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Message Subject Could we please talk about preparing to die?
Poster Handle Giselle22
Post Content
A will needs to be probated by a court with an attorney in many states. This takes time and bills will need to be paid in the during this time.

My suggestions which is not legal advice but for entertainment only.

Use POD (Payable On Death) on your bank accounts.
Go into your banks & have that added to the signature cards.
Upon passing, your heirs would only need death certificate & the account is given to them.

Have named BENEFICIARY for your IRA accounts. Again, with a death certificate account will be transferred. IRA's are tricky about withdrawing money, 5 year rule or using heir with the youngest birthday. Look into these rules for your heirs.

For your home, have the home titled in the trust.
Then taken out of the trust & left to whomever.
Again, this is private & needs no probate.
Although, drawing up the trust either needs an attorney or a good online TRUST KIT.

Or have the home titled with RIGHTS OF SURVIVORSHIP if allowed in your state.
Seek professional advice on this one, as one would not want to TRIGGER TAX CONSEQUENCES.

Consider a safety deposit box with one trusted person or adult child with a list of accounts and where location & who the POD named. REMEMBER, if the safety deposit box does not have a living person named on it, then the box could be frozen and unable to get contents until will is probated.

To avoid fighting, have only one heir for each account.
 
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