Ten Things Your Relatives Will Be Looking For - Frantically - In An Emergency
By Cliff Ennico
www.creators.com
"My Mom passed away just before the holidays. There are three children, and we get along really well, but we all live in different cities and none of us live near Mom. Right after the funeral, the three of us gathered at Mom's house to try to figure out how we were going to split up things, but we couldn't find a copy of her will. Heck, we couldn't find ANYTHING in the mess she left behind! After two days of trying to find important papers and valuables, we just gave up and hired an estate appraiser to go through everything and put together an inventory, which is going to cost us all a fortune. There has to be a better way. Do you know of any resources that can help?
You never know just how much stuff piles up around the house until somebody dies and you have to get your hands on important papers quickly. The best will in the world won't be worth the paper it's printed on if you can't find the bloody thing.
If you truly love your relatives, and want to make sure the right things happen when you die or become seriously ill, put together a list of important papers and valuables and where they are located in your house. Then, give copies of the list to one or two relatives who are organized, unemotional and likely to "take charge" after your death or serious illness.
Here are 10 of the most important things that should be on that list:
Your Current Will.
You would be AMAZED how many people put these in their safe deposit box. This is a bad idea, because a bank won't let you have access to a relative's safe deposit box unless you can show them copies of "letters testamentary" appointing you executor of the estate. And guess what? You can't get "letters testamentary" from a probate court without a copy of your relative's will!
Keep your current will somewhere in your home, and make sure the attorney who drafted it keeps a copy in her office. Also, be sure to destroy all prior wills so there is no confusion about which one is current.
Insurance Policies.
Especially your life and disability policies, as many of these require you to notify the insurance company within a few days of a relative's death or disability if you plan to make a claim. Also, homeowner's policies may have "schedules" listing valuables, artwork and other heirlooms.
Tax Returns.
These are among the first things your estate attorney will ask for when you die - try to keep your federal and state income tax returns for the past five years in one place.
Bank and Brokerage Account Statements.
If you bank electronically, make a list of the banks where your accounts are located, the account numbers, your computer passwords, and the name and telephone number of a contact person at the bank who knows you personally. Do the same for brokerage accounts. Be sure to include the locations of any safe deposit boxes.
Retirement Accounts.
Your IRA, SEP, 401(K), pension or other retirement plan account numbers should be noted, along with the name and telephone number of the bank or financial institution that serves as "trustee" of the account.
Your Good Jewelry.
Do you really trust a local jeweler to help your relatives figure out what's "costume" and what's not?
Family Heirlooms.
If you want something to go to a particular relative and haven't made a specific bequest in your will, say it in your list - if your relatives get along, they probably will honor your wishes even though they're not legally binding.
Your House or Apartment Keys.
Only one or two of your most trustworthy relatives should have these, or know where they are. A client once told me that when his grandmother died, one of his cousins got access to the grandmother's apartment within 48 hours of her death and removed all of her valuable antiques before most other family members even knew she had died. Because no one could prove that Grandma actually owned the antiques, the cousin got to keep them, although he isn't too popular at family gatherings nowadays.
The Location of Secret Compartments in Furniture or Other "Hiding Places".
Don't laugh! I inherited a fold-out desk from a maiden aunt who died in 1986, and only two months ago while cleaning it I discovered a hidden compartment containing love letters from her old boyfriends - circa 1922!
Names and Telephone Numbers of . . .
the attorney who drafted your current will;
your accountant;
your doctors (in case of sudden stroke or illness where you are unable to speak);
your insurance agent;
relatives and friends you wish to be notified of your death (be sure to include your profiles on any "social networking" websites); and
the funeral parlor you wish to handle your remains.
Cliff Ennico (
cennico@legalcareer.com
)is a syndicated columnist, author and former host of the PBS televisionseries 'Money Hunt'. This column is no substitute for legal, tax orfinancial advice, which can be furnished only by a qualifiedprofessional licensed in your state. To find out more about CliffEnnico and other Creators Syndicate writers and cartoonists, visit ourWeb page at
www.creators.com
.COPYRIGHT 2009 CLIFFORD R. ENNICO. DISTRIBUTED BY CREATORS SYNDICATE,INC. Permission granted for use on DrLaura.com.
