A serious thought...

There's a well known financial advisor in Australia that I follow. His name is Scott Pape but is known as the Barefoot Investor.
Much of what he espouses is Warren Buffetesque, and makes good sense.
I thought it was worth sharing with you his column from last Sunday's paper.
It made me sit up and think "I'm not well prepared in that aspect! I'll do something about that!"

So I've bought an A4 sized fireproof safe and have started populating it.
Maybe I'm the only unprepared one on this forum, but probably not so...
Cheers

PS - he forgot phone and computer/tablet access (passwords/codes)

For UK folk there's a useful book called "Your Last Gift" by Matthew Hutton (there are other similar books on Amazon) which goes into this in more detail, and there is a lot of detail to consider once you do start thinking about it. I like the quote from Woody Allen - "I'm not afraid to die, I just don't want to be there when it happens".

I have an extensive list with passwords, links, and lists, all on a master spreadsheet on my laptop
Copy of my master spreadsheet on my USB stick (updated regularly)
Wills, including executor selection, and directed gifts
House info spreadsheet (multiple tabs) including photos, CAD drawings, etc.
Ranch info (multiple tabs) also including extensive photos & CAD drawings
Vehicles - extensive spreadsheets & photos, with master M/C spreadsheet linking them all together
Insurance papers & digital copies for all properties & vehicles
Titles/Deeds for all properties, vehicles & investments
Investment Accounts
Savings Accounts
Bank Accounts
My wyfe has instructions to plug in my USB stick, fire up the laptop, click on the "I.C.E." icon, and it'll take her to the point she can do it all, or hand it over to my oldest son to take it from there. My oldest son can do the same, if/when the time comes.

Oh, yes, it also has instructions to go one click at a time on my "favorites" bar and advise all of the forums that I've passed on and to handle my accounts accordingly. BB.Com is Top Of List.

First, everything of mine that can have a beneficiary has one. This stops many issues in itself.

My will covers the rest. It includes an ordered list of executors so if one can't the next can. None of them are blood relatives and I have no spouse. They all know where to find the key info that will provide all other needed info and that info is well backed up.

In Virginia, the process is simple for someone like me. The clerk of the court needs an inventory of assets without beneficiaries and how they were disbursed/handed. Once that inventory is accepted, assuming a year has passed, the estate is closed.

Next order of business is setting up a proper Trust for our "blended" family situation. I'm probably late on setting that up, in Texas, it matters.

Everything we own is in joint ownership , house, land, cars, & just the one bike now , not sure how much longer ( no cure for my cancer) I will be here but we all setup for my passing , we been setup this way since the get go

Craig said:

Everything we own is in joint ownership , house, land, cars, & just the one bike now , not sure how much longer ( no cure for my cancer) I will be here but we all setup for my passing , we been setup this way since the get go

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When my wife died, we were the same so things were smooth. Only one small issue. The DMV had titled one car as "and" instead of "or" so we both owned it, but her ownership was part of her estate. Her will covered that so it was not a big deal. Had her will not covered it, it could have been a small mess. So, you might want to double-check what constitutes "joint ownership with rights of survivorship" means where you live to make sure everything transfers without problem.

I know a woman whose husband died after a long illness. They never had wills and they thought it a good idea to have him as the owner of everything except her business for some ill-perceived tax benefit. So, when he died, she owned nothing they shared including the car she drove and the house she lives in. His daughter from a previous marriage is making her life hell.

marshg246 said:

I know a woman whose husband died after a long illness. They never had wills and they thought it a good idea to have him as the owner of everything except her business for some ill-perceived tax benefit. So, when he died, she owned nothing they shared including the car she drove and the house she lives in. His daughter from a previous marriage is making her life hell.

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That is sickening.

Craig said:

Everything we own is in joint ownership , house, land, cars, & just the one bike now , not sure how much longer ( no cure for my cancer) I will be here but we all setup for my passing , we been setup this way since the get go

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So sorry to hear that Craig. I hope you are able to get better or find peace in the inevitable.