If I Die List

[maat55]

I recently added to my Estate folder an "If I die List" for my wife. Because my wife knows little about my business affairs and our personal finance, I created the list to help her with the transition.

I specified how to close accounts, collect outstounding recievables, sell certain assets, setup investments and so on.

In this I gave my preferences for how to handle some assets in the case she remarries.

Do any of you have a list of this type for your mate?
Do any of you see a need for it?

[cptacek]

I gave a list sort of like this to my mom a few years ago when I was still single. I asked her about a month ago if she still had it, and she said yes, so I said, if something happens to me, you'll have to tell DH. Mine is all on the computer and in a little black folder box beside my computer, so it shouldn't be hard to figure out. But, maybe I should run him through it...

[scfr]

Yes - It's absolutely necessary, in all cases, and most especially if your mate doesn't take much of an interest in the finances. That was very thoughtful of you to complete that for your wife.

I used Jonathan Pond's very comprehensive "Letter of Instructions" which anyone can download for free:

JonathanPond.com - Letter of Instruction

I filed a copy in my personal files with my will (DH has been told where it is), gave a copy to the attorney who did my will, and also gave a copy to my sister (who would handle things if DH & I both die at the same time).

As far as handling assets after one of us dies, since we do not have children we were able to write our wills so that won't be an issue. Specifically, whoever dies first, a fairly large portion of our assets goes to their side of the family (parents and/or siblings) with the remainder going to each other to do with as they please. I will, however, stick a note in my file as soon as I am done posting this, strongly suggesting to DH that he get a prenup should he ever remarry (I have mentioned it but it was not a subject he was at all comfortable discussing, for obvious reasons).

I am an authorized signer on my DH's business accounts, so that I could handle getting his business affairs wrapped up if he dies first (and before he retires). He also has me help him out with his business now, so that I have some familiarity.

I do need to update the accounts information on my letter of instructions, and I just put a note on my calendar to do it. Thanks for the reminder.

[maat55]

Yes - It's absolutely necessary, in all cases, and most especially if your mate doesn't take much of an interest in the finances. That was very thoughtful of you to complete that for your wife.

I used Jonathan Pond's very comprehensive "Letter of Instructions" which anyone can download for free:

JonathanPond.com - Letter of Instruction

I filed a copy in my personal files with my will (DH has been told where it is), gave a copy to the attorney who did my will, and also gave a copy to my sister (who would handle things if DH & I both die at the same time).

As far as handling assets after one of us dies, since we do not have children we were able to write our wills so that won't be an issue. Specifically, whoever dies first, a fairly large portion of our assets goes to their side of the family (parents and/or siblings) with the remainder going to each other to do with as they please. I will, however, stick a note in my file as soon as I am done posting this, strongly suggesting to DH that he get a prenup should he ever remarry (I have mentioned it but it was not a subject he was at all comfortable discussing, for obvious reasons).

I am an authorized signer on my DH's business accounts, so that I could handle getting his business affairs wrapped up if he dies first (and before he retires). He also has me help him out with his business now, so that I have some familiarity.

I do need to update the accounts information on my letter of instructions, and I just put a note on my calendar to do it. Thanks for the reminder.

The link you provided has things I haven't considered. I down loaded it to add to my list. Thanks scfr

[Like2Plan]

I recently added to my Estate folder an "If I die List" for my wife. Do any of you see a need for it?

Maat55,
Yes, this is really important.

Do any of you have a list of this type for your mate?

Yes, I try to keep all this information together with the wills. I need to devote some more time to collecting stuff and/or making a list as to where it can be found.

Some recommendations from a book I've been reading called Crash Course in Estate Planning by Michael Palermo, JD, CFP
To give your executor a break he'll thank you for, get organized: gather all the relevant information and put it in one central location, then be sure your executor knows where it is. If you can't find something, now is the time to get replacement copies (or, at least, to alert the executor-to-be about what's mission and how it might be located or replaced). Your executor will need the following items:

• Your Social Security number
• Prepaid funeral and/or cemetery plot deed/information.
• Auto and property hazard and liability insurance policies
• Other insurance policies--health or long-term care insurance, for example that might cover expenses of your final illness
• Safe deposit box location, number, keys and password if required.
• Checkbook(s) and other important information for all bank and financial accounts, including mutual funds and brokerage accounts
• Pension, profit-sharing, IRA and other retirement plan information (again double-check the beneficiary designations, especially if you have been divorced).
• Real estate deeds and corresponding mortgage loan statements.
• Recent tax returns
• Prenuptial agreement or post nuptial agreement
• Divorce or separation agreements
• Business buy/sell agreements and succession-planing documents.
• Will and living trust documents, including any statements for financial accounts or deeds for real estate you have transferred into the trust.
• Military discharge papers, divorce decree, or adoption papers.

[Ima saver]

I have all the savings accounts, cd's , etc. written down in my financial book. I need to update it now!

[Like2Plan]

I used Jonathan Pond's very comprehensive "Letter of Instructions" which anyone can download for free:

JonathanPond.com - Letter of Instruction

That is a very nice resource! I am going to download a copy, too.

[maat55]

In my Estate Folder, is our net worth statement, insurance policy's info,passwords, online payments,personal information, shop asset info, list of all financial accounts and now the die list.

I set this folder up for the executor, but added the die list for my wife to know what to do with all the assets and liabilities.

[aida2003]

I used Jonathan Pond's very comprehensive "Letter of Instructions" which anyone can download for free:

JonathanPond.com - Letter of Instruction

That's a nice one. This will help me organized my messy instructions.
THANKS!!

[jIM_Ohio]

Good idea.

The list linked had the basics.

A few others:
HSA account information
how to rollover/convert IRA beneficiary monies to spouse
login IDs for online accounts
in a seperate location list the password

**a good example for need is online tax preperation. If a person used turbo tax online, that account is tied to my e-mail address at work and spouse would need a way to access prior year's return**

I usually code passwords (I know what her passwords are anyways... but I will leave a note like playernumber which indicates a certain athlete and the uniform number or year they retired as the password). My wife knows the athlete I use, so that should help too.

[osadg]

Okay, with all the financial planning and investing and all the every day stuff, the thought has never even crossed my mind. I realize my husband would be at a complete loss-I'm pretty sure he doesn't even know where everything is. I guess I should say-what a very responsible planning move. I suppose I'll be checking out that link, and preparing some folders.

[SusanP]

My parents informed me about a year ago that they listed me as executor in their life insurance policy, should anything happen to both of them.

I ought to have them fill out the letter of instruction that sfcr linked?

[aida2003]

My parents informed me about a year ago that they listed me as executor in their life insurance policy, should anything happen to both of them.

I ought to have them fill out the letter of instruction that sfcr linked?

I even didn't know that life insurance policies have executors, only beneficiaries .