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.

[supercat]

Anything to remember his presence...would be nice...I would just watch the same 10 seconds over and over again!

I took the little clip I posted, 30 frames long, and printed a couple copies using 3 sheets of business cards each. I then took each set, separated and stacked the cards, 'staggered' them, and put a staple through the left side. Voilà! Take-anywhere mini-movie (gave one to my mother-in-law and one to my wife's cousin).

[Gracey]

Check this out.

[Gracey]

What's the connection with a good insurance agent?? Help!!

[JD86]

LOL - You didn't read it all!...I also asked for suggestions about things we need to know if someone is elderly or sick, but NOT dead...and did you have to say malpractice to a lawyer?

What about the name of your vet if you are out of town and your pet gets sick? I think that should be on the list of information.

[Tazlo]

Another thing...and this is a trade secret so I will probably hear from the lawyers on this one....but...if you have a simple estate, not necessarily small, but simple...and if you have the paperwork in order before hand...the will, etc. properly drawn up by an attorney...you can probably handle probate by yourself...but don't dare quote me...:)

Not in every state. My home state has a pretty nasty inheritance tax return that has to be filed fairly quickly after probate is started and I wouldn't attempt to fill that out on my own.

Great thread! I live 800 miles away from my next of kin and recently covered this topic with my parents. None of my family members has been to my present abode, so no one has seen where things are filed or my hiding places, except in pictures. I've written up a few lists of directions and a detailed asset/liability list, but I think I'm going to make some additions and sending them a DNA sample, thanks to ideas presented in this thread.

While they know where I keep the extra garage remote and my extra keys, I still have a worry. If I would be killed while on a trip, I don't know how anyone could ever find my car at the airport.

[JD86]

Great ideas. Two suggestions, on the probate you may still be able to do some of it yourself, if you want to...and just hire a CPA to do the tax return. There are two ways to work with lawyers...tell them what you will do and what you want them to do...or just give it all to them. It is easier that way, but more expensive if they do all the work. Of course, it saves money if you think you can't or don't want to handle it.

Second, about your car at the airport, make sure your parents have the make, model and license plate #, the local authorities could locate the car for them. Good thinking on your part. Thanks for sharing.

[nopardons]

Our insurance guy set us up with thw lawyer and the estate planner. Also, IF you do special trust funds, for children or grandchildren, that's your insurance man's venue.

Some people set up specila life insurance type plans, to offset estate tax payments and / or to immediately get money int the heirs' hands, to help defray the costs of probate.

[JD86]

Let me jump in with my disclaimer....nopardons is right that each of these people, the lawyer, the planner, the insurance agent...and I would add CPA...all have a part to play. And it is best if they work together to make a cohesive plan. Otherwise all the pieces might not fit when you really need them too. Carry on..:)

[Humidston]

Thanks for the ping, sweetie. In view of what I've just been through, this couldn't be more timely!

[JD86]

When you started getting your plans together....what documents did your professionals want to see? That might help people get their documents organized...if you can give them a general idea. Thanks.

[ChaseR]

I think all folks should keep important information in a safe deposit box - and have two or three co-signers (family members). That should take care of "missing manila folders" (copies at home/original records in the boxes)(the days of banks reading obits columns and securing the bank boxes are over I'm pretty sure).

[JD86]

We've talked about children....has anyone made special plans for their pets?

[ChaseR]

I'm a poor planner, but of course, I don't have big bucks, so I've put off being worried about the end of the line. (mentally lazy or too optimistic, I suppose, in regards to these issues)

[JD86]

(the days of banks reading obits columns and securing the bank boxes are over I'm pretty sure).

but we still wouldn't want to encourage anyone to enter a safety deposit box after the owner died and remove anything if their state has an inventory at death law.
It's best to play by the rules instead of paying the price.

[Gracey]

I see you're back from your uncles event. I'm sorry.

I found this thread very helpful, (it's a kick in the butt) and thought about you too, dear friend.

[JD86]

Another thing about safety deposit boxes, if there are things in there belonging to more than one person, say the wife's jewelry and the husband's coins....make sure they are labeled so everyone knows who owns what later.

[ChaseR]

I know what you mean; I didn't think about - families that would act in a poorly manner to so speak (greed, steal, envy, out right theft)

[Gracey]

has anyone made special plans for their pets?

I have some friends who's pets ARE family, especially after their children have left the nest. Good point.