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Need Will, POA and what else?

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phase08

Member
What is the name of your state? Ohio

I’m 57, on disability, single (never married), no children. I do not own a house, and less than $1,000 in debts. Only property is personal property (furniture, computer, clothing, household items etc.). I have checking & savings account, CDs, Roth IRA, mutual funds, and stocks. I also have a small ($10,000) life insurance policy (designated beneficiaries are brother and niece).

I want to make out a Will, and want to know what else I need. Question 1) Living Will? Durable Power of Atty?

The beneficiaries of all the investment accounts will be niece (now age 17) and nephew (now age 13). If I die before they are adults I want the money held and released to them when niece reaches age 25 and nephew reaches age 22. Question 2) how can this be done?

I’d like to make my brother beneficiary of anything in ckg & svgs – Question 3) - Would he be able to access the money without going thru Probate? I want any funeral expenses to be paid from life ins (brother’s portion) and ckg/savings if necessary. Question 4) How can this be designated? Question 5) Should I specify where I want to be buried?

Thanks for your help.
 


tranquility

Senior Member
Those are the big three. Will, healthcare power of attorney/living will, durable power of attorney. Some add living trust. In your situation you might get by with a trust-mill trust or, maybe, not even that if you are careful about designating the beneficiaries.
 

seniorjudge

Senior Member
Question 1) Living Will? Durable Power of Atty?

A: "Living will" is an incorrect term made up by the media. It is a durable power of attorney for healthcare. You need one of those with at least two POAs: the first one and then an alternate one.


The beneficiaries of all the investment accounts will be niece (now age 17) and nephew (now age 13). If I die before they are adults I want the money held and released to them when niece reaches age 25 and nephew reaches age 22. Question 2) how can this be done?

A: You need a trust set up for this.


I’d like to make my brother beneficiary of anything in ckg & svgs – Question 3) - Would he be able to access the money without going thru Probate? I want any funeral expenses to be paid from life ins (brother’s portion) and ckg/savings if necessary.

A: Generally, you cannot put restrictions on a life insurance beneficiary's designation; ask your insurance carrier about that. If your brother is on your accounts as a joint tenant (which I do not recommend) or as a payable/transfer on death, then the dough will not go through probate. Your brother is not bound to use the dough for your funeral expenses. And what happens if he dies before you?


Question 5) Should I specify where I want to be buried?

A: You need to tell your family where you want to be buried. If you are very concerned about this, then you can make the funeral home the beneficiary of the insurance.
 

BlondiePB

Senior Member
Question 5) Should I specify where I want to be buried?

A: You need to tell your family where you want to be buried. If you are very concerned about this, then you can make the funeral home the beneficiary of the insurance.
Pre-arranged funeral will take care of this.
 

garrula lingua

Senior Member
Good prior posts.
I would also add to Will, POA financial (choose an agent & alternative for financial matters if you are disabled/in hospital), POA medical (choose an agent & alternative to decide your health care), Directive to Physician (aka do not resusitate or on what terms, do you want artificial sustinance, etc),... do
burial instructions - cremate or burial, where, what music, what service, what eulogy, where ashes scattered, etc.

and, instructions for executor/survivor: a summary of your assets and debts and all your personal info for your exec; include your computer passwords & info where your birth, marriage, DD214s, will, insurance policies, etc. are filed/located, and who to notify of your death, any combinations on any locks around the house, all the car info, your DL #, etc. List all your accts, the #s, the amts, CDs, MoneyMarkets, etc. ID which are POD, ID your life insurance policies by #, agent, carrier, address, beneficiary, etc. (be very careful of where you keep this - it is a complete listing for ID theft). List your utilities with acct #, phone #, etc. so they know who to call to shut them off.
Write your own proposed bio for your obit if you really want things just so.:)

Buy a large binder. Put some pocket protectors in it & start putting this info in that one volume. It is the one item you should pick up and take in case of fire, etc. Keep it safe from theiving eyes. It will help your brother immensely if he has to close all your affairs.

Good for you in thinking about those you leave behind !! You can save them an immense headache by working on this info now and updating every 3 months. Also, God forbid, if you have a stroke or some such disability, it will be much easier to assist you with this info right there.
 

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