How are you letting your beneficiaries know where your money

[ilovedolphins]

is located at?  I am getting a little worried that my money is spread into so many different places.  I plan on giving a list to my kids to know where all my money is located but I am also worried that some of it may get overlooked.  I have thought about just getting everything turned over to my local bank and etrade where my retirement money is at.  That would only leave 2 places to look for it.  And it would cut down on the amount of work for them to go to to receive it.

[zibazinski]

Mine is in three and one of the three is an offshoot so Schwab would notify my heirs about Hallmark Capital.

[NoNamePerson]

My son is on checking account,beneficiary of IRA and every thing else is held jointly. Only thing in my name only is vehicle.

[Deleted]

I told them.

My children know where my life insurance policies are, and where all my other important documents are too. Plus, we just happen to use the same financial institution to store our finances, which makes these things a bit easier, I think - 

[Plain Old Petunia]

I have a sealed list and both of my kids know where it is.  

If you've got assets scattered hither and yon, definitely consolidate.  It will make your life simpler now, as well as making things simpler for your heirs down the road.

[resolution]

My husband knows how to open the spreadsheet with our assets. If we both die at once, our siblings will have to work to find things. But no reason to make things too easy for them.

[Deleted]

Aug 1, 2017 19:20:05 GMT -5 resolution said:

My husband knows how to open the spreadsheet with our assets. If we both die at once, our siblings will have to work to find things. But no reason to make things too easy for them.

Sounds like a treasure,  all mapped out in wait of discovery! 

[TheOtherMe]

My middle nephew is my executor.  I have given him written instructions.  He is also POD on all of my accounts.  My accounts are all on a spreadsheet.  He knows it is on my computer along with other instructions. 

He will do fine.  He will do much better than my sister, which is why she is no longer my executor.

[empress of self-improvement]

Aug 1, 2017 19:20:05 GMT -5 resolution said:

My husband knows how to open the spreadsheet with our assets. If we both die at once, our siblings will have to work to find things. But no reason to make things too easy for them.

My husband doesn't have a clue how to open the spreadsheet. He doesn't even know how to turn on my computer. My sis knows somewhat but I have to finish compiling everything then print out the spreadsheet. We be poor so it's not there's going to be an awful lot.

[NoNamePerson]

I should say I also have things in place if my son predeceases me.  

[Deleted]

I have a 3 ring binder in the kitchen cupboard labeled "IF I DIE"    It has all the account/life insurance info and DS knows where it is. 

[Rob Base 2.0]

Aug 1, 2017 18:33:39 GMT -5 zibazinski said:

Mine is in three and one of the three is an offshoot so Schwab would notify my heirs about Hallmark Capital.

And how would Schwab know to contact your heirs?? How would Schwab even know you took the dirt nap?

[Rob Base 2.0]

Aug 1, 2017 19:37:05 GMT -5 minnesotapaintlady said:

I have a 3 ring binder in the kitchen cupboard labeled "IF I DIE"    It has all the account/life insurance info and DS knows where it is. 

We have a binder with all our basic info in it too (though not as colorfully titled) accounts, policies, etc.  No passwords or anything. 3 relatives know of it's existence.

[justme]

Right now my parents gotta work for their money if I die first 😜

They could figure out at least the institutions as long as my computer is on - only pw on the boot up - or cut off my thumb for my phone.

[Rob Base 2.0]

Aug 1, 2017 19:45:55 GMT -5 justme said:

Right now my parents gotta work for their money if I die first 😜

They could figure out at least the institutions as long as my computer is on - only pw on the boot up - or cut off my thumb for my phone.

Why so morbid? They could just take the phone to your coffin.......

Also you might want to re-think having a fingerprint only access iPhone.....if the Po-po arrest you they can force you to give up a fingerprint to unlock a phone, but they can't force you to give up a password.......

[zibazinski]

Aug 1, 2017 19:40:50 GMT -5 Rob Base 2.0 said:

Aug 1, 2017 18:33:39 GMT -5 zibazinski said:

Mine is in three and one of the three is an offshoot so Schwab would notify my heirs about Hallmark Capital.

