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OFF-TOPIC Death Planning - Your Best Practices

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MTF

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If you were to die tomorrow, would your loved ones know how to access your most important accounts? Would they know where you store cash, precious metals, crypto, real estate, and other assets? Would they know how to transfer your business, sell it, or keep it alive? Would they know what to do with your investments? Would they know who should be notified about your death? Would they know about your special requests?

I have a document which outlines my instructions and requests after I die. I told my loved ones about it. I update it every now and then when I have to add new instructions. It includes stuff about how my business operates, where I keep my wealth, and who to notify if I die (I have some online friends who would otherwise never know).

What are your best practices for death planning? Any other things you do to protect your loved ones after you pass away? Will? Insurance? Trust?

If you haven't taken care of it yet, I strongly suggest to do it as soon as possible. You never know when your life might end. Make it easy for your loved ones to inherit your wealth and not lose anything.

@Kak, any thoughts considering your interest in creating generational wealth?
 
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Mattie

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If you were to die tomorrow, would your loved ones know how to access your most important accounts? Would they know where you store cash, precious metals, crypto, real estate, and other assets? Would they know how to transfer your business, sell it, or keep it alive? Would they know what to do with your investments? Would they know who should be notified about your death? Would they know about your special requests?

I have a document which outlines my instructions and requests after I die. I told my loved ones about it. I update it every now and then when I have to add new instructions. It includes stuff about how my business operates, where I keep my wealth, and who to notify if I die (I have some online friends who would otherwise never know).

What are your best practices for death planning? Any other things you do to protect your loved ones after you pass away? Will? Insurance? Trust?

If you haven't taken care of it yet, I strongly suggest to do it as soon as possible. You never know when your life might end. Make it easy for your loved ones to inherit your wealth and not lose anything.

@Kak, any thoughts considering your interest in creating generational wealth?


The biggest issue family members have is fighting over land, materialism, property, and finances. They get in a lot of nasty fights over the smallest details or items. I would have a will written.

I would make sure everything is documented who you want things to go too and make it simple and make it legal. It really doesn't matter what social class, it's a sensitive issue and emotions are high.

The other is giving consent to Medical Power of Attorney, and have this written out so the right person makes the medical decisions for you if you are unable too.

This also gets a bit nasty with high emotions, stress, and anxiety.

This is something most people never talk about it.
 

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Very good points.

This is something most people never talk about it.

Yes I can see this is not going to be a very popular thread. People prefer not to think about it until it's too late.
 

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Very good points.



Yes I can see this is not going to be a very popular thread. People prefer not to think about it until it's too late.
Exactly. I think it's healthier when you talk about it ahead of time and prepare people. Also have grief/bereavement counseling afterwards. It's the hardest part of life for people to go through in the end. Most people are not considerate about the grief process in society. They rather forget about it, and move on with life as fast as possible.
 

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Exactly. I think it's healthier when you talk about it ahead of time and prepare people. Also have grief/bereavement counseling afterwards. It's the hardest part of life for people to go through in the end. Most people are not considerate about the grief process in society. They rather forget about it, and move on with life as fast as possible.

100%. I have first-hand experience with it and actually find it sick how people expect you to get back to normal life in mere days...
 

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I put my wife as a beneficiary to everything. My son as alternative beneficiary. My brother is the executor of my will.

I have, in the past, had big term life policies that would benefit my companies and replace me as CEO with some even more expensive talent. I have since let the policies expire as the companies that will live on can just pay someone else.

I have a written document that explains where everything is. All the accounts and whatnot for my wife.

That’s really it.

When I ultimately have more kids, I’ll definitely put provisions in the will about them not fighting with one another or it goes to a family foundation and the only fight they’ll be able to have is what good to do with 60% of the foundation’s investment income every year.

For the most part, I intend to let my kids and grandkids benefit from what I build well before I die. As long as they aren’t a socialist, which they won’t be, but in the the case that they somehow end up there… Daddy government can be their new bank.

I intend to let them struggle, but struggle higher. If they are lazy and don’t make an effort, they’re on their own. But if they do, they have me and everything I’m worth at their disposal.

