http://en.wikipedia.org/wiki/Estate_planning
A dreaded process lots of us put off or avoid is our last will and testament. Let’s face it, without one, you leave behind turmoil and probate. You don’t want to line lawyers’ pockets and leave your survivors in limbo for an indeterminate length of time.
Get a nice wide binder and a big package of sheet protectors. As you collect and fill out your personal information, you’ll now have a place to keep all your documents properly. A file cabinet with individual and alphabetically filed folders sounds organized, but someone must search through them without a clue about what they need. The other famous solution is the old shoebox under the bed mindset. Be nice. Think twice.
Your bank or financial planner may supply you with a Personal Record Keeper or facsimile. This is a must-have. I love mine. Your financial history will be in one place saving your loved ones tedious hours or days searching for necessary documents. My only complaint is this isn’t electronic. I much rather type and print off a neat and clean record instead of what I have now. My handwriting is sometimes shaky if I write more than my signature. I suppose the reason is too much keyboarding and not enough writing, plus I have arthritic thumbs.
I spent an hour typing all the information from my booklet, then noticed it is copyrighted material and cannot be reproduced in whole or in part. Instead I will give you what I remember off the top of my head. Do try to obtain a Personal Record Keeper of some kind. Filling one out has been a time-consuming undertaking because I had to dig and search for information as I filled in the blanks, but the effort is worth it. Doing this, I can imagine what a favour this is for any family. If I had to search high and low and I know my house better than anyone, well… I had no idea how interesting I am. A lot of numbers are associated with my name and I’m not talking about dollars either. Bank account numbers, passwords, codes, and on and on. I am truly amazed and a little amused. I look back now and see this all like a movie reel.
You need all your information organized before you prepare your will. If you take the time to plan ahead, you’ll be surprised how much time and money, and going back and forth to the lawyer you’ll save with these documented details at your fingertips.
NOTE:
We’ve all heard of the Will Kit. It is legal here but lawyers will tell you people don’t fill them out properly. If you use a kit, make sure you get it notarised to clear up any doubts now. What will peace of mind cost you? I’ve heard it’s around $50.00 or so.
Some of the details about your life:
- Family information: all names of members plus individual information
- Names of providers: heat, hydro internet, papers, etc.
- What you own (savings, real estate, etc.)
- Benefit plans and relevant information
- What you owe
- Insurance plans (what kind(s) and relevant information
- All banking formation and relevant information
- Advisors (financial, etc.)
- Any businesses owned and relevant information
- Wills, safety deposit, passport etc.
- Birth certificates, funeral arrangements, safety codes, passwords
- Computer passwords
As well, check out something called an Estate Planning Checklist. This if for Canada (but must be similar).
http://www.fcac-acfc.gc.ca/Eng/resources/educationalPrograms/ft-of/Pages/financial-planning-4-8.aspx
^ _ ^
I’ve had some questions from some of you when I ended the Dust to Dust posts that warmed my heart and made me smile. Nice to hear anyone of you hopes all is well with me. It is.Than YOU. The kick in the pants finally came, to accomplish what I’ve been putting off way too long, because I’m taking a lovely long trip end of next month. I decided this is the time to get my life in order, but that’s another post.
Relevant Links:
https://letscutthecrap.wordpress.com/2014/01/17/dust-to-dust/
https://letscutthecrap.wordpress.com/2014/01/24/dust-to-dust-part-2/
https://letscutthecrap.wordpress.com/2014/01/31/dust-to-dust-part-3/
February 7, 2014 at 7:46 pm
We had a recent death in the family. A ‘young’ man who didn’t expect death. Funny, few of us do. But none of us can avoid it forever. There was no will. And it was a difficult enough time for his family without the struggle of figuring out all of his unfinished business. Your advice is perfect.
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February 7, 2014 at 10:42 pm
Thank you, Colleen. I try to share as I go. Sometimes I can be not-so-interesting but this stuff is to s.h.a.r.e because it seems you have to PAY to get it. UGH.
