in a fireproof safe at home.

My parents have a lawyer they use frequently, so she also has a copy of the documents at her office.

In general, it's helpful to keep copies in a few different locations, or with a few key people.

bogart

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Re: Legacy planning - wills, POA, what else?
« Reply #6 on: August 04, 2016, 03:35:37 PM »
We also gave a copy to the executor of the will, and we keep our copy in a fireproof safe at home.

My parents have a lawyer they use frequently, so she also has a copy of the documents at her office.

In general, it's helpful to keep copies in a few different locations, or with a few key people.

Good advice.  At the same time, at least in my state, the only legal will is the original, not a copy.  So be sure the relevant people know where the original is.  We keep ours at our attorney's office, safe deposit box is another logical option.

lifejoy

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Re: Legacy planning - wills, POA, what else?
« Reply #7 on: August 10, 2016, 08:22:56 AM »
I'm going to add to the list that people should register as an organ donor (or not) so that loving family doesn't have to make that decision.

FLBiker

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Re: Legacy planning - wills, POA, what else?
« Reply #8 on: August 10, 2016, 09:34:59 AM »
Great stuff, thanks for posting this!

begood

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Re: Legacy planning - wills, POA, what else?
« Reply #9 on: August 10, 2016, 10:49:31 AM »
Very helpful! :)

johnny847

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Re: Legacy planning - wills, POA, what else?
« Reply #10 on: August 10, 2016, 10:55:41 AM »
Be aware that POD and TOD settings (payable on death and transfer on death) supersede anything written in a will. So make sure they're correct!

Axecleaver

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Re: Legacy planning - wills, POA, what else?
« Reply #11 on: August 10, 2016, 10:57:57 AM »
Add living will and healthcare proxy. Very important in NY, but can be helpful even in states that don't have specific rules around them.

https://www.ag.ny.gov/sites/default/files/pdfs/publications/Planning_Your_Health_Care_in_Advance.pdf

LindseyS

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Re: Legacy planning - wills, POA, what else?
« Reply #12 on: August 10, 2016, 01:38:39 PM »
Here is another thread that you might find helpful:  http://forum.mrmoneymustache.com/welcome-to-the-forum/legacy-box/?topicseen

lifejoy

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Re: Legacy planning - wills, POA, what else?
« Reply #13 on: August 10, 2016, 02:11:14 PM »
Here is another thread that you might find helpful:  http://forum.mrmoneymustache.com/welcome-to-the-forum/legacy-box/?topicseen

Definitely helpful! Thank you! :)