There are no guarantees in life, but I’m also only 31. So I’m sure this will become more and more complex as time passes.
 
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Mattie

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100%. I have first-hand experience with it and actually find it sick how people expect you to get back to normal life in mere days...
Grief is different for everyone. It can take 12 years or more for some individuals who are very close to someone until they're ready to let go. This depends on what type or relationship we have with people and how close they are emotionally attached.

When we hear about someone we're not close too it is much easier to to let go, and we might mourn for a short period of time.

It all depends on the situation and what kind of bond you have with them.

It depends on how they passed away, and whether you had time to resolve conflict in some cases.

Death comes in many forms, and it gets etched in our mind how it happens and how we deal with it afterwards.

Which I mentioned already families, friends, and sometimes even co-workers may get into debates or arguments even at funerals.

Funerals themselves if the family doesn't have the same beliefs might upset others who might have a faith.

It can get quite messy . People are to wound up in their own grief to be rational and get quite selfish and inconsiderate.

Then you have complicated grief, that is worse then regular grief for some individuals like 2020 and 2021 where they lose more then just a person, but their land, property, materialism, and finances at the same time. Example: Military Soldier who might have an investigation associated with death, and family is denied benefits for a time.

 

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I control a fair amount of hardware and digital assets that are confusing as heck, but can be ran without me if something were to happen. I have instructions written down for my wife in case something happens to me, and a good friends number who can help her out with this as it is very confusing to most people.
 

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If you were to die tomorrow, would your loved ones know how to access your most important accounts? Would they know where you store cash, precious metals, crypto, real estate, and other assets? Would they know how to transfer your business, sell it, or keep it alive? Would they know what to do with your investments? Would they know who should be notified about your death? Would they know about your special requests?

I have a document which outlines my instructions and requests after I die. I told my loved ones about it. I update it every now and then when I have to add new instructions. It includes stuff about how my business operates, where I keep my wealth, and who to notify if I die (I have some online friends who would otherwise never know).

What are your best practices for death planning? Any other things you do to protect your loved ones after you pass away? Will? Insurance? Trust?

If you haven't taken care of it yet, I strongly suggest to do it as soon as possible. You never know when your life might end. Make it easy for your loved ones to inherit your wealth and not lose anything.

@Kak, any thoughts considering your interest in creating generational wealth?
Thanks for raising this.

My wife literally asked me this week what would happen if I wasn’t around. I’ve emailed her contact details of financial advisors etc in the past, but putting everything into a Google Sheet/Doc she has access to is a better idea (thanks @Kak).
 

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This last year, I restated (rewrote & updated) my revocable trust documents. My attorney, who wrote the original one for Mom and I about 20 years ago, has brought his son into the practice. Mom died many years ago and that trust worked very well for that situation. The fact that my attorney's firm is still in business, and will be, makes my estate planning a LOT easier. They are still representing me and they have everything in my file.

The only information we gave my husband's children is the attorney's contact information. They are now grown and in their 20's -- they were little kids when we married. As far as the kids know, my entire estate is still going to a charity. The kids don't know that I have restated my trust and included them. We want them to make it on their own without counting on my assets. So, I set up my trust terms to push them in that direction.
 

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To elaborate... the key to my trust is having a "pour-over" will. When I die, any assets in my personal name will "pour-over" into my trust. With the restatement of the trust, now my husband also has his "pour-over" will into my trust. I feel very lucky that we were able to use my existing trust to plan and protect everything. It means that our estates are in order regardless of what we do in the businesses. It's all thoughtfully decided and in my attorney's file. We don't have to fuss with it anymore.
 
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I have strongly considered offering a service for small businesses that relates to this.
Everyone knows they need to have a will/trust in place to determine who gets the assets, as well as have named beneficiaries on any of the relevant accounts. I don't have anything to add to this process: find a good estate lawyer, and pay the thousand dollars (or whatever it is) to get your paperwork in order.

What many people don't consider (or don't consider strongly enough) is what happens to the business that has enabled them to create the wealth and lifestyle they currently have? Yes, a life insurance policy may cover the monetary loss, but there is still the question of what happens to your business after you die?