Sorry to hear about the young man. I’m beginning to think as much as they should start teaching savings/credit cards etc. at grade school, I’m beginning to think end of life should become off-the-cuff as well so students know, that by say, high school (when lots of life goes wrong, by the way, but not a reason why) students think about where they plan to go and always be prepared. Shoot. I’m starting to like this more and more as a matter or life thing…kind of mandatory but at what age should it start? Students must have an understanding rather than a fear but how do we arrive there?
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February 9, 2014 at 8:34 am
I don’t know Tess, how to get there. At what point do people start paying attention to this? I deal with folks in their 70s and 80s who have made no plans. Some just think once their gone it’s not their issue. I appreciate the initiative that you are taking. And so will your family. I know we have discussed this, and have yet not taken steps like you have. And we need to.
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February 9, 2014 at 9:19 am
It’s this trip I’m taking that has stimulated what I’ve been putting off. I’ll be so far away and I haven’t been anywhere for so long, thought I better get things done.
I find it surprising people thinking once they’re gone, it’s not their worry…
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February 9, 2014 at 8:05 pm
I’ve dealt with a few…..Come across some who just don’t care what happens to ‘them’. Or who has to deal with it.
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February 10, 2014 at 9:50 am
Strange but I’ve heard of some like that.
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February 10, 2014 at 8:03 pm
We need to learn from you!!
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February 10, 2014 at 11:09 pm
😦
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February 11, 2014 at 6:02 am
No no! Happy face! The prep work you are doing for the future is admirable. You are being considerate, thoughtful and loving in your actions. We should all be that concerned for what we leave for others to take care of.
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February 11, 2014 at 10:56 pm
😀 😛
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February 13, 2014 at 6:10 am
🙂
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February 7, 2014 at 7:47 pm
Excellent article and good info, especially about the notarization. I got one of those kits but didn’t think about the notebook with sleeve protectors for the stuff. I made several copies, had notarized and my lawyer has one, one is in my safe deposit box, one in our safe here, and a couple with a family member and a friend – all in a sealed envelope with my name across the flap and sealed with nifty sealing wax and my papa’s signet. I’m sure with this series, you have helped a lot of people in many ways. thank you!
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February 7, 2014 at 10:33 pm
Thank YOU but I feel this is information that no-one want to give you for FREE. Why not? Information is where it’s at but someone always has to take advantage before they share any good information about anything. Grr. Basic information.
I was prepared exactly what my booklet included. If I hadn’t turned it over and noticed the copyright, I would have reproduced here what everyone needs to know.
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February 7, 2014 at 7:49 pm
This is such valuable information. We are in the process of getting our Will written and there is so much to organize. This list will come in quite handy.
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February 7, 2014 at 10:25 pm
I wish I could have published the booklet. It covers everything. DO visit your bank or financial planer and ask. Life will not only become easier, you will find a sense of fulfillment–a great feeling.
I still have some blanks to fill in but the overall effort has been satisfying. 🙂
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February 7, 2014 at 7:55 pm
Here’s my plan: tell my kids. They better take notes or they’ll wish they had. Is that mean?
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February 7, 2014 at 10:22 pm
I know what you mean, Jacqui. Heck, my problem with mine is, are they LISTENING?
Sure their lives are busy, but if they cannot hear me when I am standing in front of them, what will happen when I am not?
Maybe leave them a itinerary. Ha ha. I will have one of those in my binder. *can’t stop giggling* because I can and my daughter will have to comply of have me haunt her*
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February 7, 2014 at 8:14 pm
Great advice and guidance. I am delighted to hear the impetus for the posts! Happy travel planning. 🙂
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February 7, 2014 at 10:18 pm
Sue, you make me smile. This, feel like a natural progression, so here I am again. 😛
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February 7, 2014 at 10:50 pm
Well glad I am causing smiles and not grimacing!
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February 8, 2014 at 10:06 am
*nods*
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February 7, 2014 at 8:23 pm
Before I went into a dangerous surgery last year, I wrote a will. I used the Will Kit and had it notarized by three ladies in the HR department at my job. It was very emotional, everyone at the table was in tears by the end. But, as one of the gals said, What happens in HR, stays in HR. Obviously, I survived but, to this day, my husband has been unable to read my will. Congrats on tackling this tough but necessary part of life.
