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I have a binder in my bookcase with copies of important papers (will, POA). My POA and will executors also have a binder of the same documents. It also includes who to notify of death (ss, former employer and health plan). Cremation papers (prepaid) are enclosed. Lawyer’s card is also in binder in case they need help.
I have a file box clearly labeled with other important papers – pink slip to car, birth certificate, passport, social security card, deeds to property, insurance policies, etc.
I haven’t done anything about passwords to important accounts, but I should. Also plan to add the kids to one of my bank accounts in case of an emergency.
We keep copies of all of our paperwork: will, living trust, POA, etc. in one or two places that our children know of. I also compiled a detailed retirement and asset overview of all accounts, account numbers, income streams, insurance, contacts and ongoing plans - which I update annually.
This written overview/plan will work for either my wife or our children when something happens to one/both of us.
An added benefit of the detailed written plan is that it allows me to keep track of where we are and any changes or trends on an ongoing basis. This further helps if/when I want to consult tax accountants or financial planners.
I have a plastic file box with everything in it, including deed to house, cars, passports, birth certs and master password to password wallet. I live in a state where if you have a hurricane evacuation, you need to be able to grab and go. I told my sister where the box is. There's the business card of the lawyer and the lawyer has copies of all.
I would not designate an attorney for my medical directives or POA. In the state I'm in they make big money taking advantage of the elderly once they get control and can run an estate down real fast. Relatives have to go to court to get them removed as guardians.
CCab, are the passwords with the wills, POA in the safe? or you mean they're someplace ELSE safe. (that you have to leave a note with the location of -- in with the papers in the fire safe?)
I think I'm just going to let everyone know where the papers are, and in with those papers will be the passwords.
I have my Wills and the book "What you need to Know' in a (fire safe) cabinet. My passwords are in a separate location; however, even if your executor didn't have them he should be able to reset them with being your executor. The "What my family needs to know book" allows you to put logins and passwords if you want. It has a place to let someone know where all your accounts are, loans, credit cards, mortgage, Life Insurance, etc.
Keep in mind that different states have different ways of doing things. In addition, each person's personal/family situation is different. That can all affect how things are handled.
Having a will is important, and a very good idea. If you are a student, living at home with little to no assets - not that big a deal. The more you have in assets, the more important it becomes.
In terms of being "prepared," it is a very good idea to have a bank account where another person can sign. An alternative is to have an account "in trust" for another person. This is because upon death, a bank account in your name only is supposed to be frozen. Some bank managers by me actually read the obits every day for this purpose. A joint account does not get frozen and the surviving signer can make withdrawals. Upon showing a death certificate, the "in trust for" person has full access to funds in that type of account (but they do not while the person is alive). This is great for having to deal with final expenses.
I really don't like the idea of co-executors and have never heard of giving a lawyer that responsibility. YMMV. Pick one person, and let them know where the documents are.
The lawyer drafting the will generally keeps an original copy on file. You should also have a second original copy. In my area, copies are NOT accepted by the courts. A will can be disqualified if ANYTHING looks out of place - for example, if the staples look like they were removed and replaced. Courts can be very picky. Leaving the original on file with the lawyer is a very good idea.
For passwords, you should consider a password manager program. There are plenty out there. Store all your passwords in one place. Access the file with on "master" password. Make a printout of your master password (include the others if you like) and also drop a file on a flash drive.
Make a list of instructions. Where important papers are, list of life insurance policies, lawyer's name/contact info, bank accounts, etc. Paper and flash drive.
Take it all and put it in a safe deposit box at a local bank. It's not something you need to access every day. This will keep is secure and safe (what if you die due to your house burning down?) Make your executor (or another person you trust) a second signer on the box. You don't have to give them the key - just let them know where it is.
If you are uncomfortable with them being a signer on the box, I am pretty sure that they can have access to it as executor. That, however, will take a little time since the lawyer will have to file the will and get a letter from the court verifying the executor.
A DIY version would involved getting one of those small home "fire safe" boxes. That might be sufficient for some. Everyone's circumstances and needs are different. If you have three children from two different marriages, a dozen bank accounts and two homes, your needs will be very different than a single college student living with his/her parents.
I have my will, POA, health care POA, living will, passport, Social Security card, birth certificate, car title, boat title, and all my banking/IRA/401(k) information in an unlocked firebox in my bedroom. My sister and my attorney have copies of my will, POA, health care POA, and living will. I don't have the deeds to either house but they're both recorded and visible online so I don't need them.
DH & I don't have any kids together, second marriage for both of us. His daughter is our executor and she's on the signature card for the safe deposit box. I've made a list of location of files, accounts, recurring debits to the checking account, assets, etc. Also a list of who to contact, services to stop. The list also contains the location of keys, passwords & documents. She has a copy of the list and there's also one in the safe deposit box.
It should be pretty straightforward for her & I don't want it to be a huge task. We live a pretty simple life so it shouldn't be too bad. DH says not to worry about it, because we'll be dead! :O
It should be pretty straightforward for her & I don't want it to be a huge task. We live a pretty simple life so it shouldn't be too bad. DH says not to worry about it, because we'll be dead! :O
I know you wrote that jokingly, but it does bring up an interesting point. We don't put all our affairs in order for us, we do it for our loved ones.
I went through this with both parents not too long ago. I was POA while they were alive, executor after their passing along with a number of other responsibilities. When I went into my father's home office to start one of the most emotional and difficult tasks of my life, his preparedness took a tremendous weight off my shoulders. There was so much to do and think about at that time - not having to search for pieces of paper allowed me to focus on the important things.
Keeping everything organized and up to date can be difficult, but it is worth it to make things that much easier for the ones we love.
I was looking at the fire safe box idea. (and water proof as well) But read that you need a dehumidifier -- or to open the damn box every TWO WEEKS so humidity doesn't build up and ruin the papers. Forget that.
(Now, maybe that's only if the box is fire -- AND water safe. I don't know. But I'm no interested in having to worry about that. So I'm still undecided about what kind of box. (for at home storage)
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