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Old Today, 08:23 AM
 
Location: Rust'n in Tustin
2,364 posts, read 2,479,893 times
Reputation: 4468

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I don't want to scare anybody, but we're all nearing an age when "we won't be here any longer". If you care about your spouse, kids, and grandkids, talk to an attorney and get your affairs in order.

Update the beneficiaries on any accounts that have them.

A will or a trust ensures your wishes are carried out "after you're not here any longer" (hopefully, if it's written correctly). It wouldn't hurt to consolidate any accounts you have at different institutions, to just one.

While were taking about consolidating, you probably don't need check registers or electric bills from 20 years ago. When my father died we shredded boxes and boxes of old paperwork, that was of no use to anybody.

And my final bit of advice is, if you have a favorite momento that you want a child or grandchild to have, GIVE IT TO THEM WHILE YOU'RE STILL L ALIVE. It ensures they get it, and the happiness it brings both of you will last forever.

Last edited by volosong; Today at 08:34 AM.. Reason: typo
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Old Today, 08:31 AM
 
Location: Kountze, Texas
271 posts, read 40,098 times
Reputation: 236
My DH and I have very old Wills - they were done in 1994/5 - before we had children of our own. I had two children from previous marriage at that time. We are in contact with an attorney to make appointment to discuss new Wills - or Trusts.
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Old Today, 08:34 AM
 
63 posts, read 1,859 times
Reputation: 106
Durable power of attorney
Medical Directives
Something that indicates to whom (brother for example) the kids go if both of you die.
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Old Today, 08:39 AM
 
Location: USA
131 posts, read 15,625 times
Reputation: 133
We haven't done our wills yet. We will after we purchase our home. I have set some of my investments to transfer on death. Thats as far as I've gotten. I know its important.
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Old Today, 08:46 AM
 
Location: Rust'n in Tustin
2,364 posts, read 2,479,893 times
Reputation: 4468
Quote:
Originally Posted by Chaminade View Post
Durable power of attorney
Medical Directives
Something that indicates to whom (brother for example) the kids go if both of you die.
Most retirees don't have to worry about taking care of their kids, their kids are probably taking care of them
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Old Today, 08:48 AM
 
2,371 posts, read 830,217 times
Reputation: 6066
I have a will, healthcare POA, revocable trust, the whole package. It was put together when DH was alive but because he was 15 years older and had chronic health issues, there were pretty clear plans about what happened if I outlived him, which I did. I have 2 more grandchildren but grandchildren were also addressed.

I've been putting off updating it all. I'd rather spend the money on travel!
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Old Today, 08:52 AM
 
Location: Rust'n in Tustin
2,364 posts, read 2,479,893 times
Reputation: 4468
My wife and I went on a major purge of our house and garage. We threw out so much useless junk, that we now have more room to get more useless junk

My wife has a lot of figurines and Chachkies (a yiddish word for trinkets and collectables, AKA crap that you would find in an old lady's house). She's asked our daughter, daughter in-law, and grand daughter if they want any of them now.

All three said "no"

Last edited by ysr_racer; Today at 09:06 AM..
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Old Today, 08:56 AM
 
Location: Rust'n in Tustin
2,364 posts, read 2,479,893 times
Reputation: 4468
Quote:
Originally Posted by athena53 View Post
I have a will, healthcare POA, revocable trust, the whole package. It was put together when DH was alive but because he was 15 years older and had chronic health issues, there were pretty clear plans about what happened if I outlived him, which I did. I have 2 more grandchildren but grandchildren were also addressed.

I've been putting off updating it all. I'd rather spend the money on travel!
When my father died, guess who he left a lot of things to? My mother, but she died five years earlier. It's always best to talk to an attorney when things change.

Our paperwork says, "any surviving grandchildren" so if our kids have more kids, they're included in the distribution.
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Old Today, 09:20 AM
 
2,490 posts, read 638,796 times
Reputation: 4333
Quote:
Originally Posted by coffeemoments View Post
We haven't done our wills yet. We will after we purchase our home. I have set some of my investments to transfer on death. Thats as far as I've gotten. I know its important.
It may be in your best interest to establish a trust PRIOR to the purchase of the home, and then buy the home inside the trust. Best to talk to an estate planning attorney.
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Old Today, 09:23 AM
 
Location: Central Connecticut
429 posts, read 273,654 times
Reputation: 965
We each have a will, health directive, and durable power of attorney on file. We have no trusts. All of our accounts and stocks have TOD or POD.
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