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February 7, 2014 at 10:17 pm
When I was young, I was more of a shadow, maybe a scared shadow. Now I don’t care and find I want to share because I can. What I hate, this little booklet is premium secret information. Why? Why can’t everyone get this FREE? This is a beautiful document. Had I been the author, I would (and do) want to share it with everyone. Let’s face it, this is helpful to EVERYone. 😀
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February 7, 2014 at 8:37 pm
No Will = big trouble. Great post with beneficial advice!
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February 7, 2014 at 10:11 pm
Glad you got something out of this. Thank you for commenting.
🙂
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February 7, 2014 at 9:25 pm
When we prepare for our next journey, we allow our family and friends to grieve in peace. A wonderful post. Thank you!
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February 7, 2014 at 10:10 pm
Thank YOU, Clanmother. Glad you ‘liked’ it although that’s not a word I would normally choose. “-)
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February 8, 2014 at 12:55 am
I remember when we finished the estate planning, I felt that like I could live more freely!! You addressed an important topic! 🙂 Thank you…
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February 8, 2014 at 9:57 am
Yes, it is a satisfying feeling, like cleaning out a closet or drawer you’ve been putting off. A clean sweep and rejuvenation. 😀
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February 7, 2014 at 10:03 pm
Good info. Better prepared and things/money to go to loved ones than court fees in probate. Thank you. Have a good weekend, Tess.
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February 7, 2014 at 10:09 pm
Thank YOU, Paulette. Gotta think of your own pocket.
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February 7, 2014 at 10:27 pm
I have the basics like the will and medical power of attorney, stuff like that. It’s in my freezer. I figure if there is a fire it should be okay and the peeps who need to know have been told where it is. I keep telling myself to do the rest but tomorrow never comes does it. I think now that it is tax time and I have to sort through all that it will be a good time to start…or not.
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February 8, 2014 at 10:10 am
I had to laugh about your ‘cold storage’. The freezer was our vault when I lived at home. When I married, the cash gifts were banked in the freezer for safe-keeping over the weekend. I had forgotten all about that. Thanks for reminding me.
I know about putting things off. I’ve started this process but am not quite finished. I’m doing it in fits and starts because I really hate paperwork. 😀
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February 7, 2014 at 10:58 pm
More great info. Thanks so much for this series. You’re covering topics many of us never think about. After all this work you deserve a fabulous trip!
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February 8, 2014 at 10:04 am
Thank you, Carrie. I DO believe it will be fabulous. Haven’t been away for close to 20 years. I’ve been comfortable and had no interest in travelling anymore. A friend of mine complained her regular travel friend, a long time friend, was having all kinds of problems and was stuck. I asked an innocent question, “Where is it you want to go?” Then, a little voice said, “I’ll come with you.” Surprised the hell out of me.
😀
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February 8, 2014 at 12:38 pm
Good for you. Hopefully we’ll get to hear all about it. 🙂
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February 8, 2014 at 1:46 pm
More likely after I return home. Don’t believe I’ll have time to blog while I’m away. Nice of you to wonder. Thanks, Carrie. 🙂
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February 7, 2014 at 11:18 pm
Very good info, particularly since I am determined to be organised this year. It just occurred to me that while we have taken the time to do a will and left it in the safe hands of our lawyer should anything happen to us, the boys aren’t going to know who our lawyer is.
Have a wonderful trip and I look forward to reading all about it 🙂
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February 8, 2014 at 10:01 am
This was an eye-popping awakening for me. I haven’t told my daughter yet but will before my trip March 28th.
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February 7, 2014 at 11:51 pm
Thanks for the heads up on this as gruesome as it may seem. My husband and I had wills made long ago when we had to go overseas for a while. They need updating of course. I didn’t think about Internet passwords. I only have a couple that have anything to do with money but still important. Here in the US the will kit is popular and it’s probably what we will use but have a tax lady notarize it for us.
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February 8, 2014 at 9:59 am
Good conversation, this. I was surprised to see what I was made up of. Ha ha.
Good for you for being on top of things. 😀 I have been slow.
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February 8, 2014 at 1:20 am
I’m waiting to hear about the trip!
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February 8, 2014 at 9:56 am
Twenty-four days of excitement from March 28 to April 21, but can’t tell where yet.
