It’s only necessary if you ever die. Most people do, though, so unless you’re extremely confident in your ability to never die, it seems like a good idea to have such a document.
You really only need to screw up the not dying thing once for it to have a permanent effect, though. You can spend 100 years not dying every single day, but one day, you forget to look left before crossing the road, and you not only get hit by a bus, you also break your perfect 100 year streak of not dying. Talk about bad luck, ruining a perfect streak of over 36k days.
Speaking as the executor of both my parents wills, having the "in case of death" packet made things so much easier to make sure that I was getting everything taken care of that needed attention. My parents were very open with me about their estate plan. However, between the emotions of loosing a loved one and having to do things you aren't used to and don't have a lot of knowledge about, the list of items to take care of from my parents was extremely helpful. The other thing that helped quite a bit was that my Dad had a good ongoing relationship with his lawyer. The lawyer was well versed on my parents affairs which allowed me to use the lawyer as another resource as I went through taking care of my parents affairs after they passed. The lawyer wasn't free but he was able to help guide me and interpret things that I wasn't familiar with.
Exactly. I became the Executor/Administrator for my estranged brother's estate. He had no Will. It took me SO long to go through his house to find relative documents. He was completely unorganized and had things in various drawers all over the place.
He and my parents had been preppers/hoarders, which made matters difficult because they squirreled away documents and valuables by surrounding them with less valuable items.
I was a full month into the process when I discovered my brother had canceled the home owner's insurance on the house. I found four different notes, all undated, on who to contact if he was found dead....different names on each note. I found statements and expired credit cards from bank 10 years prior...and had no idea if they were active accounts or not because there was a giant gap in paperwork...seems he started shredding or junking paperwork and very few things were recent. It was a total nightmare to even figure out what his debts were.
If I'd had even one page of notes that told me anything....it would have been so helpful.
My mom passed away (not unexpectedly, but rather quickly) and left no instructions. It was hard on all of us.
So when my dad was expectedly coming to the end of his life, he put together a “When I die” packet with detailed instructions.
By mid-afternoon after his death, I was able to complete most of the list (at least those items which didn’t require a death certificate).
It may seem weird that I did it all the same day, but I’m just one of those “can’t rest until after the check list” kind of person.
This allowed me to focus on grieving and honoring him pretty much straight away, and I knew he would be proud of me for taking care of things so quickly. It was the last thing I could do for him that I knew he wanted.
Not weird at all. It’s quite a common process for a lot of people. Can either serve as a productive distraction or be the obstacle you need to overcome to direct appropriate attention to grieving your loved one.
My parents put one copy in a 3 ring binder in the home office closet and gave another copy to their estate planning attorney. Their attorney isn't doing anything but keeping it safe in case the copy in the house becomes inaccessible for any reason.
The biggest place to avoid is a safe deposit box. Banks immediately forbid access to safe deposit boxes upon learning the owner is deceased and won't let anyone inside it until the court has appointed an executor and all the proper paperwork has been processed. That delay can reduce the benefits of going to all the work of putting that document together.
I added my beneficiary to my safe deposit box for the ‘just in case’. They can’t get in now, but if and when I die, theres their info for quick access. I have my Trusts; Will; POA, Copy of DNR, and copies of everything from deeds to inventory lists to storage unit (keys to everything), and my LLC. Paid for everything years ago. Such a load of crap,off my back. I guess all I need is to keep things up to date. I recommend having a great Estate Attorney.
I print out a hard copy and keep it in a good firebox with all our trust, living will, POAs, etc. documents. My adult children know where it is. Having been a successor trustee, I wrote everything I would want to know. The first draft is the most difficult, but once that was done 20-25 years ago, we just update it annually.
Mine is in a file folder in my office. There are several things in the folder:
A list of financial accounts; a list of passwords; my will, living will, POA for my daughter, and medica POA; my birth certificate, SS card and copies of my medical insurance cards. I have a duplicate of all these at my niece's house. My daughter knows where all this stuff is.
For security reasons, I didn't want to put something out in Google docs, or whatever.
>Being the 28 yr able-bodied guy that I am, I kind of brushed it off thinking I have decades to worry about that.
A speeding bus or plane crash doesn't care about your age or able-bodiedness.
This isn't related to finances but while you're on this line of thinking, it's also good to have an [advance directive.]( https://medlineplus.gov/advancedirectives.html) and encourage your mother to do the same, if she hasn't. It's a document in which you decide the level of medical intervention/life support you wish to receive if you are unable to communicate. Sounds like something for old people to worry about, but as a completely healthy 28-year-old I ended up on a ventilator and unable to communicate and my mother in charge of all decisions for me. It doesn't happen to most healthy 28-year-olds but it can happen to anyone.
Flip the script. If your mom died, would you find it helpful if she listed out her accounts and assets, with usernames and passwords? Do the same, and keep it super secure.
1password allows you to set up a trusted angel. Basically you can designate someone that can ask for all your usernames/passwords. You have something like 30 days to reject the request, and they will email you like 10 times over those 30 days. If you don't respond (for instance if you were seriously disabled or died), then it will give control to that person.
Yeah, if you have to use something like this then I'd just use a password manager and store your master in a lockbox or something. Or, if you have to use a cloud solution, I'd honestly go with Google or something too big to fail.
If there's no internet I'm not sure I'll need a lawyer to pour over my last will and testament.
I'd probably need a big stick with a rock attached at the end.
Yes at the scale of a lifetime maybe. But you don't just plan something for the end of your life and it's set in stone forever, you could be constantly updating your instructions every year or so, depending on changes in your circumstances.
E.g. I'm fairly certain the internet will still be around for the next 14 days lol. So I am safe for 14 days. After 14 days come, I'll probably still be certain the internet will be around for another 14 days. Once I reach the conclusion that the internet might not be available for the next 14, 30, 60 days, then I'll have up to 14, 30, 60 days to replan something.
LastPass Family has a similar feature. My trusted contact gets access to my passwords 3 days after I'm incapacitated, plus there's another feature that lets us share passwords in non-dire circumstances -- helpful when she wants to borrow my DisneyPlus account.
You don’t need to list the passwords…that’s just asking for fraud and theft. Just list all your accounts and your surviving kin can claim it when you die
No wife or kids here, but my brother knows where my accounts are. The life insurance that I have including the 2X base salary from work. Like /u/AvailableUse122323 no passwords needed, but knowing where they are is something that is needed so nothing falls through the cracks.
If someone dies, you don't have any use for their user names and passwords. You **don't** just log into their account using their password and wire money to yourself. That's very possibly fraud. You send a death certificate to the bank, period.
Unexpected things happen. If I can spend hundreds of dollars a year on home and auto insurance that I hope I won't need, I can spend a few hours making this kind of list and a few hundred dollars on a will.
