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Old 02-14-2015, 09:04 AM
mlb
 
Location: North Monterey County
3,179 posts, read 2,853,807 times
Reputation: 4876

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Quote:
Originally Posted by jghorton View Post
Perhaps you could expand on this. I guess tax laws do change - How often is it advisable to update these documents?
We updated the folks-in-law documents when dadinlaw died. I would think you'd want to review them yearly - then get the lawyer to make changes whenever there is a life-event - like a death in the family.

We changed my mother's documents when my brother moved to Brazil. He was no longer interested in being POA. So my youngest sister took over.

Life happens. It's a good idea to review yearly - like maybe when you do your taxes or change your clocks.... You get caught up in events and forget to make changes.

Another change that needs to be reviewed annually - is beneficiaries. My HR Department is pounding that idea into our heads as we have had employees die - and their ex-spouses names are listed as beneficiaries.... even tho the employee remarried.

Pretty Messy Stuff.
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Old 02-14-2015, 08:06 PM
 
Location: San Antonio
7,629 posts, read 14,375,850 times
Reputation: 18706
Our kids know where our wills are, who the executrix of our wills is, and that is it. There is NOTHING that they need to know except that we have ALL our needs covered, and that they will incur NO expense if we should parish together.

I honestly feel that leaving information like that to the kids only creates friction between them.

FYI, the BULK of our estate is directed, per trust, to our ONLY special needs grandchild. HIS needs are genuine, unfortunately something that will require a lifetime of assets, and is set up as to not "resource" him out of care he will be entitled to by current laws (and we all know that changes) but will allow for "assistance" and extra care that he will need once he ages out of the current system.

The others are all happy, healthy and capable....and we HAVE told them that HE is our focus and we expect they consider doing the same for this family member as assets allow....
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Old 02-15-2015, 11:30 AM
 
Location: CT
3,461 posts, read 1,854,644 times
Reputation: 4614
We're going through a lot with my FIL's estate, he had cancer his final couple of years of life so he knew he had to button things up and he did a lot to be sure everything was done in his will with everything going to my MIL. But he never told my wife a lot about his finances, so we assumed he had told her brother, and my MIL has dimentia and doesn't know anything about her finances. When he had passed I think we knew more than her brother, there were some accounts we didn't even know he had. We did get everything together but it took almost a year, to where we at least keep track of it, there are maybe 7-8 accounts and for my wife's sake, I'd love to see it consolidated but she and her brother don't want to mess with it. But its a great example of problems with not letting someone know what and where everything is, even if you don't want to get into the details.
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Old 02-15-2015, 12:07 PM
 
Location: Florida
4,359 posts, read 3,694,371 times
Reputation: 4085
Quote:
Originally Posted by newenglandgirl View Post
We have everything about our finances on a thumb drive that we keep in the safe, along with all important documents about us, the house (deed, car titles, records of prop tax paid, etc etc). There is a second and third in line to act as DPA in case we parents wind up in serious condition or die together in an accident. (I worry most about our dogs, as none of our kids are really in a position to take them, but "hopeful instructions" are to keep them in the family.) Our kids know where the safe is and the combo. The revocable trust in addition to the wills (something I think everyone should have regardless of how well off they are or aren't) has put my mind at ease.
I would also print a copy or get several back up drives.
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Old 02-15-2015, 12:38 PM
 
Location: Florida
4,359 posts, read 3,694,371 times
Reputation: 4085
As a minimum they should know if they will need to help pay your bills.
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Old 02-15-2015, 03:09 PM
 
4,343 posts, read 6,054,558 times
Reputation: 10428
Nothing! He knows were comfortable and he knows where to find all the important papers after we die but otherwise our finances are none of his business and we don't want the details of his.
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Old 02-19-2015, 05:53 AM
 
Location: Near a river
16,042 posts, read 18,969,510 times
Reputation: 15649
Quote:
Originally Posted by rjm1cc View Post
I would also print a copy or get several back up drives.
In the safe are printouts (printed quarterly) for each member of the family with their names on it. And a thumb drive. Maybe I'll get a second one.
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Old 02-19-2015, 06:46 AM
 
Location: Verde Valley AZ
8,614 posts, read 9,676,241 times
Reputation: 10955
Quote:
Originally Posted by newenglandgirl View Post
In the safe are printouts (printed quarterly) for each member of the family with their names on it. And a thumb drive. Maybe I'll get a second one.
I wish my mom had done something similar. As it is my brother is STILL not allowing us to see a copy of her Trust. It's irritating but I've just about decided to heck with it.
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Old 02-19-2015, 04:07 PM
 
Location: SoCal desert
8,093 posts, read 13,227,512 times
Reputation: 14870
Quote:
Originally Posted by AZDesertBrat View Post
I wish my mom had done something similar. As it is my brother is STILL not allowing us to see a copy of her Trust. It's irritating but I've just about decided to heck with it.
If your name is mentioned anywhere in the trust - even if it's for a photo album - Does he know he's breaking the law?

(Google "Rights of the Beneficiary of an Irrevocable Family Trust")

Does he know you can start proceedings to have him removed?
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