12/04/2023
Repost DMV Doers:
Life has no expiration date, nor is tomorrow promised, so please take heed, ...and you can thank me later.
Get your affairs in order!!!!
💰Make sure all bank accounts have direct beneficiaries. This way, all a beneficiary needs to do upon death is go to the bank with the death certificate and an ID of their own.
🏡 Transfer On Death (not recognized in Maryland). If you have a relative in another state that does recognize TOD, completing and filing this document saves heirs THOUSANDS. This document allows someone to transfer ownership of their home to a designee upon death. All they need to do is take their ID and the death certificate to the county, and the deed is signed over. Doing this will avoid the home having to go through probate.
👨👩👧👦Living Will: Allows one to put in writing exactly what they want done in the event they can not speak for themselves when it comes to healthcare decisions or other final decisions.
👩🏽⚖️Durable Power of Attorney: Allows one to designate a person to make legal decisions if they are no longer competent to do so.
🏥Power of Attorney for Healthcare: Allows one to designate someone to make healthcare decisions for them.
🛍Last Will and Testament: Designates to whom personal belongings will go.
🪦Funeral Planning Declaration: Allows one to say exactly one’s wishes as far as the disposition of their body and the services.
If the above documents are done, much of the probate can be avoided!!!!
If all the above is not done, an attorney has to open an estate account at the bank. All money that doesn’t have direct beneficiaries goes into this account. The attorney also has to publicize the passing in the newspaper or post publication at the county courthouse to allow anyone to make a claim on property.
OTHER POINTS TO CONSIDER!
📚 💳Make a list of all banks and account numbers, all investment institutions with account numbers, lists of credit cards, utility accounts, etc. Leave clear instructions as to how and when these things are paid.
Make sure heirs know where life insurance policies are located. 📂
📝Make 100% sure SOMEONE knows Apple ID, bank ID account logins, and passwords!
🚗 Make sure all titles for all vehicles, campers, etc, are accounted for!
Set up a TRUST for intended beneficiaries, especially those that are too young, and appoint a trustee of said trust.
MOST IMPORTANTLY!!!! Talk with those closest to you and make all wishes KNOWN. Talk to those designated, as well as those close who were not designated. Do this to explain why decisions were made and to avoid any lingering questions or hurt feelings.
Check the probate requirements for the state in which you live because they do vary from state to state.
(My hope is that the above list atleast helps you all start important conversations with your loved ones...)
