|
Post by cptusa on Apr 18, 2022 17:54:26 GMT -6
So while doing my taxes earlier this year and the recent tractor rollover thread getting me jacked up again.
Trying to compromise a letter/list of "need to knows" for my wife in the event on untimely passing. Trying to figure out what all to leave in it for info and not miss anything.
1. Safe combinations.
2. Location of land abstracts.
3. All insurance locations/policies/documents.
4. All banking info... accounts/loans.
5. Vehicle titles etc.
6. IRA info.
7. Location of grain contracts/shipppments/available bushels.
8. Rental contracts, etc.
Anything else you guys can think of?
|
|
|
Post by kevlar on Apr 18, 2022 18:03:49 GMT -6
Passwords. Have heard of this several times where the spouse can’t access anything, or even cancel a phone or subscription. Case in point, right now I can’t get Telus to find out what is wrong with my internet without my wife giving approval because her name is also on the bill.
|
|
|
Post by meskie on Apr 18, 2022 18:04:33 GMT -6
Power of attorney Where you will is
|
|
|
Post by kevlar on Apr 18, 2022 18:15:24 GMT -6
My wife actually got her parents books that are for this reason one year for Christmas, seemed a little morbid, but it was actually a great idea. A farm would be a bit more complex than for a retired senior, but maybe there is one for farming?
|
|
|
Post by meskie on Apr 18, 2022 18:23:35 GMT -6
You should include where your safe deposit box is and the key
Also the location of where you guys are burying your gold bars.
|
|
|
Post by northernfarmer on Apr 18, 2022 18:40:42 GMT -6
Power of attorney Where you will is This I think is often assumed that power of attorney carries on after the death of the person who is in question and in this instance if the Captain passes away the person who had been previously given power of attorney by Capt himself, the moment Capt passes away the power of attorney is null and void. Now if that same person is named as the executor of the estate they have some abilities yet but I don't believe the same as what the power of attorney had. That would be one item to dig into and find out because a will can take over and who is named in that will and it all becomes one huge mess of having to get permission from those in the will for example. If that person who has power of attorney is also named on the accounts and has full access to them, that changes the picture of course. One would have to consult a lawyer well trained in this to know how to cover all the basis so full control and access is given after your death rather then make assumptions. This list is a combination of not only a list of items but updating wills and life insurance for today's situation, not what made sense 20 years ago etc.
Definitely having the account numbers and all pass words for all bank accounts, credit cards, you name it.
Knowing where the will is and that it is in fact the active will and not some prior will.
Life insurance policies AND knowing who is actually listed on them and have it updated as sometimes items like that get overlooked and diseased people are listed on a policy and may not reflect your current life ( for example your ex listed on it ! )
Who if anyone else is named on a bank account as the other party ( if not your wife ) can walk right in and take it all from under your wife and that may never have been the intention.
|
|
|
Post by meskie on Apr 18, 2022 18:47:10 GMT -6
I was thinking more the power of attorney in case someone is in the hospital and is unable to do what they need to.
|
|
|
Post by northernfarmer on Apr 18, 2022 18:57:32 GMT -6
I was thinking more the power of attorney in case someone is in the hospital and is unable to do what they need to. Yes that aspect for sure applies and definitely makes sense, I just wanted to point out what happens to that power the moment the person in question passes away.
|
|
|
Post by kevlar on Apr 18, 2022 19:12:58 GMT -6
I’ve heard of a few cases where someone completely unrelated or connected to the deceased or their family being the executor of the estate. At first that seemed strange to me, but then it made sense that this person had no emotional connection and just followed the will and did what the deceased wanted. It’s easier to tie up all the loose ends for something you have no emotional ties to. I’m not sure how these people found strangers to do this though.
|
|
|
Post by Beerwiser on Apr 18, 2022 19:13:59 GMT -6
Contacts of people you deal with for various aspects of the farm. Dave in your phone does not mean much to her. A fair selling price of items / land rental rates is probably the biggest thing or ideally have someone that you trust to help with that since that changes like the weather. I know when my buddy passed away, it was nothing but stress for her to try and sell all his tools and equipment.(Ran his own auto mechanic shop). His brother and I ended up selling most of it for her as it was over her head and people were trying to get everything for nothing.
