Money Matters
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email help@theknot.com.

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

Death Plans?

In a previous discussion insideTrump's Tax Plan, vlagrl35, mentioned how death is expensive and you have to plan for it. Sorry,  don't know how to make that screen name linked.

So, what are your death plans?

For us, that's just life insurance, wills, and accounts set up with PODs set to our separate estates (as advised by our lawyer). We also have letters written to our children and one another. I update my letters every few years, DH has not, which I get on him for, but he never gets around to it. He doesn't even have letters for 2 of our 4 kids...

Aside from that, that is it, we do not have any other plans.  

You?

Re: Death Plans?

  • We have a "Legacy Box" in our safe, and all of our parents know the combination to our safe to be able to access it.

    This is what it includes:

    Information stored in the Legacy Box includes:

    • Executive Summary
    • Legacy Letters
    • Birth Certificates, Social Security Cards, Marriage Certificate and Passports
    • Insurance Information (auto, homeowner’s, renter’s, health, long-term care, identity theft protection and life insurance)
    • Estate Plan
    • Power of Attorney Forms
    • Wills and Funeral Instructions
    • Financial Accounts Log
    • Safe Deposit Log
    • Monthly Budget
    • Tax Returns
    • Money Market and Mutual Fund Statements
    • College Funds
    • Retirement Funds
    • Rental Property Summary
    • Car Titles
    • Home Ownership Records
    • Passwords and Combinations

    TTC since 1/13  DX:PCOS 5/13 (long, anovulatory cycles)
    Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
    1/14 PCOS / Gluten Free Diet to hopefully regulate my system. 
    Chemical Pregnancy 03/14
    Surprise BFP 6/14, Beta #1: 126 Beta #2: 340  Stick baby, stick! EDD 2/17/15
    Riley Elaine born 2/16/15

    TTC 2.0   6/15 
    Chemical Pregnancy 9/15 
    Chemical Pregnancy 6/16
    BFP 9/16  EDD 6/3/17
    Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
    www.5yearstonever.blogspot.com 
                        Image and video hosting by TinyPic

    MommyLiberty5013
  • brij2006 said:
    We have a "Legacy Box" in our safe, and all of our parents know the combination to our safe to be able to access it.

    This is what it includes:

    Information stored in the Legacy Box includes:

    • Executive Summary
    • Legacy Letters
    • Birth Certificates, Social Security Cards, Marriage Certificate and Passports
    • Insurance Information (auto, homeowner’s, renter’s, health, long-term care, identity theft protection and life insurance)
    • Estate Plan
    • Power of Attorney Forms
    • Wills and Funeral Instructions
    • Financial Accounts Log
    • Safe Deposit Log
    • Monthly Budget
    • Tax Returns
    • Money Market and Mutual Fund Statements
    • College Funds
    • Retirement Funds
    • Rental Property Summary
    • Car Titles
    • Home Ownership Records
    • Passwords and Combinations
    How big is your safe? We've outgrown ours with the kids' info, etc.. and the interior dimensions are pretty tight with jewelry, papers, etc..
    jtmh2012
  • @MommyLiberty5013 ; It's a decent size. 
    I don't keep the whole document in there for everything.  But I have the important pages in there.  So for insurance, just the dec pages that show coverages and policy number.  I don't switch it out unless we make a major change on it.
    One of the first pages is a summary of our accounts.  Mutual funds, 401k, bank accounts, insurance policies, etc.  It has what kind of account it is, account/policy number, company it's with, contact information for the agency/investor/company.
    The only thing we have the full document of in the legacy box is our life insurance policies. 

    TTC since 1/13  DX:PCOS 5/13 (long, anovulatory cycles)
    Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
    1/14 PCOS / Gluten Free Diet to hopefully regulate my system. 
    Chemical Pregnancy 03/14
    Surprise BFP 6/14, Beta #1: 126 Beta #2: 340  Stick baby, stick! EDD 2/17/15
    Riley Elaine born 2/16/15

    TTC 2.0   6/15 
    Chemical Pregnancy 9/15 
    Chemical Pregnancy 6/16
    BFP 9/16  EDD 6/3/17
    Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
    www.5yearstonever.blogspot.com 
                        Image and video hosting by TinyPic

  • Estate planning is one of my big summer to-do list items. We have life insurance through our employers but with a baby on the way I want more. Right now we basically have enough for funerals and a little extra. I want enough to pay off the mortgage and pay for college. 

    We also plan on setting up wills and health care proxies. Since we are likely choosing non-family members as guardians in the event of both of our deaths (still need to ask them...) I will also include a letter to our parents and siblings explaining our choice and requesting that they do not contest it in court. 