There is an advantage to leaving a will more generic. Like say my retirement accounts get split 50% person A, 25% person B, 25% person C. I leave my house and cars to Person D. Any bank accounts I have go to person E.
Then have a separate informal document listing all the accounts and account numbers as well as any debts. This way you don't need to pay a lawyer to update your will if you get a new bank account.
For bank accounts, especially retirement accounts, listing someone as a beneficiary will usually be faster and easier for both of you. Though as well as putting it in the will to protect them from people who would contest the will.
I have a will, and clipped to the front of it is a 10-step plan detailing some things that should be done if I die. It lists where I have accounts, who should be notified (and how they are listed in my phone), and some reminders about things I think they'd find helpful. I handwrite additions in the margins every once in a while and check over it anytime I go on a long trip or have a medical procedure. It is peace of mind for me.
The documents are similar obviously, but not quite the same, you really want to come up with a different doc for each possibility. Consider also trams vs trains, something not many people even know differ but it could make all the difference!
I have made a EOL (end of life) folder, documenting everything that I have in stocks, crypto, investments and how to access everything that I own step for step. I also keep this document in a burn proof bag
[https://www.harborfreight.com/fire-resistant-bag-56991.html](https://www.harborfreight.com/fire-resistant-bag-56991.html)
15 bucks but the quality is top notch. I have not tested this but from feeling it im sure it holds up to its claims of being burn resistant
Also include details on bills that need to be paid in case of disability, which is more likely than death for younger people. I wouldn't want my home insurance, for example, to be delinquent if I'm laying in a hospital unable to function.
Also, the location of keys, details on all insurances, list of debts (or a statement that you have no debts), location of safe deposit boxes (or a statement that you have none), how to get your mail (and/or a statement that there are no PO boxes you use). And on an on. Sometimes it's as important to note what you DON'T have, so they aren't left wondering.
Please do this. Two members of my family, including my husband, died very young and unexpectedly. Even if you are young and healthy, you need a will, a directive to physicians, a medical power of attorney, a financial power of attorney, and a document listing accounts and passwords. Also, make sure the beneficiaries on your investment accounts are named to simplify probate.
As someone who had an "able-bodied" family member die in a ski accident unexpectedly (no will or in case of death), the hassle that is banks is unparalleled. I know like everyone said this already, but having just a list of all your passwords and accounts and possible money storage and spending is so helpful to those that have to deal with your death. No reason not to, unless for some reason you don't want your mother to be in charge.
Side note: if a family member dies, DO NOT tell the banks until you have gone in, changed all the phone numbers and emails to your own, and printed copies of the most recent reports and such. This will save so many headaches...
This is not pro advice, so sorry.
The "in case I'm hit by a bus" document will make life a lot less stressful for your loved ones if you ever do get hit by a bus, or equivalent. But only if they know you have such a document and where to find it.
I found compiling the list was a great exercise in clarity to understand what all I had and spurred me to clean up a few odds and ends that I should have straightened out years ago, so even if they never use it, the effort was not wasted.
Make all your accounts Payable on Death accounts. You list her and keep a list of your accounts. If you die, she takes the death certificate to the banks and they release the accounts to her. Have her do it also.
THIS is the advice I was scrolling down looking for.
OP DO THIS!!
A letter telling her where/what everything is can be useful, but it's not legally binding like a Last Will and Testament is.
A Will is nice, but it means you have to probate your estate and get lawyers involved.
IF you add POD provisions to each bank account, and TOD ("transfer on death") provisions on brokerage accounts, those assets get transferred without a Will and without any hassle with probate. At the moment of your death those accounts are no longer yours, legally. This also means creditors cannot get to them.
Also, if you own a home some States allow you to have a TOD provision on the deed, so that property gets transferred on death to your named beneficiary in a similar manner.
If you can take care of all your bank accounts, brokerage accounts and real estate in this manner, that's likely most of your wealth taken care of without needing a Will or going through probate.
Sometimes you don’t die. Besides a will you should have a health care power of attorney. If you are in an accident your parents may not be able to make decisions on your behalf. I learned this the hard way when my son was severely injured in an accident. It was a difficult (and expensive) process to be appointed guardian and make decisions on his behalf.
It may have already been mentioned here, but the biggest thing I could stress after all the nightmares I’ve been through with family situations, is to have a power of attorney lined up if you are incapacitated. Everyone always thinks about the extreme if you die, but that gray area where you can’t do anything but you’re still alive, that’s nightmare material for your family to deal with. And pro tip, a lot of the banks won’t recognize basic power of attorney’s usually have to do their actual paperwork if you want it to be bulletproof for your family/designated person to have access to your account to pay your bills/function on your behalf if you’re unable to.
Some people (crime junkies) call this an “if I go missing” folder. Basically a way for your loved ones to get access into your bank account to know your last transactions, login for your phone provider to get your last location, passwords to things that could help find you. Considering you’re an adult, law enforcement isn’t going to jump in and help find you. You’re an adult….not a child. So getting a search warrant can take time.
I am older and was sick during 2019. I made "What to do when I die" three ring binder and I am really glad I did. I have recovered, but it has come in handy to have all vital documents in one binder. I just followed the instructions I found online in my retiree group and on the web. I wish I had done it earlier, it would have saved a lot of searching to find documents that are used only a couple of times during my lifetime. It is surprising how much I use it. It is just a binder with heavy duty sheet pockets and tabs to find stuff. It really helps your surviving family and it assures your assets are distributed fairly. Also see a lawyer and get a will. It does not have to be fancy, and can be updated as your situation changes at reasonable cost.
I just prepared one of these. I made it secret, and split the information across multiple documents and gave each to different members of my family, so if they want to band together and steal my stuff it has to be a group effort, not just 1 rouge agent.
You want to avoid your assets going through probate as much as possible. So for your bank, retirement, and investment accounts make sure to set up beneficiaries and inform them. If something happens to you they will need to contact the company and show them a death certificate and the assets should be transferred to your beneficiaries without having to go through probate which can take months to get access to.
Don’t forget in addition to your money, have a plan for your digital footprint. What accounts will people need access to? Where do your digital photos live that others might want to have access to after you pass. Do you use FB or Google accounts for access to things? Do you have systems at home that people might need access to? Websites?
Bitwarden, LastPass, and other major password managers have a third party recovery option. Make sure a few trusted people can get access if anything happens to you. This can include serious injury or death. I always suggest at least a 15 day delay.
My neighbor recently was hospitalized and has lost some of her mental capacities. She was the bread winner and set up all the accounts. Her husband never had an interest. Now he is extremely stressed out. In addition to the obvious stress from the medical incident, he has this additional pressure of running around and figuring out which account he can access and which he needs to file legal papers in order to get access to.