And how would Schwab know to contact your heirs?? How would Schwab even know you took the dirt nap?

The kids know about schwab so they'd contact them

[Knee Deep in Water Chloe]

Aug 1, 2017 19:50:35 GMT -5 Rob Base 2.0 said:

Aug 1, 2017 19:45:55 GMT -5 justme said:

Right now my parents gotta work for their money if I die first 😜

They could figure out at least the institutions as long as my computer is on - only pw on the boot up - or cut off my thumb for my phone.

Why so morbid? They could just take the phone to your coffin.......

[Knee Deep in Water Chloe]

We don't have any money, so that's not big deal in our house. 

[justme]

Aug 1, 2017 19:50:35 GMT -5 Rob Base 2.0 said:

Aug 1, 2017 19:45:55 GMT -5 justme said:

Right now my parents gotta work for their money if I die first 😜

They could figure out at least the institutions as long as my computer is on - only pw on the boot up - or cut off my thumb for my phone.

Why so morbid? They could just take the phone to your coffin.......

Also you might want to re-think having a fingerprint only access iPhone.....if the Po-po arrest you they can force you to give up a fingerprint to unlock a phone, but they can't force you to give up a password.......

It's not fingerprint only, but they can't ask me for my pw if I'm dead!

My plan for the police is to pretend it's another finger, assuming that's true.

[tskeeter]

I compiled a list for our executors.  Bank accounts, investment accounts, pension, safe deposit box, insurance, mortgage info, car loans, and the like.  Complete with account numbers, contact names, phone numbers, email addresses, web sites, street addresses and anything else that I thought would make to job easier.

I update the list about every six to 12 months and send it out.

[Sharon]

Aug 1, 2017 19:37:05 GMT -5 minnesotapaintlady said:

I have a 3 ring binder in the kitchen cupboard labeled "IF I DIE"    It has all the account/life insurance info and DS knows where it is. 

I have a word document called "If I die".  I also print it out and put it in the purple folder.

Recently I updated the beneficiaries on the work life insurance and my work retirement plan.  Since I will be a Grandma soon I made my Son in law secondary beneficiary.  DD has always been the primary beneficiary and my parents were secondary but with grandkid(s) in the picture I trust Son in law to use the money for their needs.

[weltschmerz]

I told my son that if he wants any money after I die, he's going to have to look in the couch cushions.

[empress of self-improvement]

Maybe it's just me, but shouldn't these "If I Die" documents be renamed to "When?" You ARE going to die, there is no IF about it. Unless you're being cryogenically frozen like what's his face, Ted Williams?

[Gardening Grandma]

1) I've consolidated accounts (checking at credit union, retirement accounts at VG and CD's at Navy Federal CU)

2) I have a binder labeled Will Book. It has copies of our wills, health care directives and POAs. Also a list of where accounts are, account numbers the safe dep keys,  and contact info. And a letter of instruction to the executor. Sons know where the binder is

3) If I die first, I have a file for DH called "if I get hit hy a truck". Everything he needs is in there and I review it with him once a year

[msventoux]

I have a list in a sealed envelope in my safe deposit box with account numbers, addresses, passwords, etc.

I authorized my sibling to have access to my safe deposit box. The only participation required was for him to go to the bank to sign papers allowing him access to the box. That was a few years ago and several reminders ago. Not my problem if that's too much trouble to go through to potentially gain easy access to several hundred thousand of dollars.

[suesinfl]

I'm an ostrich with my head in the sand. I need a notebook like MPL, but I keep procrastinating. There won't be much to be had, but I really do need to have a list of the accounts, numbers, passwords, etc. But I don't want to, I don't want to think about that, but I know that I REALLY need to do it.

I feel that if I do, I'm jinxing myself, which is funny because I have a list at work of things for the "in case I get hit by a bus".

[Sharon]

Aug 1, 2017 21:41:30 GMT -5 empress of self-improvement said:

Maybe it's just me, but shouldn't these "If I Die" documents be renamed to "When?" You ARE going to die, there is no IF about it. Unless you're being cryogenically frozen like what's his face, Ted Williams?

