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OT- What records do I need to set up?

I know this has been discussed here before, but I lost the file that had the list of documents you should have set up and stored in a safe place for your heirs. Help and Thanx!

Reply to
hrhofmann
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I'd think an estate attorney can answer this better than home repair list people.

Reply to
Stormin Mormon

I think there are actually several closely related questions in play.

- what would others/heirs need after my demise

- what would others need if I was incapacitated (and they needed to conduct my affairs on my behalf)

- what would I need to take with me if I had to bug-out

Reply to
Don Y

snipped-for-privacy@att.net posted for all of us...

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Send everything to me. I will take care of them at minimal cost. Spare your heirs the time and trouble during a difficult time. First start off with a comprehensive power of attorney.

Reply to
Tekkie®

While this is off topic, it does bring up a question. If someone has no direct heirs or family, but writes a WILL, where should that will be placed so that it's known after it's owner dies or becomes incapacitated? For example, if I make a will, and the will states the location of all my other important papers, that should suffice as far as covering all the most important things. But lets say that my spouse dies and there are no direct family members, (no offspring or other direct family). How is anyone going to know that I have a will, and where it is?

Do I simply hang it on the wall in my home so everyone can see it, or do I need to have a copy of it filed with the local court house, or what? I've never understood what to do about this, and dont want to hire a lawyer. I wrote my own will using the legal forms, and had it notorized which is required to make it legal, but where do I put it?????

Thanks

Reply to
RealPerson

Presumably you've chosen an executor. Tell the executor where the will is. You could give the executor a sealed copy of the will, if you're comfortable with that. You can also have multiple copies, if that helps. How secure, how protected you want to make it is up to you. If you have it at home and it's the only copy, having it in a fireproof, but not locked box would be a good idea. Just tell the executor where the box is located. I don't think you want only one copy and for that to be in a bank safety deposit box. When you pass the executor or whoever will have trouble getting it. With the will, they can get appointed executor and then access the safe deposit box, but not the other way around.

Reply to
trader_4

I dont have an executor. Maybe that's soemthing I need to do. But the person I'd choose lives in another state, so a bank safety box would not be ideal, and I'd rather avoid the cost of renting one of them too. I do have multiple copies. One in the house, one in another building on my property (not attached to the house). But I think an executor may be the better way to do it, and give them a copy. I'll have to check into this. Thanks

Reply to
RealPerson

DAGS "Family Records Organizer"

Many financial firms/magazines have published publicly accessible templates.

You'll even find some software for creating a digital copy.

Reply to
DerbyDad03

Do you have a living will? The health care people will need some guidance on how much effort they should put into saving you if you're incapacitated. It will also take the decision making burden off of any relatives you have. Drop a copy off wherever you've had medical care.

Reply to
Dean Hoffman

IDK how things work where you are, but I can't imagine having a will without naming an executor. If you don't name one, I would think that's where trouble will start. Then no one knows who is in charge, who's going to make funeral arrangements, etc. The probate court would have to appoint one before anything could be done. And they probably appoint a lawyer, one of their buddies, that starts running up legal charges as he, someone not even familiar with who you are, what you have, figures it all out. Typically an executor is a close relative or a friend, etc. and if they aren't an heir already, you can leave them something in your will for their trouble.

Reply to
trader_4

Wife and I had wills made 40+ years ago. Not sure anyone mentioned in it as executor or back up is alive today. I had it reviewed a few years ago and it is still OK.

Wife and I also had power of attorney and living wills made up about 15 years ago.

With two lawyer sons, I'm not concerned about needing to update anything.

Reply to
Frank

I'd be interested to know what the reaction would be -

- at my 3 or 4 local hospitals - when all the people in the area - - took your advice - - and - walked in and asked them to file their Living Will .. I suspect they would tell you to look after your own paperwork .. John T.

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Reply to
hubops

Take a look at your will and I'll bet your wife is named as executor. Ask your sons if they write wills with no executor named. It's possible, I guess, but it seems bizarre. The will specifies what you want done and naming the executor specifies who you want to carry out those instructions. Seems everyone that has a will would want to know who they trust to carry it out.

Reply to
trader_4

Also consider carefully (if you can) where you are treated! You want to be sure the organization will *honor* your wishes and not confuse their own personal/religious beliefs!

SWMBO father was resuscitated despite clear directions to the contrary in his living will. SWMBO actually had to be on the spot to *enforce* his wishes (with threat of lawsuit -- i.e., "I will be a WITNESS to any acts that you perform on him!")

I've heard similar stories from friends, here, with one of the hospitals run by a Catholic order.

Reply to
Don Y

We do have trusts set up for several members of our family, and medical powers of attorney, I was thinking more of all the financial stuff, accounts, passwords, etc.

Reply to
hrhofmann

You are right, and if she cannot do it it passes to our eldest living son.

I had not looked at it when making my post and was probably thinking of guardians for the kids.

Kids were small when we made up our wills and if we had both died in a plane crash for example money would have gone into a trust.

For op, lawyers can be expensive and you might consider an internet legal resource for your will. I used one to set up a corporation for myself and probably saved considerable money.

Reply to
Frank

Did you see my suggestion related to searching for "family records organizer"?

Morgan Stanley publishes one, Kiplingers mag publishes one, many others do too.

Use your favorite search engine on those 3 words.

Reply to
DerbyDad03

I'd worry more

Reply to
Ed Pawlowski

You may be wrong. My wife has hers on file at the hospital he goes to. it was at their request. I don't know how many hospital ask though.

Reply to
Ed Pawlowski

I don't know if that would be a problem in this age of electronic records. I had to see an attorney recently. He scanned papers and handed them back to me. My mom's living will was on file at the local hospital. I think all her info including it was sent to another one when she needed to be transferred.

Reply to
Dean Hoffman

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