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Started By
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Preparing Finances, Properties, and belongings for death advice.
Posted on 5/31/22 at 7:29 pm
Posted on 5/31/22 at 7:29 pm
So a friend of mine lost her 18 year old daughter in a car accident about a year and a half ago. She just posted this to Facebook and reminded me there are several things I should probably take care of for myself, wife, and children.
Anyone have anything to add to this or disagree with?
Anyone have anything to add to this or disagree with?
quote:
Spreading this information for those of you that don’t have your affairs in order. Make sure all bank accounts have direct beneficiaries. The beneficiary need only go to the bank with your death certificate and an ID of their own.
- TOD = Transfer On Death deed if you own a home. Completing this document and filing it with your county saves your heirs THOUSANDS. This document allows you to transfer ownership of your home to your designee. All they need to do is take their ID and your death certificate to the county building and the deed is signed over. Doing this will avoid the home having to go through probate.
- Living Will: Allows one to put in writing exactly what you want done in the event you cannot speak for yourself when it comes to healthcare decisions
- Durable Power of Attorney: Allows one to designate a person to make legal decisions if one is no longer competent to do so.
- Power of Attorney for Healthcare: This document allows one to designate someone to make healthcare decisions for their person.
- Last Will and Testament: Designates to whom personal belongings will go too.
- Funeral Planning Declaration: allows one to say exactly one’s wishes as far as disposition of the body and the services.
- If the above documents are done, you can AVOID probate. If all the above is not done, you have to open an estate account at the bank. All money that doesn’t have direct beneficiaries goes into this account. You have to have an attorney to open the estate account. The attorney also has to publicize your passing in the newspaper or post publication at the county courthouse, to allow anyone to make a claim on your property. - It’s a complete PAIN.
- Make a list of all banks and account numbers, all investment institutions with account numbers, lists of credit cards, utility accounts, etc. Leave clear instructions as to how and when these things are paid. Make sure heirs knows where life insurance policies are located.
- Make 100% sure SOMEONE knows your Apple ID, bank ID account logins and passwords!
- Make sure you have titles for all vehicles, campers, etc!
- MOST IMPORTANTLY!!!! - Talk with those closest to you and make all your wishes KNOWN. Talk to those whom you’ve designated, as well as those close to you whom you did not designate. - Do this to explain why your decisions were made and to avoid any lingering questions or hurt feelings.
Hope this helps! Hope this lights a spark to encourage all your friends and family to take care of these things to make it easier for those we all leave behind!
My hope is that the above list at least helps you start an important conversation with your loved ones.
9
Posted on 5/31/22 at 7:50 pm to NATidefan
Not bad advice. I would just add a Will = probate if assets pass through the Will. Lot of people think Wills avoid probate -- they don't.
Yes, not all states allow TOD deeds, but even if your state doesn't allow it you can always set up a simple trust
Yes, not all states allow TOD deeds, but even if your state doesn't allow it you can always set up a simple trust
Posted on 5/31/22 at 7:57 pm to NATidefan
Would someone still need to go through probate with a TOD in place if the person is incapacitated but still alive? Or is there a succession planning with a TOD?
Posted on 5/31/22 at 8:09 pm to TheOcean
quote:
Yes, not all states allow TOD deeds, but even if your state doesn't allow it you can always set up a simple trust
Thanks, yeah, that's what I'm looking at now.
Any advice on a revocable vs irrevocable trust and for what items?
Still reading and researching.
ETA: look like revocable for my situation and most
This post was edited on 5/31/22 at 8:24 pm
Posted on 5/31/22 at 8:11 pm to McVick
quote:
Would someone still need to go through probate with a TOD in place if the person is incapacitated but still alive? Or is there a succession planning with a TOD?
Not sure, I'm off looking into TOD since alabama doesn't allow those for homes, etc.
Posted on 5/31/22 at 8:18 pm to McVick
Depends on the beneficiary designation form or the TOD/POD form. Most offer contingent beneficiaries if something happens to the primary, but it does not take into account disabilities, etc.
Posted on 5/31/22 at 8:20 pm to NATidefan
Irrevocable trusts are really only used for Medicaid, VA benefits planning, asset protection, and/or tax planning.