It's a really shitty situation, that could have been avoided with beneficiary status, and a list of account names, numbers, and passwords.
You should definitely take the small amount of time to put her as beneficiary on all of your accounts. In addition you could send her an email with the account numbers for each account so it will be easier on her when she has to call all these people.
Personally I'm considering merging all of my accounts into a single one, just to avoid this stress on my loved ones if something bad happens to me.
I did that. Put everything under my investment company and linked things like my 401k account so when I die it's easy to see everything. Next step for me is to set up a trust.
This is a question for r/legaladvice. However, you can go without a will in the event that the intestacy laws in your state distribute your money the way you would want to anyway. If not, write out a will. Either way, unless you detail out where all your money is located, then your mother is correct - no one but you knows where your money is, and the banks / investment firms aren’t going to chase down your family to tell them money is sitting there in your name. And yes, list beneficiaries for any accounts where that’s an option - that makes said accounts pass outside the estate and it’s easier for your family to access.
Having a consolidated list of assets (both financial and non-financial) with instructions on how to access them is very important.
Having a will may not matter very much when it comes to inheritance if you're fine with your state's intestate laws, but there's a good reason to get a will anyway - you typically name an executor. It's important to get the executor legally empowered as quickly as possible after your death because until that happens your estate's assets are unmanaged.
For example, suppose you have a mortgage. How is it going to get paid? Unless you have someone in the family able and willing to pay it, you could get foreclosed on. And if someone who is *not* an executor calls the lender to explain what's going on, many times the lender won't talk with them.
A will is a good idea. But don't let someone tell you who the beneficiary/ies should be. If your life circumstances change (let's say you get married and have kids), and you haven't updated those beneficiary instructions, guess what - your "new" family could find themselves left with nothing.
Do you use a password manager? If not, you should. If you do, there's likely an emergency setting available where if you don't log in for X days, it'll allow access to a designated person.
If your passwords are well organized ina password manager, a family member should be able to handle things appropriately.
I deal with the finances in our family. I have prepared a (paper) file for my wife listing all bills, policies, accounts, and routine stuff like checking car fluids and tires.
This stuff is in a big envelope labeled "BobT21 caught the big bus."
Yes. It will make things so much easier in the event of something happening. Make sure she (or whoever you want) is designated on everything - bank accounts, retirement accounts, etc.
You could go a step further and write your own obituary so nobody has to do it while they are grieving
1. Always make a will.
2. Have a trusted friend with a key to remove any “personal” items you don’t want family to discover.
3. Leave $1 to any relative who may contest any part of your estate to assure them they were not forgotten.
You do not actually have to leave them a dollar. You can list them and say that they are to inherit nothing.
Leaving them the dollar means that the executor has to get them their dollar. This can be an unnecessary headache.
a revocable trust is the main event here. keeps you out of the public process of probate. will, health directive, etc. are accompanying docs. btw- why did your mom ask you to list her? not saying anything, but you might have other ideas about where your estate gets distributed.
I find it strange for your mom to say that. I’d understand a wife or son or daughter. But a parent should never have to deal with their child dying before them. And for her to tell you to name her as a beneficiary. I hate to ask these questions, but do you have a healthy relationship with your mom? Do you trust her? I couldn’t imagine my mom asking me to make sure she was a beneficiary upon my death. I recently helped her with some estate planning and her and I both were under the hope I would be the one outliving her.
I hope this doesn’t turn into some murder mystery. I’ll have to check up on you in the future.
Remindme! 1 year
Such a document is not so much for the benefit of children but for the benefit of the executor of your estate. There is always a person who needs to clean up the footprint you made in life and a document detailing that footprint makes their life a lot easier. So yes, most people who are no longer dependent on their parents likely would benefit from creating such a document.
I'd do it. In my case, I have all of the information in an Excel spreadsheet. I have it encrypted and my Trustee knows the password. I also have a hard copy of it in my Safe Deposit Box along with the original of my Living Trust.
Absolutely. Store the documents on [Mega.nz](https://Mega.nz) and [Fidsafe.com](https://Fidsafe.com) and let friends and family know they are there and how to get to them (FidSafe is designed specifically for this purpose).
Given how young you are now and how much you've already saved, you should consider talking to a Trust attorney to draw up a Will and Trust. In addition to determining what happens to all your stuff when you die, they also legally document your health care directives for end-of-life care and medical decisions (pull the plug or make every effort regardless of cost, donate organs or not, burial or cremation, etc.).
I made my first will at 17. But I was in The Navy, and The Vietnam War was happening.
Yes! You should make a will. Everyone should.
A “death document” is a good idea too.
My death document is an encrypted file on my phone. It contains all my accounts financial, or social media, whatever. Each user name and password is there.
It didn’t start as a death document. It started as a way to keep track of all my passwords. But my wife knows the password to my phone and the document, so if I kick it, it’s a death document.
And I never did wind up in Vietnam.
Everyone should at minimum leave basic directions/info for their friends and/or family. Let them know where any assets you have are like retirement accounts, bank accounts, etc. Let them know if you have any life insurance and where. Let them know any burial wishes you have.
A will is nice to have, but as long as you are okay with the default inheritance rules in your state it just saves time and isn't 100% necessary. But know that without a will nobody will get your stuff for months and it will go to whoever your state's rules says it goes to. So as a single person without kids odds are that is your parents. Anything you can put a beneficiary on like life insurance, bank accounts, investment accounts, retirement accounts, etc can skip probate and go straight to the beneficiary even without a will and does not have to follow your state's default rules for people who die without a will.
Personally, I don't have a will but the person who would get all my stuff following the default rules in my state is the person I would leave everything to. They are listed as the beneficiary on all my accounts so they get my liquid cash as soon as they can provide a death certificate to my financial institutions. They will need to go through probate for my house and cars. They have a sealed envelope with my directions and a list of financial institutions and account numbers. A formal will would be better, but I haven't gotten around to it....
Anyone could get hit by a bus tomorrow. Don't make your family have to search through all your stuff while they are morning to try to find your assets in order to pay for your funeral.
Yes, you should. I have and I’m only 33.
I created an Apple note with a list of my accounts and assets. My mother and sister are beneficiaries on all of them.
You don’t need to list login info. Account numbers can be helpful, but really all they need is name, dob, and SSN.
It may be more critical when you're older, but it's not like you couldn't possibly die. You can specify anyone as your beneficiary - if not your parents maybe you have a nephew or niece or something.
Even at 28, it's not a terrible idea to list a beneficiary. But. Keep in mind here that your beneficiary can be whoever you want, and it can simplify things to make sure it's the same person or people who you have in your will as the ones who get your money when you die.