    I also need to set up a master list of all of our accounts with usernames and passwords.... I'm not entirely sure my husband would know how to pay the electric bill if I died! Oops. 
  • hoffsehoffse
    Sixth Anniversary 2500 Comments 500 Love Its Name Dropper
    member
    We don't have wills yet because we don't need them.  All of our significant assets are either joint or would pass outside of probate anyway due to beneficiary info, etc.  We will arrange wills if I ever actually manage to get pregnant.  I'm planning to do some dead hand planning to control things from the great beyond, at least until kids reach a certain age.  Sorry junior, you won't have full access to everything in your trust until you are in your 40's.

    We do have medical directives and POAs though.

    We also have enough life insurance to cover us post-kids - it would pay off everything, provide for childcare, pay for college, and give the survivor enough to take an extended unpaid leave of absence to grieve/recover.  We also have a pretty baller disability policy on each of us that is not tied to our jobs and even insures our retirement contributions and includes a COL adjustment each year.  I will be happy when we are finally self-insured for both of those things, but it's going to be awhile.

    I keep copies of everything in a shared google drive folder.  I also have a list of accounts with password hints - H and I both know how to interpret them, and it would not be obvious if somebody hacked in.
    Wedding Countdown Ticker
  • cbee817cbee817
    Ancient Membership 250 Love Its 500 Comments Name Dropper
    member
    We have life insurance policies, wills, health proxies, plan in place for the girls if both of us passed at the same time. All of the important documents are in our fire safe box and copies are with our parents. The life insurance polices are 8x our salaries- enough to pay off everything and have $ left over. 
  • we have life insurance on both of us and POD on everything else except our businesses.  I don't have my name on DH's studio or his credit cards - I prefer not to have my name on it while mortgage is due just in case.  From what I learned from my first H's death 10 years ago was I wasn't responsible for his credit cards because my name wasn't on it.  sure it could have went to probate but they waited to long to submit it.

    Important documents like our wills we put in the safe at our bank - thanks for reminding me I need to get my mom to sign off on it.  We recently switched where our safe deposit is with our new bank.

    We don't have a ton of assets but I do need to get around to putting DH as POD on the house if I died.  I'm the only owner on it now - had it before we met and paid it off before we met.  I was too scared to put his name on it.
  • als1982als1982
    500 Love Its 1000 Comments Third Anniversary Name Dropper
    member
    One thing I don't see mentioned about is burial plans.  When my dad died, we were stumped on what he'd want, so I've made it clear to my husband that I don't want to be embalmed and I know exactly what he wants written on his headstone.  Morbid, yes, but certainly important details that will later bring peace of mind. 
    HeartlandHustle | Personal Finance and Betterment Blog  
  • My wife told me to do whatever I wanted.  As far as she's concerned, after she's dead, she's dead and it doesn't matter.  Myself, I'm still trying to avoid the subject.  I just have trouble coming to terms with the idea that one day I just won't be.
    Daisypath Anniversary tickers
  • als1982 said:
    One thing I don't see mentioned about is burial plans.  When my dad died, we were stumped on what he'd want, so I've made it clear to my husband that I don't want to be embalmed and I know exactly what he wants written on his headstone.  Morbid, yes, but certainly important details that will later bring peace of mind. 
    I always thought it was either cremation or burial with embalming. Is embalming not required by law? For some reason I thought it was. Without embalming, then, they have ho bury a person pretty quickly then?
  • als1982 said:
    One thing I don't see mentioned about is burial plans.  When my dad died, we were stumped on what he'd want, so I've made it clear to my husband that I don't want to be embalmed and I know exactly what he wants written on his headstone.  Morbid, yes, but certainly important details that will later bring peace of mind. 
    I always thought it was either cremation or burial with embalming. Is embalming not required by law? For some reason I thought it was. Without embalming, then, they have ho bury a person pretty quickly then?
    I think it varies by location, but some religions don't allow embalming (Judaism is the one I'm thinking of) and they just bury the body within 24 hours and there is no viewing. In my work we represented a local Jewish funeral home and they didn't have any legal issues skipping embalming.

    My friends and I have decided we're going to be a forest! There are special pods that you are buried in and you become the food for a tree (or mushrooms, or some other things). I told my husband I want to be a tree and when I'm fully grown I want to become a cool piece of furniture. But if I die before we finalize those plans he knows to cremate instead. Cemeteries give me the willies in life so I definitely don't want to spend all eternity in one.  
  • vlagrl35vlagrl35
    500 Comments 100 Love Its First Anniversary Name Dropper
    member
    because my first husbands death was a surprise - I was the one left to take care of everything so I was going to cremate him and pick out a nice urn I thought he'd like.  His dad was in atlanta and they are romanian baptist and he wanted him in a casket - so plans changed and I did what he has wished but then I had to pay to have the casket shipped to atlanta via airplane.  He was buried in a romanian cemetery over there.

    Me and my husband haven't decided on a cemetery yet but we both want to be buried underground in caskets - the whole above ground kinda freaks me out.


Sign In or Register to comment.
Choose Another Board
Search Boards