90% of the time a revocable will be all that you need. I'd also find out the cost of probating a home before spending a ton on a trust. Some states it's pretty inexpensive. My state for example, probate = gold mine for attorneys
90% of the time a revocable will be all that you need. I'd also find out the cost of probating a home before spending a ton on a trust. Some states it's pretty inexpensive. My state for example, probate = gold mine for attorneys
Posted on 5/31/22 at 8:26 pm to TheOcean
quote:
90% of the time a revocable will be all that you need
K thanks, that's what I was coming to realize as well.
Posted on 5/31/22 at 8:39 pm to NATidefan
Facebook is the first place I go to when looking for estate planning advice. 
Posted on 5/31/22 at 8:58 pm to jfw3535
quote:
Facebook is the first place I go to when looking for estate planning advice.
I wasn't looking for it on facebook, smartass. It just reminded me to get off my butt and start doing some research.
I like to understand things on my own, not just blindly dump money at a lawyer.
This post was edited on 5/31/22 at 9:01 pm
Posted on 6/1/22 at 3:00 am to NATidefan
I would add….access to liquidity which may be needed for immediate demands up until funds can be accessed. Death certificates and accessing funds can take a while.
Posted on 6/1/22 at 7:27 am to McVick
TOD and probate comes into play at death. If the person is still alive but incapacitated, you would need a Power of Attorney to handle their affairs.
Posted on 6/1/22 at 9:15 am to NATidefan
If you have minor children, make sure your will covers who you are designating as the legal guardian (don't recall the legal term) in the event both parents are deceased.
Posted on 6/1/22 at 9:36 am to Quidam65
quote:
Is TOD legal in Texas?
Not sure, I suggest googling it.
Posted on 2/14/23 at 10:44 am to NATidefan
Bumping this from to OT link. I'm going through this now.
I'll add three things:
1) In addition to to the accounts/passwords, make sure to provide some means of mail/email forwarding to another's address. Even if it's informal and writing instructions for someone to check mail. Some things will be time sensitive upon your or another's death and you don't want to be caught in an unread mail situation.
2) Some states allow for spouse and children homestead and allowances to be taken immediately after non-probate/beneficiary items. That is to say, some states allow spouse and children to pull from assets and money BEFORE creditors can get their hands on it. It can also prevent things like cars and houses to be immediately taken.
3) The IRS doesn't care if you are dead. The ultimate crossroad of "death and taxes". You must file income taxes after your death.
Even if you pass on January 1st, you must file 12+ months later for that year. Make sure you leave a paper trail of your previous taxes and information. Leave instructions for someone to file your taxes for you after death. Form 1310 can be used by someone to claim your refund after your death.
I'll add three things:
1) In addition to to the accounts/passwords, make sure to provide some means of mail/email forwarding to another's address. Even if it's informal and writing instructions for someone to check mail. Some things will be time sensitive upon your or another's death and you don't want to be caught in an unread mail situation.
2) Some states allow for spouse and children homestead and allowances to be taken immediately after non-probate/beneficiary items. That is to say, some states allow spouse and children to pull from assets and money BEFORE creditors can get their hands on it. It can also prevent things like cars and houses to be immediately taken.
3) The IRS doesn't care if you are dead. The ultimate crossroad of "death and taxes". You must file income taxes after your death.
Even if you pass on January 1st, you must file 12+ months later for that year. Make sure you leave a paper trail of your previous taxes and information. Leave instructions for someone to file your taxes for you after death. Form 1310 can be used by someone to claim your refund after your death.Posted on 2/14/23 at 10:55 am to NATidefan
For people in LA (probably less of them on this board than others), most of this isn't really applicable. No TOD in LA. If you have a will, you can name an independent executor (it's almost malpractice to not have this in your will imo). None of what independent executor does requires a legal filing, attorney or court approval. Common for a living will to include a health care decision designee, but usually this is the same person as you name in POA, so it can be combined (living will form is statutory in LA). For online accounts, most now have a section to add a designee in case of death. Funeral wishes should be in your will, but they are just that - wishes. Your relatives can essentially do what they want with your body
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