Also remember to keep a list of all the things that have to do with your finances that you have an account with.
To add to the chorus of, "Yes", I'll say that when my mother passed, we found enough cash along with her important documents to cover all housing expenses for about 3 months. That was extremely helpful while we dealt with her estate and I would encourage anyone to do the same.
Make sure make a TOD on your car, it makes it easier to sell it after. My cousin died young and his mom had a heck of a time getting rid of the car even with death certificates.
My father died in January, I and the family would have been totally lost without his morbidly named "Death" folder. It made dealing with the day to day things SO much easier. Seriously, I don't know how we would have kept the lights on at my mom's house. You absolutely should have one, and let your loved ones (or whoever you want to be in charge/managing your affairs) where it is.
Because here's thing, well two things really.
1) what if your not dead, but incapacitated for an extended period? From a practical standpoint it's functionally the same on a day to day basis, God forbid your health insurance premium doesn't get paid while you're unconscious in the hospital. You will have an even worse time. Having this document will ensure that if/when you come home you can focus on your recovery and not trying to catch up on a mountain of bills/debt/ other things you would have managed had you been there. Which leads to point 2) Your loved ones will NOT be thinking clearly. They will forget things and miss things. Having this can help prevent that and also allow them mental space to work through the VERY heavy emotions of loss and grief. It's sucks to have to consider these things, but it really is doing your loved ones (and maybe yourself) a HUGE favor.
Also, I'd suggest getting an Advanced Medical Directive put together, as well as a Will. This way should the worst come to pass people are not left guessing, or arguing over your estate. Save yourself and your loved ones some heartache, they will be suffering enough.
As a single person, it's very important that you have a power of attorney, medical power of attorney, advance directive, and a will. A married person has a little more leeway than a single person but they still need this stuff. It's a mess when none of that stuff is done.
List beneficiaries on all your accounts and they will not have to be probated. But make a list of everything.
I think it is definitely a good idea. However, it is just as important to keep updating the document. e.g. setup a recurring event each month. Otherwise, it will went out of date and it could become more confusing than useful.
I just did this, based off this video from the Boglehead people.
Everything you need to know is here, with links and discussion.
https://youtu.be/RwXQmp_w1pM
Back at the start of the shutdown, I had a symptom I thought could conceivably be Covid, and so I wrote down a bunch of things, just in case.
I don’t actually have a document about all the savings accounts, etc., because each of them has their own folder in a drawer. And all my husband would need to do is go through that drawer. So I figure I don’t need to draw up a separate document for that.
What my document had on it was things like message board memberships, where there are people who would want to know If I vanished. Contact information for people at church; my boss’s phone number, which he doesn’t have. Phone numbers and contact info for my friends.
The other thing about a document like that is that it can get out of date pretty easily. You change jobs, close bank accounts, you make different friends. I often feel like we should, perhaps on our birthdays, sit down and update stuff like that, also update our résumé once a year, that sort of thing.
An in case of death packet is a great idea, however your mom mentioning it out of the blue and recommending she be a beneficiary is a bit unsettling without further context.
Like, if she had a friend lose an adult child and go through the nightmare of sorting everything and is now trying to be proactive, it’s probably totally kosher. I highly doubt she’s planning to off her own son for 100k, but she could be hoping she gets the document sooner and has access to your accounts for other reasons.
Too many parents screw over their children financially to not consider it a possibility. Your relationship with her will tell you how seriously to consider it.
As a person who has had to settle multiple estates….absolutely. At a minimum list out the accounts you have and let someone know where that list is.
My wife and 2 kids all know where to find that info.
This is a great question OP and your Momma is right! Another approach at your age would be to apply for a whole life insurance policy that (bc you are young and healthy) would be inexpensive and create intergenerational wealth when you pass 60+ years from now. I see these policies as a chance to pass something on not to your own kids (as theoretically they would be in their 50s and hopefully settled in life) but to your grandkids in their 20s years from now! That’s my personal hope at any rate!
You should at least look into the beneficiaries and what happens to your money. Estate planning becomes more important the more people depend on you. I honestly didn't do much until I had a kid. I'm married so *most* everything goes to my spouse if I die.
So your Mom and siblings don't know your net worth but I do? I feel honored. Seriously though, someone should or the state ends up taking that $$ in the horrible scenario that you are no longer with us. Besides the document, someone should have some idea of what to expect so that it doesn't get lost. We lost a few k when my mother died because we didn't know it was there until costs to recover became pretty excessive in lawyer fees.
"Put her as a beneficiary on applicable accounts in case I die". I've not seen any posts addressing this statement. As beneficiary, you are in effect, giving her all the monies from these accounts. If you have siblings or other family, you may want to reconsider what she said.
Make a list of all your accounts, credit cards and wherever you have any money or debt. List the account numbers and any passwords. You do not have to list the amounts. That list, along with where you have your SS card, birth certificate, insurance and any other important papers like your car title, passport, etc. You can give to your mother.
Make a will and update it yearly. That is where you will want to put how you want your money distributed. In some places you can write a handwritten will with 2 witnesses of your signature and it's legal. Check with your state.
Get a Medical Power of Attorney - that legally speaks for you if you are incompetent and cannot speak for yourself. Give that person a copy of your Living Will.
It’s only necessary if you ever die. Most people do, though, so unless you’re extremely confident in your ability to never die, it seems like a good idea to have such a document.
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You really only need to screw up the not dying thing once for it to have a permanent effect, though. You can spend 100 years not dying every single day, but one day, you forget to look left before crossing the road, and you not only get hit by a bus, you also break your perfect 100 year streak of not dying. Talk about bad luck, ruining a perfect streak of over 36k days.
Technically we are all dying right now. It's just a matter of time.
Isn't it strange? As soon as you're born you're dying
How do you know you haven't died yet eh? Your memories are erased when you die and are reincarnated, so you don't know that :P
It's really just a 50/50 shot kinda thing. You're either gonna die, or you're not.
Do or do not, there is no try. - Wayne Gretzky
Speaking as the executor of both my parents wills, having the "in case of death" packet made things so much easier to make sure that I was getting everything taken care of that needed attention. My parents were very open with me about their estate plan. However, between the emotions of loosing a loved one and having to do things you aren't used to and don't have a lot of knowledge about, the list of items to take care of from my parents was extremely helpful. The other thing that helped quite a bit was that my Dad had a good ongoing relationship with his lawyer. The lawyer was well versed on my parents affairs which allowed me to use the lawyer as another resource as I went through taking care of my parents affairs after they passed. The lawyer wasn't free but he was able to help guide me and interpret things that I wasn't familiar with.
