Apple
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Post by Apple on Apr 9, 2019 21:32:58 GMT -5
Now that my son is an adult, I've been slowly putting some things together in case something happens to me (I have a will, but it was made when he was little. I should probably update it to "everything goes to the son". Right now, the only thing in the will still really affecting anything is that the life insurance would go to a trust controlled by my sister for four more years, before he would get the rest.)
Since I'm doing my solo overseas trip later this month, I figured I'd speed up at least some of the information turnover to him in case the worst happens.
Can you think of anything I'm missing that I could do in the next few weeks (minus a new will...)
Work benefits: Life insurance-- this would go to him eventually, but would be in a trust, controlled by my sister, until he is 25.
Pension payout and Retirement-- these would both go to him directly. My sister works for the same company, different location, but she would help walk him through the paperwork, be able to tell him who exactly he needs to contact in HR. He would need to speak with HR and probably an independent financial adviser about how to handle the inherited retirement account. There is enough in there that it would set up his retirement for life, but he'd have to start withdrawing earlier than usual (when my age is 59 1/2? 62? Don't remember the exact number). He's also have to find a new company to set it up with. He already has a Vanguard Roth, so I'd probably say go ahead and do the new inherited one with Vanguard.
Personal: List of my various accounts and account numbers. List of my bills and account numbers. Both of those will be easy to find if he goes through my budget software.
Phone numbers for all bank and bill accounts... I've set aside a paper copy of the various bills/statements, so those will have all the phone numbers listed.
Mortgage-- need to see how I set that up in the will. House goes to him, but might also be "in a trust" where my sister controls it. He could either pay it off and keep it, or sell it and buy his own place with the equity (or just move and rent for a while). I don't think he'd want to deal with keeping it as a rental.
Car-- Pay it off and keep it? I owe a few thousand on it still, so I don't have a title where I can just put survivorship. Do I need to set anything up for that? He could pay it off with the money in the bank accounts.
Property-- I'm still making payments on this (owner financed). I will provide him with the name, address, and phone number of the guy I'm making the payments to. He could sell it back, pay it off, or sell it to someone new (I've had a lot of people try to buy it from me, so it's nothing he'll be "stuck" with if he doesn't want it).
I started to tell him that he should just get me cremated in the cheapest way possible, but then we both realized that if I die in a fiery crash, or plunged into the ocean, there won't be any body to worry about! (We share a dark sense of humor).
Anything else? No other debt (just mortgage, car, and property). Lots of cash in the various accounts to cover what he needs for a long while. Assistance from my sister to get through the paperwork nightmare that will happen for work stuff, and access to financially responsible people he can ask for advice from.
I should probably work on updating my will when I get back... (my old lawyer retired, so I'd have to use another person or do it online this time).
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CCL
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Post by CCL on Apr 9, 2019 22:41:05 GMT -5
Do you still want those things you listed going into a trust? Some things like life insurance are probably very simple to update yourself, if you choose to.
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tskeeter
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Post by tskeeter on Apr 9, 2019 22:52:00 GMT -5
Estate planning is too important to DIY. Use an attorney. Planning your estate is the biggest and most complex financial decision you will make in your life. And it’s a decision that could impact your son for the rest of his life.
Estate laws vary by state. Some one size fits all internet web site may not get the job done as you want it.
One of my uncles had a DIY will when he died. First, it was out of date. An attorney may have helped him keep it up to date. The will made bequests to organizations that no longer existed. The probate court judge ended up deciding if the bequests should be enforced, not my Uncle. Second, because of the way Unk did things, the probate court did not distribute Unk’s assets as Unk’s will directed. Specifically, Unk’s will stated that one of Unk’s siblings was not to receive anything (as a result of loans that weren’t repaid, etc.). The judge decided that 25% of Unk’s estate that wasn’t subject to specific bequests would go to each of Unk’s siblings. Including to the estate of the now deceased sibling who had been disinherited. This meant that a good portion of Unk’s estate went to the sibling’s spouse. Not something that Unk would have wanted. Third, the holes in the DIY will caused a significant chunk of Unk’s estate to be spent on attorney fees, probate fees, and carrying costs on the house during the year and a half that the will was in probate.
A will prepared by an attorney would cost $300 - $500. A trust that avoids the probate court is about $3K. Instead, Unk’s estate spent nearly $150K on attorneys, probate, and carrying costs. Unk is still spinning in his grave at the idea that his botched attempt to save a few hundred dollars on attorney fees ended up costing his estate tens of thousands of dollars.