|
|
gleanerl
Junior Member
Posts: 97 Likes: 95
|
Post by gleanerl on Apr 18, 2022 19:14:49 GMT -6
Been going through some of this the past several months. MIL fell in June and passed away in January. Luckly my wife had finally after a year of arguing got her to do a Power of Attorney, so that was in place to take care of her. Unfortunatley she had no will and died 24 hours before my wife was to sign the last paper work for the sale of her house, to help pay for nursing home. The best thing for us is our Lawyer has 40 years experience and got the estated probated through the court in just 4 weeks. It's been nothing but needless stress and exhuasting for my wife dealing with all this when she is also greaving the loss of her Mother. If you don't have a Power of Attorney or will , GET ONE NOW!
|
|
|
Post by hillbillyreefer on Apr 18, 2022 20:13:45 GMT -6
Been going through some of this the past several months. MIL fell in June and passed away in January. Luckly my wife had finally after a year of arguing got her to do a Power of Attorney, so that was in place to take care of her. Unfortunatley she had no will and died 24 hours before my wife was to sign the last paper work for the sale of her house, to help pay for nursing home. The best thing for us is our Lawyer has 40 years experience and got the estated probated through the court in just 4 weeks. It's been nothing but needless stress and exhuasting for my wife dealing with all this when she is also greaving the loss of her Mother. If you don't have a Power of Attorney or will , GET ONE NOW! Allow me to second this: If you don’t have a Power of Attorney or Will, GET ONE NOW!It’s a huge undertaking if they have those in place, I can’t imagine how big a PITA it would be without them. We’re dealing with a POA and executors duties. It’s a fairly simple estate going to the spouse, it’s bit of a PITA, I couldn’t imagine the problems created by a farm or business owner/partner passing away without a Will.
|
|
|
Post by cptusa on Apr 19, 2022 5:51:39 GMT -6
All great points. Will, POA both taken care of. Never thought about passwords. Maps to the buried gold are in the safe.
It's a difficult topic and easy to put off as it deals with ones own mortality but does need to be addressed.
I was going to include a sealed personal note to her as well but decided against that as if something happened in the near future it could be construed by insurance companies as a suicide note or equivalent...? I was thinking of it as something she'd open 30-40 years from now but one never knows, and I generally don't trust anyone.
|
|
|
Post by Oatking on Apr 19, 2022 6:28:09 GMT -6
Updating the will is pretty important too. I am in the process of doing that and its a fair bit of writing out. Main reason I am rewriting the will is I dont want my wealth going to my wife's sister and brother in law as they are terrible folks. Never thought that 20 years ago but people change over time. Actually willing some land to a life long friends daughter. Family can be vultures when it comes to inheriting land especially these days when land is so valuable. Probably the toughest thing writing a will is determine who is really loyal to you and appreciates you and your life's work. Even my own father in law I would not appoint as a power of attorney because he would sell my estate in an instant. I am proud my daughters see the importance of owning land as an asset.
That personal note idea cpt is really interesting and I would talk to a lawyer how to phrase it to be legal. I thought of that idea too, in case I wanted something added to my will at the last minute. selecting the power of attorney within a family is pretty difficult. My mom is perhaps showing signs of not making proper decisions , but to other siblings she is making the right decisions in there favour. Terrible situation to get into with family. How long can you make your money sit still in your will? What I mean is can you stipulate say your 10 million can not be spent till your children are 25 and be only legally put in there name and not any spouse. Basically can you guard your wealth for a period of time. I know they say you cant take your money with you.
|
|
|
Post by kevlar on Apr 19, 2022 6:41:20 GMT -6
I think you can set whatever age you want your kids to receive their inheritance. I can’t remember the exact age we put our kids at in our will, early 20’s roughly. I didn’t want to hand over a lump of money to an 18 year old in their party years, few are responsible enough at that age.
On the personal note, I know my insurance had a clause in it that if I committed suicide within the first two years my policy was void , but after that it’s fair game! Maybe all insurance companies aren’t that way, I don’t know.
|
|