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February 8, 2014 at 3:33 am
I add the same: Where There’s a Will, There’s a Way
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February 8, 2014 at 9:54 am
😀
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February 9, 2014 at 5:34 am
I wish you a wonderful Sunday!
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February 9, 2014 at 7:59 am
Thank you and the same to you.
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February 8, 2014 at 3:47 am
Good advice. I did actually do a will about 4 years ago, and I went through a lawyer because I’d heard too many stories about homemade ones having stupid errors in that end up causing more problems. My paperwork at home isn’t in very good order though, you’ve made me realise I need to sort that out too!
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February 8, 2014 at 9:52 am
I used to be orderly but I noticed, when going through this process, since I retired, I’ve become somewhat lackadaisical.
😀 I’m not quite finished but has given me a feeling of satisfaction.
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February 8, 2014 at 3:50 am
My parents obviously have there’s , my brother and I are executors. Mr. S and I saw a lawyer to update ours, but he stuffed around for 2 months so we left it, thankfully he didn’t charge for what little he did do. We really must get into gear. It’s a comfortable place to be in, when you have the serious matters in hand, so that loved ones don’t have a barrage of paperwork to tend to..saves arguments too if it’s in black and white. Can’t wait to know where you are holidaying 🙂 xx
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February 8, 2014 at 9:48 am
I found this process (which isn’t exactly completed) cleansing somehow. I love my binder: Neat, orderly, a piece of work. 😀
When my mom died, although she had important papers in a metal cash box, I noticed sifting through papers tedious. As well, an article in the paper in the past year suggested the binder and mine had been empty until recently.
Cannot say anything about the trip yet. All will be revealed soon: 24 days of excitement. 😀
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February 8, 2014 at 7:39 pm
ooooh – can’t wait. Yes what you are doing is necessary – so many leave it – till it’s too late – I salute you m’lady xx 🙂
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February 9, 2014 at 8:01 am
Thanks. Usually I need that push to get to the starting gate. 🙂
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February 8, 2014 at 4:09 am
Great post but getting off that subject…the trip…where, what…I am excited for you, can I carry your luggage?
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February 8, 2014 at 9:45 am
You don’t have to carry the luggage. I bought new with wheels but you can meet me or come along. 😀
All will be revealed soon. I haven’t been on holiday in 17 or 18 years. When I bust out, I do it in a big way: 24 days away from home. 😀
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February 8, 2014 at 2:28 pm
Oh, now this is exciting, a mystery holiday (to us) and a nice lengthy one at that; can’t wait for the unveiling. Down here in Oz we tend to travel (if going overseas) for 1 to 2 months at a time as we are so far away from everywhere. From where I live at the bottom it takes a five hour flight just to clear our shores so we make it worth our while :). Coming to Oz?
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February 8, 2014 at 6:34 pm
Tess: Thank you for another informative post. As always, you do the subject at hand due diligence to get your affairs in order. You’ve left nothing unexplained and your determination to complete the task should make everything so much easier for your daughter.
Both of my parents had wills but my brothers convinced Dad not to have mothers probated and of course we know how well that turned out. I know my Dad had a will and once again, my brothers turned that into a shamble. I’m much smarter about the subject of wills as I move forward and it will not be left in the hands of family members to make decisions about how mine is executed. Thanks for stepping forward with this blog.
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February 9, 2014 at 8:04 am
That’s one part that has me still tied in knots. Maybe I should sent you an e-mail…
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February 9, 2014 at 2:03 pm
Tess – By all means. I sent my addresses in a separate message.
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February 9, 2014 at 3:20 pm
Thank you.
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February 9, 2014 at 3:48 pm
Not a problem. I’m not going out after all today so send away whenever you wish.
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February 9, 2014 at 7:09 am
Thanks for the list you included in your post. A great guideline for anyone to consider!
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February 9, 2014 at 7:59 am
I wish I could have published the two-page breakdown I typed from my booklet. It’s a wonderful piece of work but when you put a copy write on something you expect it to be respected.
Glad you find this helpful.
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February 9, 2014 at 8:56 am
Another important post for those who need guidance during their darkest hours.
Well done.