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Apple
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Post by Apple on Apr 9, 2019 23:37:15 GMT -5
Do you still want those things you listed going into a trust? Some things like life insurance are probably very simple to update yourself, if you choose to. Actually, I changed the policy somewhat recently, and may have already done the switch to go just to my son. There was something that was still going to be "controlled" by my sister, but now I'm pretty sure it was something else. Maybe the house? Usually I email copies of this stuff to myself, but am not finding that yet. I should probably verify...
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Apple
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Post by Apple on Apr 9, 2019 23:44:50 GMT -5
Estate planning is too important to DIY. Use an attorney. Planning your estate is the biggest and most complex financial decision you will make in your life. And it’s a decision that could impact your son for the rest of his life. Estate laws vary by state. Some one size fits all internet web site may not get the job done as you want it. One of my uncles had a DIY will when he died. First, it was out of date. An attorney may have helped him keep it up to date. The will made bequests to organizations that no longer existed. The probate court judge ended up deciding if the bequests should be enforced, not my Uncle. Second, because of the way Unk did things, the probate court did not distribute Unk’s assets as Unk’s will directed. Specifically, Unk’s will stated that one of Unk’s siblings was not to receive anything (as a result of loans that weren’t repaid, etc.). The judge decided that 25% of Unk’s estate that wasn’t subject to specific bequests would go to each of Unk’s siblings. Including to the estate of the now deceased sibling who had been disinherited. This meant that a good portion of Unk’s estate went to the sibling’s spouse. Not something that Unk would have wanted. Third, the holes in the DIY will caused a significant chunk of Unk’s estate to be spent on attorney fees, probate fees, and carrying costs on the house during the year and a half that the will was in probate. A will prepared by an attorney would cost $300 - $500. A trust that avoids the probate court is about $3K. Instead, Unk’s estate spent nearly $150K on attorneys, probate, and carrying costs. Unk is still spinning in his grave at the idea that his botched attempt to save a few hundred dollars on attorney fees ended up costing his estate tens of thousands of dollars. That sounds like a nightmare. My plans for estate is pretty simple as far as beneficiary. Son gets it all. The only reason my sister was on the original will was because son was underage, and I wanted to guarantee 100% that the ex, and his family, could not financially benefit from my death. So, I arranged it so that no money went directly to my son before he turned 18. I also had my desire for custody stated in the will (the state has a certain order they award custody in the event of a death, and the state gets custody before any non-parental person does. So, I wanted to give my sister some official documents showing my desires when I would no longer be able to.)
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Post by The Walk of the Penguin Mich on Apr 10, 2019 0:01:08 GMT -5
Medical POA? Who makes the decision to pull the plug?
Do you have any requests such that if you do not die outright, so you want to go on a ventilator? Be given nutrition? For how long?
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Apple
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Post by Apple on Apr 10, 2019 0:09:16 GMT -5
Medical POA? Who makes the decision to pull the plug? Do you have any requests such that if you do not die outright, so you want to go on a ventilator? Be given nutrition? For how long? Oh, yeah, that's in the original will too. Pretty much the final decision is on my sister (not putting that on my son until he is much older), and my guidance is mostly "consider the prognosis and recommendation of doctors". She knows I don't want to live forever as basically a vegetable and will give it a reasonable amount of time depending on the situation. She's the one who held my gramma's hand and told her "It's ok to go, we'll be ok. Go be with Grampa." when my gramma was on her death bed (in her 90s and ready). Gramma died a few minutes later. I trust my sister's decision making as much as I could trust anyone's.
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justme
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Post by justme on Apr 10, 2019 0:41:11 GMT -5
I forget the correct term (because I'm utterly solo so if I die my parents would still have access to their money to float if needed) but there's a way to put names on your bank account so upon your death it passes immediately to them avoiding probate. I would do that on at least some of your accounts so your son could have access to your money to do things like pay the mortgage and your funeral with that money as it'll take time for him to get his hands on the life insurance and retirement accounts. This will especially be helpful if he's still in school as he's unlikely to have a savings cushion that big.
Hell I've had a full time job for a while and paying the average price of a funeral and then also having to pay any immediate bills of my parents plus my own could possibly wipe me out
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Apple
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Post by Apple on Apr 10, 2019 2:03:50 GMT -5
I forget the correct term (because I'm utterly solo so if I die my parents would still have access to their money to float if needed) but there's a way to put names on your bank account so upon your death it passes immediately to them avoiding probate. I would do that on at least some of your accounts so your son could have access to your money to do things like pay the mortgage and your funeral with that money as it'll take time for him to get his hands on the life insurance and retirement accounts. This will especially be helpful if he's still in school as he's unlikely to have a savings cushion that big. Hell I've had a full time job for a while and paying the average price of a funeral and then also having to pay any immediate bills of my parents plus my own could possibly wipe me out I'll stop by my credit union this week and see what it would take to st least set them up. Thanks for the idea.