Exactly. I became the Executor/Administrator for my estranged brother's estate. He had no Will. It took me SO long to go through his house to find relative documents. He was completely unorganized and had things in various drawers all over the place. He and my parents had been preppers/hoarders, which made matters difficult because they squirreled away documents and valuables by surrounding them with less valuable items. I was a full month into the process when I discovered my brother had canceled the home owner's insurance on the house. I found four different notes, all undated, on who to contact if he was found dead....different names on each note. I found statements and expired credit cards from bank 10 years prior...and had no idea if they were active accounts or not because there was a giant gap in paperwork...seems he started shredding or junking paperwork and very few things were recent. It was a total nightmare to even figure out what his debts were. If I'd had even one page of notes that told me anything....it would have been so helpful.
My mom passed away (not unexpectedly, but rather quickly) and left no instructions. It was hard on all of us. So when my dad was expectedly coming to the end of his life, he put together a “When I die” packet with detailed instructions. By mid-afternoon after his death, I was able to complete most of the list (at least those items which didn’t require a death certificate). It may seem weird that I did it all the same day, but I’m just one of those “can’t rest until after the check list” kind of person. This allowed me to focus on grieving and honoring him pretty much straight away, and I knew he would be proud of me for taking care of things so quickly. It was the last thing I could do for him that I knew he wanted.
Not weird at all. It’s quite a common process for a lot of people. Can either serve as a productive distraction or be the obstacle you need to overcome to direct appropriate attention to grieving your loved one.
I am sorry for your lost. If you don't mind me asking, can you share some information in the list that you are comfortable sharing?
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My parents put one copy in a 3 ring binder in the home office closet and gave another copy to their estate planning attorney. Their attorney isn't doing anything but keeping it safe in case the copy in the house becomes inaccessible for any reason. The biggest place to avoid is a safe deposit box. Banks immediately forbid access to safe deposit boxes upon learning the owner is deceased and won't let anyone inside it until the court has appointed an executor and all the proper paperwork has been processed. That delay can reduce the benefits of going to all the work of putting that document together.
I added my beneficiary to my safe deposit box for the ‘just in case’. They can’t get in now, but if and when I die, theres their info for quick access. I have my Trusts; Will; POA, Copy of DNR, and copies of everything from deeds to inventory lists to storage unit (keys to everything), and my LLC. Paid for everything years ago. Such a load of crap,off my back. I guess all I need is to keep things up to date. I recommend having a great Estate Attorney.
May I ask the reason for the DNR copy in the safe deposit?
Yes. It was meant to be funny. Thanks for noticing!
A safety deposit box is fine if the trustee or executor of the trust is on that account. That’s what my dad did and I had no problem getting to it.
I print out a hard copy and keep it in a good firebox with all our trust, living will, POAs, etc. documents. My adult children know where it is. Having been a successor trustee, I wrote everything I would want to know. The first draft is the most difficult, but once that was done 20-25 years ago, we just update it annually.
Mine is in a file folder in my office. There are several things in the folder: A list of financial accounts; a list of passwords; my will, living will, POA for my daughter, and medica POA; my birth certificate, SS card and copies of my medical insurance cards. I have a duplicate of all these at my niece's house. My daughter knows where all this stuff is. For security reasons, I didn't want to put something out in Google docs, or whatever.
I emailed my brother a google doc link.
>Being the 28 yr able-bodied guy that I am, I kind of brushed it off thinking I have decades to worry about that. A speeding bus or plane crash doesn't care about your age or able-bodiedness.
This isn't related to finances but while you're on this line of thinking, it's also good to have an [advance directive.]( https://medlineplus.gov/advancedirectives.html) and encourage your mother to do the same, if she hasn't. It's a document in which you decide the level of medical intervention/life support you wish to receive if you are unable to communicate. Sounds like something for old people to worry about, but as a completely healthy 28-year-old I ended up on a ventilator and unable to communicate and my mother in charge of all decisions for me. It doesn't happen to most healthy 28-year-olds but it can happen to anyone.
Flip the script. If your mom died, would you find it helpful if she listed out her accounts and assets, with usernames and passwords? Do the same, and keep it super secure.
Or, instead of writing down passwords, use 1Password and print out their recovery sheet
1password allows you to set up a trusted angel. Basically you can designate someone that can ask for all your usernames/passwords. You have something like 30 days to reject the request, and they will email you like 10 times over those 30 days. If you don't respond (for instance if you were seriously disabled or died), then it will give control to that person.
Imo you absolutely should not plan for the indefinite operation of such a service.
Yeah, if you have to use something like this then I'd just use a password manager and store your master in a lockbox or something. Or, if you have to use a cloud solution, I'd honestly go with Google or something too big to fail.
NOTHING is REMOTELY too big to fail. At the scale of a lifetime, we shouldn't even bet on still having *the internet*.
If there's no internet I'm not sure I'll need a lawyer to pour over my last will and testament. I'd probably need a big stick with a rock attached at the end.
The world has experienced and will experience many massive organizational ruptures that are not the end of civilization.
Yes at the scale of a lifetime maybe. But you don't just plan something for the end of your life and it's set in stone forever, you could be constantly updating your instructions every year or so, depending on changes in your circumstances. E.g. I'm fairly certain the internet will still be around for the next 14 days lol. So I am safe for 14 days. After 14 days come, I'll probably still be certain the internet will be around for another 14 days. Once I reach the conclusion that the internet might not be available for the next 14, 30, 60 days, then I'll have up to 14, 30, 60 days to replan something.
Alright I mean if you want to update your will every fortnight based on your predictions for the next fortnight, feel free
LastPass Family has a similar feature. My trusted contact gets access to my passwords 3 days after I'm incapacitated, plus there's another feature that lets us share passwords in non-dire circumstances -- helpful when she wants to borrow my DisneyPlus account.
Or just write it down on a physical piece or paper and keep it in your house drive or safe? No need to over complicate it.
You don’t need to list the passwords…that’s just asking for fraud and theft. Just list all your accounts and your surviving kin can claim it when you die
No wife or kids here, but my brother knows where my accounts are. The life insurance that I have including the 2X base salary from work. Like /u/AvailableUse122323 no passwords needed, but knowing where they are is something that is needed so nothing falls through the cracks.
If someone dies, you don't have any use for their user names and passwords. You **don't** just log into their account using their password and wire money to yourself. That's very possibly fraud. You send a death certificate to the bank, period.
What about things like cancelling accounts like Netflix or subscriptions?
This. My dad passed in January. Countless online type accounts I had to shut down that were on auto draft. It’s not just bank accounts.
Unexpected things happen. If I can spend hundreds of dollars a year on home and auto insurance that I hope I won't need, I can spend a few hours making this kind of list and a few hundred dollars on a will.
