Author Topic: Wills: How to get info to people  (Read 1689 times)

MsSindy

  • Pencil Stache
  • ****
  • Posts: 535
  • Age: 52
  • Location: Philly Burbs
Wills: How to get info to people
« on: January 12, 2017, 01:12:29 PM »
DH and I are finally setting up our wills and other estate planning documents (POAs, etc.)  We don't have any children, so will have my brother be the Executor.  My question is this: I want to document everything he will need to execute the estate such as investments, bank info, etc.  HOWEVER, I do not want him to know anything about my financial situation until I'm dead and gone.  Where do I keep such a document so he doesn't have access until I'm gone - a safe deposit box?  How have you handled this?

Oh, and BTW, for those debating whether to pay or DIY, it only cost us $610 for both of us and all the accompanying estate planning documents (in Pennsylvania) - rather reasonable, I thought.

Zoot

  • Bristles
  • ***
  • Posts: 391
  • Location: USA
Re: Wills: How to get info to people
« Reply #1 on: January 12, 2017, 01:19:04 PM »
Posting to follow, as DH and I need to get our will in order.

Shinplaster

  • Handlebar Stache
  • *****
  • Posts: 1389
  • Location: up in Canada complaining about the weather
Re: Wills: How to get info to people
« Reply #2 on: January 12, 2017, 01:30:06 PM »
Here's what we did - our son is executor, but doesn't want to know details because the thought of us dying is something he doesn't want to think about.  We didn't feel it was necessary to tell him amounts of investments, etc., but he needs to know where things are because we WILL die eventually.  So I set up a google doc that I shared with him, with all the "wheres" listed - the lawyer's info, bank contact info, safety deposit box location, insurance company contacts, etc.  No $ amounts or account #s are included, just the contact info of who he needs to talk to, and in what order.  (i.e. lawyer is first, get a copy of the will, multiple certified copies of the death certificate(s), then contact insurance, etc.).  Being an executor is a lot of work, so I tried to lay it all out as a how-to, as well as where everything is.

SimpleCycle

  • Pencil Stache
  • ****
  • Posts: 938
  • Location: Chicago
Re: Wills: How to get info to people
« Reply #3 on: January 12, 2017, 01:30:42 PM »
Our lawyer talked to us about this, and her biggest concern was that we know all of EACH OTHER's information, since one of us dying is a much more likely scenario than both of us dying.

As far as getting things to our executor if we die, we have a file in our filing cabinet labeled "estate info" and my mom and my BIL (the people "in charge" if we both pass away) know to look for it.  We thought about other options, but keeping it in the house means it's much easier to keep up to date, which is a big pro in my book.  There are also online services that allow for this, but they are an expense I didn't want to incur.

WyomingGuy

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: Wills: How to get info to people
« Reply #4 on: January 12, 2017, 04:56:36 PM »
DH and I are finally setting up our wills and other estate planning documents (POAs, etc.)  We don't have any children, so will have my brother be the Executor.  My question is this: I want to document everything he will need to execute the estate such as investments, bank info, etc.  HOWEVER, I do not want him to know anything about my financial situation until I'm dead and gone.  Where do I keep such a document so he doesn't have access until I'm gone - a safe deposit box?  How have you handled this?

Oh, and BTW, for those debating whether to pay or DIY, it only cost us $610 for both of us and all the accompanying estate planning documents (in Pennsylvania) - rather reasonable, I thought.

You get what you pay for. For those with other than a simple estate, I would hire a lawyer.

Our estate documents are in a safe deposit box, to which the executor has access. Our estate documents were drafted by a lawyer (also at reasonable cost, but at least we know the documents are accurate; and if they aren't accurate, the estate will have future claims for malpractice) and the executor also has the contact details for the lawyer. The lawyer has copies of all of the documents. We have worked with the same lawyer for decades, revising our estate documents as our life situation changed (children at home, children graduated, income changes, etc.), so we are further comforted that the lawyer would work with the executor to ensure our wishes are implemented after our demise. We actually view the lawyer as our agent. It is comforting to have a family lawyer if one's estate is worth defending with proper legal advice. Our family lawyer is our friend.

It is important to keep in mind that estate documents should be revised over time as one's life situation changes.

MsSindy

  • Pencil Stache
  • ****
  • Posts: 535
  • Age: 52
  • Location: Philly Burbs
Re: Wills: How to get info to people
« Reply #5 on: January 13, 2017, 07:01:38 AM »
Thanks everyone for the comments and input, it's along the same lines of what we were thinking of doing.  Our wills are pretty straight-forward, so I don't expect anyone to contest.  And I do agree, my first priority is ensuring that my husband understands where all our financial records are, as I currently handle everything.