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February 9, 2014 at 9:15 am
Thanks, Hook. I shares it as I sees it. 😉
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February 9, 2014 at 9:56 am
I admire you for preparing so well.
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February 9, 2014 at 10:09 am
At least I’m almost done with it. 😀
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February 9, 2014 at 10:23 am
🙂
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February 9, 2014 at 3:29 pm
😉
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February 9, 2014 at 11:21 am
Sounds like you’re really getting organized.
I’m slightly ashamed to confess I’m even putting off organising my papers for the tax return…
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February 9, 2014 at 3:24 pm
It’s this trip I’ve planned that has given me the push. 😉
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February 10, 2014 at 5:31 am
I’ve got a will somewhere – trouble is, even I’ve forgotten where. I want to revise it so I make sure my pets are catered for..but I’m going to live forever so I guess, why bother! (just kidding)
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February 10, 2014 at 9:46 am
I don’t know where my first (and last) one is. When I divorced 30 years ago, I made out a will. Since then everything has changed and I don’t know where it might be now because my lawyer went on to be a judge and then she died.
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February 10, 2014 at 6:48 am
We have estate planning guides here in the US also. My oldest son is my executor, he has everything and whenever I update something I send him a notarized copy. I keep everything in my bank box, which he has access to. It is always good practice.
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February 10, 2014 at 9:44 am
Interesting how some deal with something this important. I have learned a lot about myself along the way. I don’t have a safety deposit box yet. Something else I mean to check out. They’ve not cheap to rent. How about on your side of the border?
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February 10, 2014 at 10:26 am
$25 a year for a small one which is all I need for my documents and some small personal items.
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February 10, 2014 at 11:39 am
Hm. I thought it was more here. Must check.
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February 10, 2014 at 8:28 am
We’ve been dealing with probate for two years now. It’s so important to have a will. I hope everyone takes your advice.
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February 10, 2014 at 9:41 am
Thanks, TBM. I’m learning as I go and like to share if I think something is interesting or beneficial. 😉
I hear probate is horrible..
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February 10, 2014 at 10:42 am
Thanks for your wealth of info on a subject most of us would rather not talk about. You have certainly been doing your homework on this subject. I look forward to your happier writing in the future! 🙂
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February 10, 2014 at 11:39 am
*:smiles*
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February 10, 2014 at 1:27 pm
It can be hard to face but a will is essential to avoid any difficulties and confusion for those left behind. It’s also extremely important to update a will as circumstances change. This is something some people often forget.
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February 10, 2014 at 4:29 pm
That is a failing, Jack. Life changes, people split up, die, benefactors change.
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February 18, 2014 at 10:44 am
Excellent post! I’ve made scans of most of the important documents – it gives me that digital record you mentioned. I also keep some documents in the bank safety deposit box and others in a home fire proof safe. We also have a list that we update once a year – it is a summary of where everything is, what the major items are worth, and how we would like to see certain items in our estate distributed. Things in this document change from time to time, which is why they aren’t part of the will.
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February 18, 2014 at 12:31 pm
Sounds like you are ship-shape. 🙂 Feels good, doesn’t it?
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February 19, 2014 at 11:20 am
Such great advice! It’s never fun to deal with, but it can mean so much when the time comes. James’ Mom died refusing to do a will. Not fun. ~Terri
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February 19, 2014 at 6:46 pm
Yes, others commenting have mentioned people in their later years wanting nothing to do with any preparation.
“When I’m gone, what do I care.”
What a revelation that was.
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March 3, 2014 at 6:35 pm
Yes getting your affairs in order is the safest way to deal with who gets what, who has the health proxy 1st, 2nd and so on. I tried to get mom to fill out her will before it was too late, but death has a way of sneakin’ up on folks. It is something that mom felt was courting death. I was the administrator so there wasn’t much hassle. But when dad died OMG it has a way of bringing the worse out in relatives in my case in-laws. I have taken care of my estate, such as it is before I get to the Last Exit when dealing with cancer. Great post! Peace Out! JBC 😎
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March 4, 2014 at 11:59 am
I had that awful feeling too about courting…you know but grit my teeth and plowed ahead. My upcoming trip set me on this track.
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