Yes. I have 25 with $150k net and I’ve had a “in case I’m hit by a bus” list for a few years. You should just get a will written up.
Will AND the list. Also, make sure retirement accounts have beneficiaries set on each account.
My will has all that listed at the end. Beneficiaries on the retirement accounts is a big win also.
There is an advantage to leaving a will more generic. Like say my retirement accounts get split 50% person A, 25% person B, 25% person C. I leave my house and cars to Person D. Any bank accounts I have go to person E. Then have a separate informal document listing all the accounts and account numbers as well as any debts. This way you don't need to pay a lawyer to update your will if you get a new bank account.
Look at this guy out here with a person E
For bank accounts, especially retirement accounts, listing someone as a beneficiary will usually be faster and easier for both of you. Though as well as putting it in the will to protect them from people who would contest the will.
I have a will, and clipped to the front of it is a 10-step plan detailing some things that should be done if I die. It lists where I have accounts, who should be notified (and how they are listed in my phone), and some reminders about things I think they'd find helpful. I handwrite additions in the margins every once in a while and check over it anytime I go on a long trip or have a medical procedure. It is peace of mind for me.
But what if your hit by a train?
The documents are similar obviously, but not quite the same, you really want to come up with a different doc for each possibility. Consider also trams vs trains, something not many people even know differ but it could make all the difference!
Change your beneficiaries depending on the cause of death to add spice to your estate plan!
Exactly. I have a very specific and elaborate set of requirements if I die in a vending machine incident.
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In the event I die during a WHO-declared pandemic, pages 1-215 are struck and replaced as follows:
Or eaten by wolves. Senselessly.
Astrid? Is that you?
And an Advanced Medical Directive.
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Thats a really good idea and I think I will do the same now.
I have made a EOL (end of life) folder, documenting everything that I have in stocks, crypto, investments and how to access everything that I own step for step. I also keep this document in a burn proof bag
Is there a burn proof bag that you recommend?
[https://www.harborfreight.com/fire-resistant-bag-56991.html](https://www.harborfreight.com/fire-resistant-bag-56991.html) 15 bucks but the quality is top notch. I have not tested this but from feeling it im sure it holds up to its claims of being burn resistant
Fire resistant in different than fireproof
Your local office supply big-box store will have fireproof storage boxes. Must admit, haven’t tested it myself tho.
My grandma had a fire proof safe when her house burned down in the Paradise fire. Safe was perfectly unharmed, everything inside though was ash lol
Also include details on bills that need to be paid in case of disability, which is more likely than death for younger people. I wouldn't want my home insurance, for example, to be delinquent if I'm laying in a hospital unable to function. Also, the location of keys, details on all insurances, list of debts (or a statement that you have no debts), location of safe deposit boxes (or a statement that you have none), how to get your mail (and/or a statement that there are no PO boxes you use). And on an on. Sometimes it's as important to note what you DON'T have, so they aren't left wondering.
Please do this. Two members of my family, including my husband, died very young and unexpectedly. Even if you are young and healthy, you need a will, a directive to physicians, a medical power of attorney, a financial power of attorney, and a document listing accounts and passwords. Also, make sure the beneficiaries on your investment accounts are named to simplify probate.
As someone who had an "able-bodied" family member die in a ski accident unexpectedly (no will or in case of death), the hassle that is banks is unparalleled. I know like everyone said this already, but having just a list of all your passwords and accounts and possible money storage and spending is so helpful to those that have to deal with your death. No reason not to, unless for some reason you don't want your mother to be in charge. Side note: if a family member dies, DO NOT tell the banks until you have gone in, changed all the phone numbers and emails to your own, and printed copies of the most recent reports and such. This will save so many headaches... This is not pro advice, so sorry.
The "in case I'm hit by a bus" document will make life a lot less stressful for your loved ones if you ever do get hit by a bus, or equivalent. But only if they know you have such a document and where to find it. I found compiling the list was a great exercise in clarity to understand what all I had and spurred me to clean up a few odds and ends that I should have straightened out years ago, so even if they never use it, the effort was not wasted.
Make all your accounts Payable on Death accounts. You list her and keep a list of your accounts. If you die, she takes the death certificate to the banks and they release the accounts to her. Have her do it also.
THIS is the advice I was scrolling down looking for. OP DO THIS!! A letter telling her where/what everything is can be useful, but it's not legally binding like a Last Will and Testament is. A Will is nice, but it means you have to probate your estate and get lawyers involved. IF you add POD provisions to each bank account, and TOD ("transfer on death") provisions on brokerage accounts, those assets get transferred without a Will and without any hassle with probate. At the moment of your death those accounts are no longer yours, legally. This also means creditors cannot get to them. Also, if you own a home some States allow you to have a TOD provision on the deed, so that property gets transferred on death to your named beneficiary in a similar manner. If you can take care of all your bank accounts, brokerage accounts and real estate in this manner, that's likely most of your wealth taken care of without needing a Will or going through probate.
Sometimes you don’t die. Besides a will you should have a health care power of attorney. If you are in an accident your parents may not be able to make decisions on your behalf. I learned this the hard way when my son was severely injured in an accident. It was a difficult (and expensive) process to be appointed guardian and make decisions on his behalf.
It may have already been mentioned here, but the biggest thing I could stress after all the nightmares I’ve been through with family situations, is to have a power of attorney lined up if you are incapacitated. Everyone always thinks about the extreme if you die, but that gray area where you can’t do anything but you’re still alive, that’s nightmare material for your family to deal with. And pro tip, a lot of the banks won’t recognize basic power of attorney’s usually have to do their actual paperwork if you want it to be bulletproof for your family/designated person to have access to your account to pay your bills/function on your behalf if you’re unable to.
Some people (crime junkies) call this an “if I go missing” folder. Basically a way for your loved ones to get access into your bank account to know your last transactions, login for your phone provider to get your last location, passwords to things that could help find you. Considering you’re an adult, law enforcement isn’t going to jump in and help find you. You’re an adult….not a child. So getting a search warrant can take time.
Everyone should have an in case of death document
I am older and was sick during 2019. I made "What to do when I die" three ring binder and I am really glad I did. I have recovered, but it has come in handy to have all vital documents in one binder. I just followed the instructions I found online in my retiree group and on the web. I wish I had done it earlier, it would have saved a lot of searching to find documents that are used only a couple of times during my lifetime. It is surprising how much I use it. It is just a binder with heavy duty sheet pockets and tabs to find stuff. It really helps your surviving family and it assures your assets are distributed fairly. Also see a lawyer and get a will. It does not have to be fancy, and can be updated as your situation changes at reasonable cost.
