This week I heard of another who died without having a plan in place for assets and monies. She has no family, Just a dog. While going under the knife for a heart valve problem – her body gave up and she died.
She lived alone. The person who was her contact from the hospital now has the dog and was told to take her stamp collection if she did not make it.
Not having a plan in place means her wishes are not known. Her money will end up with the state and her ashes placed in a generic county location.
A person dying without a plan in place, not only causes the assets he/she has to be confiscated, but on the other side, it creates a complex problem for those that have to deal with it.
She lived in a mobile park, so she was paying space rent. I heard that the property owners can take ownership of the home. But, what about the things in it?
Problems for those left behind:
- Where do you store your online passwords? – especially your main email and your financial sites
- Who do you pay on a regular schedule? – remember the gardener and housekeeper
- What do you subscribe to online?
- How do you log into your PC or MAC? – MACs have 2-factor encryption that sends codes to the phone on the account. If that phone has a password, what is it?
- What are your email addresses?
- Who do you owe money to?
- Have you borrowed anything from anyone?
Last Wishes:
- Last Will in place? – Beneficiaries will need to go through probate before acquiring assets
- Living Will in Place? – The beneficiaries are designated to receive assets and no probate is required. A Medical and/or Financial Power of Attorney can be included in the Living Will.
- Are your bank accounts set with beneficiaries? – not automatic and requires an in person with a banker.
This may not be a subject you feel comfortable discussing or putting together, but, those who are left after you are gone will be more prepared to manage your affairs.
Consider your security measures now. Those things you use to keep your identity safe may prevent your loved ones from moving forward.
There are a few simple things to prevent this from happening.
Put a plan in place
- Place a beneficiary name on your bank accounts and all financial assets.
- Write a simple will and list things like how the last bills get paid and who will own your property.
- Use a simple wish document to let others know how you want your body cared for after death
- Provide for the care of your animals
- Write a simple list of the things you pay every month. List what should be canceled
- Keep a “borrowed” list and who the things belong to (books, CDs, tools, clothes)
The bottom line: what do you want those who may be around after you are gone to know and/or take care of for you? I know from experience, for instance, not enough questions were answered before a friend of mine died and not even before my mother passed.
However, my mother had a plan in place, and yet, there are things I would like to know now, a year later.