After the talk I had with the attorney when I was considering doing a will and I was needing to name a guardian for DD I swore then and there I wasn't dying because I didn't like the options he gave me.   DD is grown and married now so I can maybe consider dying now but when she was younger, nope, not doing it.

I was told by the attorney that it didn't matter who I named as a guardian the courts would probably send her to Mexico to live with her father who hadn't seen her since she was an infant.  He said what he usually saw happen in those circumstances is that the United States family would reach an out of court settlement with the Mexico family, usually involving money, so the child could stay in the United States.  At the time it freaked me out but now as I reflect on it her Dad probably would have signed any papers so she could stay in the states.  He does value education and the fact that it is safer here.

[Deleted]

Aug 1, 2017 21:49:41 GMT -5 Sharon said:

Aug 1, 2017 21:41:30 GMT -5 empress of self-improvement said:

Maybe it's just me, but shouldn't these "If I Die" documents be renamed to "When?" You ARE going to die, there is no IF about it. Unless you're being cryogenically frozen like what's his face, Ted Williams?

After the talk I had with the attorney when I was considering doing a will and I was needing to name a guardian for DD I swore then and there I wasn't dying because I didn't like the options he gave me.   DD is grown and married now so I can maybe consider dying now but when she was younger, nope, not doing it.

I was told by the attorney that it didn't matter who I named as a guardian the courts would probably send her to Mexico to live with her father who hadn't seen her since she was an infant.  He said what he usually saw happen in those circumstances is that the United States family would reach an out of court settlement with the Mexico family, usually involving money, so the child could stay in the United States.  At the time it freaked me out but now as I reflect on it her Dad probably would have signed any papers so she could stay in the states.  He does value education and the fact that it is safer here.

I don't have a will for that reason too.  The only reason I can think to have one is to name guardians and they'd go to their Dad's whether I liked it or not. 

I do think I might talk to an attorney about a trust of some kind so I could at least control the distribution of the funds a little from the grave. 

[suesinfl]

Aug 1, 2017 22:02:38 GMT -5 minnesotapaintlady said:

Aug 1, 2017 21:49:41 GMT -5 Sharon said:

After the talk I had with the attorney when I was considering doing a will and I was needing to name a guardian for DD I swore then and there I wasn't dying because I didn't like the options he gave me.   DD is grown and married now so I can maybe consider dying now but when she was younger, nope, not doing it.

I was told by the attorney that it didn't matter who I named as a guardian the courts would probably send her to Mexico to live with her father who hadn't seen her since she was an infant.  He said what he usually saw happen in those circumstances is that the United States family would reach an out of court settlement with the Mexico family, usually involving money, so the child could stay in the United States.  At the time it freaked me out but now as I reflect on it her Dad probably would have signed any papers so she could stay in the states.  He does value education and the fact that it is safer here.

I don't have a will for that reason too.  The only reason I can think to have one is to name guardians and they'd go to their Dad's whether I liked it or not. 

I do think I might talk to an attorney about a trust of some kind so I could at least control the distribution of the funds a little from the grave. 

So much this. My sisters once asked me who would be guardians if something happened to me and I said they would go to their father no matter what I wanted. I only have three more years to worry about that, but I'm thinking of a trust too. At least I can control how the money for DS is used.

[Apple]

I have a folder with all the important info.

Not just accounts, but bills, etc.  The bills and things are important with DS still living at home for another year.  Well, probably even after, since he'll have to decide if he wants to keep the house.

I have printouts of the phone numbers to call to start the process of retrieving my retirement funds, pension payout, as well as life insurance (all through work).  The printouts also have current monetary values (I replace the paperwork, if needed, once a year or so). I have bank statements printed that include phone numbers and bank account numbers for different accounts.

I have printouts of my bills which have phone numbers and account numbers listed.

My son is the beneficiary of everything, and since my sister works for the same major employer (different location), she can help him navigate the paperwork and tell him who exactly to talk to, etc, if they give him any runaround.