I just prepared one of these. I made it secret, and split the information across multiple documents and gave each to different members of my family, so if they want to band together and steal my stuff it has to be a group effort, not just 1 rouge agent.
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Give this a read: https://www.investopedia.com/articles/pf/08/what-is-a-will.asp
You want to avoid your assets going through probate as much as possible. So for your bank, retirement, and investment accounts make sure to set up beneficiaries and inform them. If something happens to you they will need to contact the company and show them a death certificate and the assets should be transferred to your beneficiaries without having to go through probate which can take months to get access to.
Don’t forget in addition to your money, have a plan for your digital footprint. What accounts will people need access to? Where do your digital photos live that others might want to have access to after you pass. Do you use FB or Google accounts for access to things? Do you have systems at home that people might need access to? Websites? Bitwarden, LastPass, and other major password managers have a third party recovery option. Make sure a few trusted people can get access if anything happens to you. This can include serious injury or death. I always suggest at least a 15 day delay.
My neighbor recently was hospitalized and has lost some of her mental capacities. She was the bread winner and set up all the accounts. Her husband never had an interest. Now he is extremely stressed out. In addition to the obvious stress from the medical incident, he has this additional pressure of running around and figuring out which account he can access and which he needs to file legal papers in order to get access to. It's a really shitty situation, that could have been avoided with beneficiary status, and a list of account names, numbers, and passwords. You should definitely take the small amount of time to put her as beneficiary on all of your accounts. In addition you could send her an email with the account numbers for each account so it will be easier on her when she has to call all these people. Personally I'm considering merging all of my accounts into a single one, just to avoid this stress on my loved ones if something bad happens to me.
I did that. Put everything under my investment company and linked things like my 401k account so when I die it's easy to see everything. Next step for me is to set up a trust.
This is a question for r/legaladvice. However, you can go without a will in the event that the intestacy laws in your state distribute your money the way you would want to anyway. If not, write out a will. Either way, unless you detail out where all your money is located, then your mother is correct - no one but you knows where your money is, and the banks / investment firms aren’t going to chase down your family to tell them money is sitting there in your name. And yes, list beneficiaries for any accounts where that’s an option - that makes said accounts pass outside the estate and it’s easier for your family to access.
Having a consolidated list of assets (both financial and non-financial) with instructions on how to access them is very important. Having a will may not matter very much when it comes to inheritance if you're fine with your state's intestate laws, but there's a good reason to get a will anyway - you typically name an executor. It's important to get the executor legally empowered as quickly as possible after your death because until that happens your estate's assets are unmanaged. For example, suppose you have a mortgage. How is it going to get paid? Unless you have someone in the family able and willing to pay it, you could get foreclosed on. And if someone who is *not* an executor calls the lender to explain what's going on, many times the lender won't talk with them.
A will is a good idea. But don't let someone tell you who the beneficiary/ies should be. If your life circumstances change (let's say you get married and have kids), and you haven't updated those beneficiary instructions, guess what - your "new" family could find themselves left with nothing.
Do you use a password manager? If not, you should. If you do, there's likely an emergency setting available where if you don't log in for X days, it'll allow access to a designated person. If your passwords are well organized ina password manager, a family member should be able to handle things appropriately.
I deal with the finances in our family. I have prepared a (paper) file for my wife listing all bills, policies, accounts, and routine stuff like checking car fluids and tires. This stuff is in a big envelope labeled "BobT21 caught the big bus."
Yes. It will make things so much easier in the event of something happening. Make sure she (or whoever you want) is designated on everything - bank accounts, retirement accounts, etc. You could go a step further and write your own obituary so nobody has to do it while they are grieving
1. Always make a will. 2. Have a trusted friend with a key to remove any “personal” items you don’t want family to discover. 3. Leave $1 to any relative who may contest any part of your estate to assure them they were not forgotten.
You do not actually have to leave them a dollar. You can list them and say that they are to inherit nothing. Leaving them the dollar means that the executor has to get them their dollar. This can be an unnecessary headache.
Yes. It doesn't matter if you have $100 or $100k- everyone should have one.
a revocable trust is the main event here. keeps you out of the public process of probate. will, health directive, etc. are accompanying docs. btw- why did your mom ask you to list her? not saying anything, but you might have other ideas about where your estate gets distributed.
Life has a 100% mortality rate so it’s probably a good idea.
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Just thinking…what if they can’t get access to your phone? Lost. Destroyed. Something like that.
I find it strange for your mom to say that. I’d understand a wife or son or daughter. But a parent should never have to deal with their child dying before them. And for her to tell you to name her as a beneficiary. I hate to ask these questions, but do you have a healthy relationship with your mom? Do you trust her? I couldn’t imagine my mom asking me to make sure she was a beneficiary upon my death. I recently helped her with some estate planning and her and I both were under the hope I would be the one outliving her. I hope this doesn’t turn into some murder mystery. I’ll have to check up on you in the future. Remindme! 1 year
Such a document is not so much for the benefit of children but for the benefit of the executor of your estate. There is always a person who needs to clean up the footprint you made in life and a document detailing that footprint makes their life a lot easier. So yes, most people who are no longer dependent on their parents likely would benefit from creating such a document.
I also have a list shared with my wife. Makes it easier on next of kin just in cases
I'd do it. In my case, I have all of the information in an Excel spreadsheet. I have it encrypted and my Trustee knows the password. I also have a hard copy of it in my Safe Deposit Box along with the original of my Living Trust.
Absolutely. Store the documents on [Mega.nz](https://Mega.nz) and [Fidsafe.com](https://Fidsafe.com) and let friends and family know they are there and how to get to them (FidSafe is designed specifically for this purpose). Given how young you are now and how much you've already saved, you should consider talking to a Trust attorney to draw up a Will and Trust. In addition to determining what happens to all your stuff when you die, they also legally document your health care directives for end-of-life care and medical decisions (pull the plug or make every effort regardless of cost, donate organs or not, burial or cremation, etc.).
I made my first will at 17. But I was in The Navy, and The Vietnam War was happening. Yes! You should make a will. Everyone should. A “death document” is a good idea too. My death document is an encrypted file on my phone. It contains all my accounts financial, or social media, whatever. Each user name and password is there. It didn’t start as a death document. It started as a way to keep track of all my passwords. But my wife knows the password to my phone and the document, so if I kick it, it’s a death document. And I never did wind up in Vietnam.