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NoNamePerson
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Post by NoNamePerson on Apr 10, 2019 7:08:33 GMT -5
I know it might be a time thing but I think you should be taking care of stuff before you leave. Not to be morbid but when/if you get back may be to late.
Oh, have you put your passwords somewhere so if needed they can access online stuff.
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Deleted
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Post by Deleted on Apr 10, 2019 8:05:01 GMT -5
Let him know your feelings about whether or not to donate your organs for transplant or other purposes.
My note to DS includes only account numbers, approximate balances and contact names for the major brokerage accounts- passwords can change. I figure that if they at least know where the money is and how much there is, they can take it from there.
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lynnerself
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Post by lynnerself on Apr 10, 2019 12:10:01 GMT -5
A will prepared by an attorney would cost $300 - $500. A trust that avoids the probate court is about $3K. Our trust was only about $1500. That included setting up an A/B (bypass) trust medical directives, POA etc.
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Chocolate Lover
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Post by Chocolate Lover on Apr 10, 2019 13:56:33 GMT -5
I forget the correct term (because I'm utterly solo so if I die my parents would still have access to their money to float if needed) but there's a way to put names on your bank account so upon your death it passes immediately to them avoiding probate. I would do that on at least some of your accounts so your son could have access to your money to do things like pay the mortgage and your funeral with that money as it'll take time for him to get his hands on the life insurance and retirement accounts. This will especially be helpful if he's still in school as he's unlikely to have a savings cushion that big. Hell I've had a full time job for a while and paying the average price of a funeral and then also having to pay any immediate bills of my parents plus my own could possibly wipe me out I'll stop by my credit union this week and see what it would take to st least set them up. Thanks for the idea. My parents put me on one bank's worth of accounts (a couple of checking, maybe one savings) not long ago, we were there for about an hour. We all had to be present to sign new documents for the account.
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Apple
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Post by Apple on Apr 10, 2019 14:26:35 GMT -5
I know it might be a time thing but I think you should be taking care of stuff before you leave. Not to be morbid but when/if you get back may be to late.
Oh, have you put your passwords somewhere so if needed they can access online stuff.
Yeah, there are time constraints. Out of town on vacation next week (might be out of cell reception), then a few night shifts, and I'm off on the adventure. With the current will, family readily available to help him, and an email with some guidance on how to access all the accounts/bills/etc, he'd get by if anything happened this trip and not be completely screwed.
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Apple
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Post by Apple on Apr 10, 2019 14:29:38 GMT -5
Let him know your feelings about whether or not to donate your organs for transplant or other purposes. My note to DS includes only account numbers, approximate balances and contact names for the major brokerage accounts- passwords can change. I figure that if they at least know where the money is and how much there is, they can take it from there. We discussed that when he got his driver's license. Went over marking the "organ donor" box in a lot of detail. Not a bad idea for a refresher. I also change account passwords on occasion... As long as he has the PIN for my laptop (he does), he can access that info in one very easy location. If not, well, all the paperwork is in one area, he'd just have to do some digging to find everything he needed. Post office box is also paid up for a full year, with his name on it as well, so he'll have access to all mail coming in.
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Apple
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Post by Apple on Apr 10, 2019 14:32:32 GMT -5
I'll stop by my credit union this week and see what it would take to st least set them up. Thanks for the idea. My parents put me on one bank's worth of accounts (a couple of checking, maybe one savings) not long ago, we were there for about an hour. We all had to be present to sign new documents for the account. I'll be stopping by there in a little bit while I do some other errands. Were you put as a joint owner, or just set up for survivor purposes? I'm joint on his account still, but don't want him joint on mine for the foreseeable future. Not that I don't trust him, but...
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Chocolate Lover
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Post by Chocolate Lover on Apr 10, 2019 15:12:26 GMT -5
My parents put me on one bank's worth of accounts (a couple of checking, maybe one savings) not long ago, we were there for about an hour. We all had to be present to sign new documents for the account. I'll be stopping by there in a little bit while I do some other errands. Were you put as a joint owner, or just set up for survivor purposes? I'm joint on his account still, but don't want him joint on mine for the foreseeable future. Not that I don't trust him, but... IIRC, joint. I'll be honest, I have already forgotten because it's an in case of emergency thing for me, but I'm pretty sure it was joint.
