12/30/2023
Happy Holidays framily! 🥰
Sharing some vital information as we approach the end of the year. This is NOT legal advice, just helpful tips from someone who’s had to do this multiple times. 🥹
If you have never had to deal with the death of a loved one and work through their estate then you may not realize just how important this is but let me tell you IT IS!! A lot of these documents can be implemented legally without a lawyer. Get them made, give them to your loved ones, keep them in a place where they will have access when you are gone. Cause as difficult to process, whether you want to believe it or not we all are going to leave this earth and you never know when that will be!
🗣 IMPORTANT information to get 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 as well as other final decisions.
👩🏽⚖️Durable Power of Attorney: Allows one to designate a person to make legal decisions if you are no longer competent to do so.
🏥Power of Attorney for Healthcare: This document allows one to designate someone to make healthcare decisions for them.
🛍Last Will and Testament: Designates to whom personal belongings will go to.
🪦Funeral Planning Declaration: Allows one to say exactly one’s wishes as far as disposition of the body and the services.
🖊️ Assign someone you trust to to be the Executor of your estate.
The executor of an estate is someone who wraps up a deceased individual’s financial affairs. If the deceased has a will, the will usually names a close relative, friend, accountant, attorney or financial institution to act as executor of the will. If the deceased wanted more than one person to handle their affairs—such as more than one child—they might name co-executors.
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 know 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!
Set up a TRUST for intended beneficiaries, especially those that are too young, and appoint a trustee of said trust.
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.
My hope is that the above list at least helps you start an important conversation with your loved ones... it’s a very necessary conversation.
Blessings💞
(REPOST- I DID)