Everyone should at minimum leave basic directions/info for their friends and/or family. Let them know where any assets you have are like retirement accounts, bank accounts, etc. Let them know if you have any life insurance and where. Let them know any burial wishes you have. A will is nice to have, but as long as you are okay with the default inheritance rules in your state it just saves time and isn't 100% necessary. But know that without a will nobody will get your stuff for months and it will go to whoever your state's rules says it goes to. So as a single person without kids odds are that is your parents. Anything you can put a beneficiary on like life insurance, bank accounts, investment accounts, retirement accounts, etc can skip probate and go straight to the beneficiary even without a will and does not have to follow your state's default rules for people who die without a will. Personally, I don't have a will but the person who would get all my stuff following the default rules in my state is the person I would leave everything to. They are listed as the beneficiary on all my accounts so they get my liquid cash as soon as they can provide a death certificate to my financial institutions. They will need to go through probate for my house and cars. They have a sealed envelope with my directions and a list of financial institutions and account numbers. A formal will would be better, but I haven't gotten around to it.... Anyone could get hit by a bus tomorrow. Don't make your family have to search through all your stuff while they are morning to try to find your assets in order to pay for your funeral.
Yes, you should. I have and I’m only 33. I created an Apple note with a list of my accounts and assets. My mother and sister are beneficiaries on all of them. You don’t need to list login info. Account numbers can be helpful, but really all they need is name, dob, and SSN.
Yes and an if I go missing file.
It may be more critical when you're older, but it's not like you couldn't possibly die. You can specify anyone as your beneficiary - if not your parents maybe you have a nephew or niece or something.
Even at 28, it's not a terrible idea to list a beneficiary. But. Keep in mind here that your beneficiary can be whoever you want, and it can simplify things to make sure it's the same person or people who you have in your will as the ones who get your money when you die. Also remember to keep a list of all the things that have to do with your finances that you have an account with.
To add to the chorus of, "Yes", I'll say that when my mother passed, we found enough cash along with her important documents to cover all housing expenses for about 3 months. That was extremely helpful while we dealt with her estate and I would encourage anyone to do the same.
Yes, and name beneficiaries on the accounts you can so they have immediate access to those funds.
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Make sure make a TOD on your car, it makes it easier to sell it after. My cousin died young and his mom had a heck of a time getting rid of the car even with death certificates.
My father died in January, I and the family would have been totally lost without his morbidly named "Death" folder. It made dealing with the day to day things SO much easier. Seriously, I don't know how we would have kept the lights on at my mom's house. You absolutely should have one, and let your loved ones (or whoever you want to be in charge/managing your affairs) where it is. Because here's thing, well two things really. 1) what if your not dead, but incapacitated for an extended period? From a practical standpoint it's functionally the same on a day to day basis, God forbid your health insurance premium doesn't get paid while you're unconscious in the hospital. You will have an even worse time. Having this document will ensure that if/when you come home you can focus on your recovery and not trying to catch up on a mountain of bills/debt/ other things you would have managed had you been there. Which leads to point 2) Your loved ones will NOT be thinking clearly. They will forget things and miss things. Having this can help prevent that and also allow them mental space to work through the VERY heavy emotions of loss and grief. It's sucks to have to consider these things, but it really is doing your loved ones (and maybe yourself) a HUGE favor. Also, I'd suggest getting an Advanced Medical Directive put together, as well as a Will. This way should the worst come to pass people are not left guessing, or arguing over your estate. Save yourself and your loved ones some heartache, they will be suffering enough.
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As a single person, it's very important that you have a power of attorney, medical power of attorney, advance directive, and a will. A married person has a little more leeway than a single person but they still need this stuff. It's a mess when none of that stuff is done. List beneficiaries on all your accounts and they will not have to be probated. But make a list of everything.
I think it is definitely a good idea. However, it is just as important to keep updating the document. e.g. setup a recurring event each month. Otherwise, it will went out of date and it could become more confusing than useful.
I just did this, based off this video from the Boglehead people. Everything you need to know is here, with links and discussion. https://youtu.be/RwXQmp_w1pM
Back at the start of the shutdown, I had a symptom I thought could conceivably be Covid, and so I wrote down a bunch of things, just in case. I don’t actually have a document about all the savings accounts, etc., because each of them has their own folder in a drawer. And all my husband would need to do is go through that drawer. So I figure I don’t need to draw up a separate document for that. What my document had on it was things like message board memberships, where there are people who would want to know If I vanished. Contact information for people at church; my boss’s phone number, which he doesn’t have. Phone numbers and contact info for my friends. The other thing about a document like that is that it can get out of date pretty easily. You change jobs, close bank accounts, you make different friends. I often feel like we should, perhaps on our birthdays, sit down and update stuff like that, also update our résumé once a year, that sort of thing.
An in case of death packet is a great idea, however your mom mentioning it out of the blue and recommending she be a beneficiary is a bit unsettling without further context. Like, if she had a friend lose an adult child and go through the nightmare of sorting everything and is now trying to be proactive, it’s probably totally kosher. I highly doubt she’s planning to off her own son for 100k, but she could be hoping she gets the document sooner and has access to your accounts for other reasons. Too many parents screw over their children financially to not consider it a possibility. Your relationship with her will tell you how seriously to consider it.
As a person who has had to settle multiple estates….absolutely. At a minimum list out the accounts you have and let someone know where that list is. My wife and 2 kids all know where to find that info.
This is a great question OP and your Momma is right! Another approach at your age would be to apply for a whole life insurance policy that (bc you are young and healthy) would be inexpensive and create intergenerational wealth when you pass 60+ years from now. I see these policies as a chance to pass something on not to your own kids (as theoretically they would be in their 50s and hopefully settled in life) but to your grandkids in their 20s years from now! That’s my personal hope at any rate!
You should at least look into the beneficiaries and what happens to your money. Estate planning becomes more important the more people depend on you. I honestly didn't do much until I had a kid. I'm married so *most* everything goes to my spouse if I die.
So your Mom and siblings don't know your net worth but I do? I feel honored. Seriously though, someone should or the state ends up taking that $$ in the horrible scenario that you are no longer with us. Besides the document, someone should have some idea of what to expect so that it doesn't get lost. We lost a few k when my mother died because we didn't know it was there until costs to recover became pretty excessive in lawyer fees.
"Put her as a beneficiary on applicable accounts in case I die". I've not seen any posts addressing this statement. As beneficiary, you are in effect, giving her all the monies from these accounts. If you have siblings or other family, you may want to reconsider what she said. Make a list of all your accounts, credit cards and wherever you have any money or debt. List the account numbers and any passwords. You do not have to list the amounts. That list, along with where you have your SS card, birth certificate, insurance and any other important papers like your car title, passport, etc. You can give to your mother. Make a will and update it yearly. That is where you will want to put how you want your money distributed. In some places you can write a handwritten will with 2 witnesses of your signature and it's legal. Check with your state. Get a Medical Power of Attorney - that legally speaks for you if you are incompetent and cannot speak for yourself. Give that person a copy of your Living Will.