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NoNamePerson
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Post by NoNamePerson on Apr 10, 2019 15:31:28 GMT -5
My parents put me on one bank's worth of accounts (a couple of checking, maybe one savings) not long ago, we were there for about an hour. We all had to be present to sign new documents for the account. I'll be stopping by there in a little bit while I do some other errands. Were you put as a joint owner, or just set up for survivor purposes? I'm joint on his account still, but don't want him joint on mine for the foreseeable future. Not that I don't trust him, but... My son is joint on account with me. Has been since he was 18. I had no problem with it but also have absolutely no one else to handle crap if I become incapicated. I was on my mothers also for years and we didn't even live in the same state but for the exact same reason. But admit some are uncomfortable with it. You can make him POD if you don't want him to have access. But it's good you have someone to help guide him. Hey just tell him to log in here and we'll "help" him.
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CCL
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Post by CCL on Apr 10, 2019 15:56:54 GMT -5
I'll be stopping by there in a little bit while I do some other errands. Were you put as a joint owner, or just set up for survivor purposes? I'm joint on his account still, but don't want him joint on mine for the foreseeable future. Not that I don't trust him, but... IIRC, joint. I'll be honest, I have already forgotten because it's an in case of emergency thing for me, but I'm pretty sure it was joint. Our bank, Chase, as well as our local credit union let us designate "payable on death" account holders, so the accounts pass directly to the kids without them being joint account holders. It was a simple form to sign and the kids did not need to be present. It took less than 5 minutes. IIRC we did the same for the safe deposit box.
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Chocolate Lover
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Post by Chocolate Lover on Apr 10, 2019 16:00:58 GMT -5
IIRC, joint. I'll be honest, I have already forgotten because it's an in case of emergency thing for me, but I'm pretty sure it was joint. Our bank, Chase, as well as our local credit union let us designate "payable on death" account holders, so the accounts pass directly to the kids without them being joint account holders. It was a simple form to sign and the kids did not need to be present. It took less than 5 minutes. IIRC we did the same for the safe deposit box. And that's why I'm pretty sure it was joint, we all needed to be there and sign stuff, as if we were opening it again. Dad was annoyed because it took so long.
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TheOtherMe
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Post by TheOtherMe on Apr 10, 2019 17:28:17 GMT -5
My accounts are all payable on death to my executor. It's in my will what is to be done with the funds.
My sister and I are on all of dad's accounts except his IRA as joint. The credit union, after talking with parents, advised them to do it that way because the money will pass to us without going through probate, etc. What is in the credit union plus a small life insurance policy is dad's estate, along with what is in his apartment.
House and car have been gone since parents moved here.
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Apple
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Post by Apple on Apr 10, 2019 18:37:52 GMT -5
Well, my credit union was really easy. They share a parking lot with my two favorite stores (Grocery Outlet and Joann Fabrics), and I was able to go in and just get a form and will fill it out tonight. That would at least get him full access to pay all the bills over the next several months, until life insurance and other things come through.
I have a couple online banking accounts, so I'll see what it would take to set those up as well.
Also, the only piece of mail I got today was an offer from a different Credit Union (I signed up with them for a 7 month, 7% APR, up to $7k CD offer a few months ago) for a free $1k life insurance. I have this same deal with my current Credit Union. I'll get that filled out and sent off this week as well.
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Apple
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Post by Apple on Apr 11, 2019 21:44:48 GMT -5
A couple updates...
PODs for both Credit Union accounts (same CU, two different accounts) are turned in.
I have an online savings account with one of the companies I have a credit card with. Did an online chat with them, and I can do a POD or similar at a physical branch here in town (or they could have mailed it to me, but I didn't even think of them as a physical bank!) Anyway, I'll go there tomorrow.
The car... While driving home from the store today, I was thinking about how I have college fund money just sitting there for my son (not in a 529 or anything, just in a bank account). So, I stole the money I needed to pay off the car from that, and will make my former car payment to his college account instead of paying interest on a car. He will not need it this year. I'll take the title to the DMV when I get it and add him as the survivor beneficiary. So, car problem covered.
Now, he'll definitely be set up to get by until any other stuff is sorted (property, house, and bills) without having to worry about how to cover any payments before things are more settled.
Thanks, everyone, for your thoughts and ideas! I still plan to upgrade my will later, but it's not as pressing as an issue before the trip now.
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NoNamePerson
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Post by NoNamePerson on Apr 12, 2019 7:06:36 GMT -5
Glad you got some things handled. I really had forgotten the age of your son. Enjoy your trip worry free now except which sites to see, how much to spend yada yada yada Do you need someone to help you carry your bags? I'm available
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Peace77
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Post by Peace77 on Apr 12, 2019 8:31:29 GMT -5
Does your will have provisions in the event that your son dies before you?
