This is a repost from another person, on FB: I am posting it here, because the information is VITAL INFO.
We’re all dying, not one of us
can escape it. Not one. Let’s talk about it…
I learned a lot losing mom and dad, both
suddenly and unexpectedly. I learned more about the documents below than I ever
wanted to know. Feeling like a “grown-up” this weekend having completed all of
them for myself. Tim has also completed them.
Several friends and family have asked what I’ve
done for myself after going through the process of burying both parents, having
to empty and sell their home. Well, the documents below are just a start.
They’re also not near as expensive to have completed as one would think.
Important things I’ve learned and would encourage
all of my friends to do ASAP:
- 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, at least in
MI and Indiana, 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 paper
etc., 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!!!! (Mom had a little binder with all of
this! )
- 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.
We were fortunate that dad had almost everything
in order. A huge blessing g to us was that he had pre planned and prepaid his
funeral just a couple of days after mom died. Sadly, he had planned on doing a
TOD deed for the house the Monday after he died. Had he been able to complete
that, it would have saved thousands in attorney fees and we could have avoided
having to probate the estate.
Hope this helps! Hope this info lights a spark
to encourage all my friends and family to take care of these things to make it
easier for those we’ll leave behind!
*** I am NOT an attorney. The above is all
simply lessons that I’ve learned on my own. Of course, only you can make
decisions for yourself! My hope is that the above list at least helps you start
an important conversation with your loved ones and an attorney that can help
you complete all the necessary steps. ***
