Mortality rates in the US are about 70/10,000 so with 15,000 MMM members we could see over 100 of us die in the next year, assuming a representative population (we probably don't have a lot of bluehairs up in here, but still). Are you ready? If not, you could leave your heirs with a helluva mess to sort out and most likely a lot of frustration and higher costs (taxes, probate) than if you sort it out for them in advance.
I love planning, so I'm all over this one.
Legal. We visited a local estate-planning attorney years ago and drew up wills, medical directives, and a living trust for about $500. Assets which do not have specified beneficiaries built-in are held in the trust. I am the trustee, spouse is co-trustee.
The Plan. I am working on a detailed Excel spreadsheet which spells out details. It will live in the cloud (password protected) and my spouse and Dad will get a link they can look at any time. I'll keep it updated. Worksheets cover the following -
Strategy - overall view of assets and plan with a focus on what surviving spouse needs to consider.
Assets - a table of all current assets, value, how they are titled, restrictions on liquidation, etc.
Short Term Plan - a checklist of what to do in the first month or two to deal with matters, take control of assets, assure bills are paid, donate clothes, etc.
Long Term Plan - a suggested plan for managing the assets intended for my spouse. Includes some suggested sales (for simplification), how to plan budget, and deal with 401K withdrawal and SS timing.
Paperwork - notes on where key paperwork resides (titles, taxes)
Contacts - name and contact info for all key people: family, attorneys, property managers, tax, work, close friends, etc.
Memorial - a write-up for distribution and something less formal to put on my Facebook page.
Will - a a brief review of what is in the Will and Medical Directive and where the signed copies are located.
This monster is still under construction but once finished I will have the spouse review and we'll discuss to ensure understanding.
What am I forgetting?