Do you have stock certificates? When my friend's husband died, we couldn't find the certificates and when we found them, the numbers didn't match the statements. It was a mess.
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Apple
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Post by Apple on Apr 12, 2019 10:41:43 GMT -5
Glad you got some things handled. I really had forgotten the age of your son. Enjoy your trip worry free now except which sites to see, how much to spend yada yada yada Do you need someone to help you carry your bags? I'm available Lol. I do get a few offers for that! He's 21, and still at home for now. Got an Associates at the local college, still taking some classes, but now needs to figure some stuff out (and move out soon!)
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Apple
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Post by Apple on Apr 12, 2019 11:00:15 GMT -5
Does your will have provisions in the event that your son dies before you? Do you have stock certificates? When my friend's husband died, we couldn't find the certificates and when we found them, the numbers didn't match the statements. It was a mess. No stock certificates. All the bill, banking, and investment paperwork is in a file cabinet. While not organized, it's at least in one place. Since my sister works for the same company, she'll have the easiest ability to sort out most of my retirement funds. Current will, not sure what I had in there if we died together, probably just regular order of operations. My retirement "automatic beneficiary distribution" overrides any will, and is my biggest asset. Order of "Spouse>children>children's offspring>parents>siblings>next of kin". Only way to change that is to fill out a form, and I haven't done that (however, if I ever remarried, I'd need to, because son is getting it, not any hypothetical future spouse.) Oregon intestate laws would put my parents next (if there are no grandchildren), then siblings. For now, I'm fine with this. When I update the will, I'd may change it to parents, and then 3 of my 4 siblings, with the 4th sibling's portion going to a trust for her children, managed by my other sister, until my nephews are 25 or so (unless that sibling gets a divorce first, for reasons).
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Bonny
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Post by Bonny on Apr 12, 2019 18:54:54 GMT -5
A couple updates... PODs for both Credit Union accounts (same CU, two different accounts) are turned in. I have an online savings account with one of the companies I have a credit card with. Did an online chat with them, and I can do a POD or similar at a physical branch here in town (or they could have mailed it to me, but I didn't even think of them as a physical bank!) Anyway, I'll go there tomorrow. The car... While driving home from the store today, I was thinking about how I have college fund money just sitting there for my son (not in a 529 or anything, just in a bank account). So, I stole the money I needed to pay off the car from that, and will make my former car payment to his college account instead of paying interest on a car. He will not need it this year. I'll take the title to the DMV when I get it and add him as the survivor beneficiary. So, car problem covered. Now, he'll definitely be set up to get by until any other stuff is sorted (property, house, and bills) without having to worry about how to cover any payments before things are more settled. Thanks, everyone, for your thoughts and ideas! I still plan to upgrade my will later, but it's not as pressing as an issue before the trip now. You also might look into whether you can do a "Beneficiary Deed" for your propert(ies). It's similar to TOD/PODs for bank accounts.
I don't remember what state you are in but both WA and OR have them.
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lynnerself
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Post by lynnerself on Apr 12, 2019 23:53:54 GMT -5
Since I'm doing my solo overseas trip later this month, I figured I'd speed up at least some of the information turnover to him in case the worst happens. I should probably work on updating my will when I get back... (my old lawyer retired, so I'd have to use another person or do it online this time). It took an overseas trip to get up motivated too. And to make sure that both kids knew where the important papers were. It's really ironic that this is what it takes to get this done. It's much more likely that we would both die in a car wreck traveling down I5 some random day.
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NoNamePerson
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Post by NoNamePerson on Apr 13, 2019 8:19:09 GMT -5
Since I'm doing my solo overseas trip later this month, I figured I'd speed up at least some of the information turnover to him in case the worst happens. I should probably work on updating my will when I get back... (my old lawyer retired, so I'd have to use another person or do it online this time). It took an overseas rip to get up motivated too. And to make sure that both kids knew where the important papers were. It's really ironic that this is what it takes to get this done. It's much more likely that we would both die in a car wreck traveling down I5 some random day.
Same here but my kiddo was 4 at the time. After that I made sure stuff was up to date. I had a new will drawn up periodically even when married and had a new will signed the day my divorce was finalized since son still a minor in eyes of law. Things changed when he hit 18 and everything is in place for him. People just don't want to think about wills even in this day and age so I get it but it is so important. Even in my case there is absolutely no one to come out of the woodwork to muck up stuff but bases are covered.
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