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Thanks in advance sorry it's long...
I'm single with no kids, so no spouse, who you might think would automatically be the person to know where all these kinds of things are.
So I'm just curious....have you told your executor or POA where all your important papers are? Who knows where they are? Are the papers sort of out in the open? or hidden in some secret place.....(like: in the guest room, in the top drawer of the black dresser, in a bag, that's in a locked box ----- for which the key is in the den behind the desk, in a cabinet, in an old sugar dish???)
On one hand I suppose if you've picked a person to be your executor or POA -- you must them implicitly NOT to do anything that you wouldn't do.
On the other hand, while I'm healthy and young-ish I don't really see the need to give them copies of documents that might change. For example -- NO one has any of my computer passwords. I've thought of printing them out and putting them in an envelop and giving them to a sibling in case anything happens to me -- but even though I trust that person -- I'm still uneasy about having that info "out there."
Also with so much of a person's life being on a computer....have you just put everything on a CD or flash drive......,at least the instructions that would let them know where everything is? As of now, I have really told anyone where all that stuff is.
BUT -- for example -- when my late mom and I both flew to Israel -- I left the tote bag with both our wills and POA, attorney names etc, on my bed labeled "WILLS" -- so G-d forbid if anything happened to us at least once someone got into my house they'd easily find at least those documents (with med directives, etc) . My mail is always in piles on the countertop and desk...so finding a utility bill, or yard service invoice or CC bill -- to know how to pay or stop those services would be easy to find....just check the three piles of mail from the with the last six months right on the kitchen table.
Also, when I lived away from home NO one had my house key but me. So if anything happened to me in there, someone would have to break in. At least now that I've moved back to the family home...all my siblings have keys....so that's good. It's a start!
Right now, I'm leaning toward putting instructions and passwords on a flash drive, and just telling my brother where the flash drive is.
So just curious: what have you done regarding all these papers?
So I'm just curious....have you told your executor or POA where all your important papers are?
who you might think would automatically be the person to know where all these kinds of things are.
Your Trusts & Estates attorney, the one who drafted your Will...
should be your co-executor AND have copies of these documents in his office.
An additional set should be kept in your safe deposit box.
Your OTHER co-executor (relative, friend, etc) should know who the attorney is.
The MEDICAL directives and that POA person should have a copy of THAT document.
If it's ever needed they shouldn't have to find some 3rd person or have to get a Court Order for a safe deposit box.
Among your other close friends... a few should know who these people are.
If when these people get changed (it happens)... start over.
Interesting you mention co-EXECUTORS. My friend's mom made her and her brother co-POAs. And because of her case -- I'm not a fan of CO-anything. (although obviously POA and executors fill different roles)
So this good-for-nothing-but make-trouble-for-her" brother -- who also doesn't lift a finger to help take care of the mom with memory issues -- oh yeah sorry, he brought by some chicken breasts, lettuce and a case of bottled water LAST YEAR -- just wrote a letter to remind everyone HE is co-POA.
Their 80-something-year-old single-no kids uncle died and in the state he's in siblings have to approve cremation. So my friend signed for her mom. Now the brother sent a certified letter to one aunt reminding her that HE ALSO is the mom's POA.
So I'm not a fan of CO-anything. In my friend's case, while she's the one at mom's house every weekend, handling bills finances, and paying for part of her care. Her "do nothing" brother can pop in anytime and make trouble. I told her to get mom to change that before mom's memory got so bad it could be challenged. But she hasn't done that yet. And it's likely to late....
As for the original issue of where documents and passwords are kept and who knows where they are, my friend has all of mom's papers. The brother couldn't tell you squat about documents, mom's health, her condition. He hasn't seen her in more than six months...maybe even a year. (the last time he dropped off a case of water)
Interesting you mention co-EXECUTORS. ..I'm not a fan of CO-anything.
Fine. But if you have only one... make it the professional (regarding executor).
You do your friend, relative or your interests no favor if they aren't qualified to manage.
I was my mom's executor. And the elder care/estate planning law firm we have used for years handled everything.
I did the "easy" stuff -- like paying for funeral, gathering last bank statements (there was no probate).
I had them handle most everything else. They filed any 'estate' paper work. And our CPA did her last tax return.
I take it your attorney has all your documents. What about passwords for your computer? Are they in the documents they have. What about key's to the house, copies of utility bills and bank statements?
I had all that stuff when my mom died and it made a world of difference, having all that right at hand.
As I said, being single I have to think about who should have what info if something should happen to me. (And I can't tell them)
After my wife died I realized that no one "knew everything" so I made up a package of information (copies of will, POA, financial accounts, health whatever, bank accounts, etc.). I gave one to my son and one to my Executor who is also my brother and a lawyer.
I put my son as a ?co-signer? on my checking and a small savings account so if he needed to come to town and help me or bury me, he can get his hands on about $10K (it varies some) on any banking day.
I don't have a POA since all I have to leave my two kids are two small life insurance policies which are in a small file cabinet in my closet. My sister is the beneficiary and she knows to pay my cremation from them and give the rest to my kids. I have a copy of my living will on the refrigerator and I have sent a copy to the local hospital (which owns all the other hospitals) and my doctor.
The only thing I need to do is write down the phone numbers for people who will need to be notified when I die like the VA, SS, DFAS, etc.
Your executors and POA's should know where the papers are and who the lawyer is who drafted them. I have never heard of the lawyer being a co-executor??? Anyway, I have not given my executor copies as I have changed them a few times and as long as they know where they are they don't need them. My Wills, etc are in a fire safe cabinet.
As far as passwords are concerned NO ONE has mine! I do have them written down and in a safe place. I do believe that if needed and executor has the power to change your passwords to access your accounts.
You can purchase on Ebay a book "What you should know" for about $9.99. It lets you document where all your accounts are, etc. I have one and I keep it with my Will.
On a side note...... since your children are young, make sure you review your WILL every year. Make sure the guardians you have in place are still who you want. Also, since you're single, make sure you have life insurance. So many people don't and it makes no sense. You can get a Term 30 year policy for $250K for $20 a month if you're healthy.
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.
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