If you have employees, they will need some kind of direction, or the company will fall apart. Who steps up to fill that position? Does that person know how to access everything they will need to do the job? Do they have credentials for the bank account to run payroll? Do your vital suppliers/customers even know who this person is so they don't think it's a scam when they get contacted?

If you don't have employees, then you need to have a written plan that someone can follow, even if it's just keeping things afloat through a sale of the business.

Think about if you're a solopreneur doing $300k a year in profit in an ecommerce business (really not that unheard of if you have a good business). If you die and that business fizzles out, your family gets no more benefit from that.
But if someone can keep it alive through an exit (and get 3x-4x), that's another $1 million added to your family's wealth. What kind of a difference would that make in their lives?

Even more importantly: your business is not going to be the priority for whomever is handling your estate. Your distraught wife/husband/kids are going to have zero interest in operating your business while they're busy figuring out burial plans for you.
So who have you selected to step in and just handle things while all the grieving is happening? Or will all your hard work just disappear?
 

WJK

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I have strongly considered offering a service for small businesses that relates to this.
Everyone knows they need to have a will/trust in place to determine who gets the assets, as well as have named beneficiaries on any of the relevant accounts. I don't have anything to add to this process: find a good estate lawyer, and pay the thousand dollars (or whatever it is) to get your paperwork in order.

What many people don't consider (or don't consider strongly enough) is what happens to the business that has enabled them to create the wealth and lifestyle they currently have? Yes, a life insurance policy may cover the monetary loss, but there is still the question of what happens to your business after you die?

If you have employees, they will need some kind of direction, or the company will fall apart. Who steps up to fill that position? Does that person know how to access everything they will need to do the job? Do they have credentials for the bank account to run payroll? Do your vital suppliers/customers even know who this person is so they don't think it's a scam when they get contacted?

If you don't have employees, then you need to have a written plan that someone can follow, even if it's just keeping things afloat through a sale of the business.

Think about if you're a solopreneur doing $300k a year in profit in an ecommerce business (really not that unheard of if you have a good business). If you die and that business fizzles out, your family gets no more benefit from that.
But if someone can keep it alive through an exit (and get 3x-4x), that's another $1 million added to your family's wealth. What kind of a difference would that make in their lives?

Even more importantly: your business is not going to be the priority for whomever is handling your estate. Your distraught wife/husband/kids are going to have zero interest in operating your business while they're busy figuring out burial plans for you.
So who have you selected to step in and just handle things while all the grieving is happening? Or will all your hard work just disappear?
I totally agree. Our gorwn kids aren't interested in any of it. Sad, but true.
 

Mattie

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I totally agree. Our gorwn kids aren't interested in any of it. Sad, but true.
I don't know, who's inventing all the new environmental friendly funeral options in Entrepreneurship? Not that I want to post them in the forum, but there are some new interesting ideas that have been coming out. Some of them I do cringe at times. I don't think it's Gen X that comes up with all the interesting ideas.

On some of the Urban Explorers I've seen some messes and just learned some facts, I didn't really want to know about. As well as back in the old days they had trips on the graves and they exploded when grave robbers would come and try to steal stuff in the old cemeteries.

Even a whole they could crawl out of it they were buried alive.

 

WJK

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I don't know, who's inventing all the new environmental friendly funeral options in Entrepreneurship? Not that I want to post them in the forum, but there are some new interesting ideas that have been coming out. Some of them I do cringe at times. I don't think it's Gen X that comes up with all the interesting ideas.

On some of the Urban Explorers I've seen some messes and just learned some facts, I didn't really want to know about. As well as back in the old days they had trips on the graves and they exploded when grave robbers would come and try to steal stuff in the old cemeteries.

Even a whole they could crawl out of it they were buried alive.
The only person I really worry about when I'm gone is my husband. I'm a bootstrap girl who started with nothing. My husband and I have worked side-by-side during our marriage for the last 17 years. I want to protect him if some happens to me. The rest can fend for themselves. I'll give them a hand-up, but not a hand-out. I know that sounds cold, but I've explained my reasoning below:

I've always run "The Little Red Hen" establishment. In that story, she couldn't get anyone to help her. She raised the grain, ground the grain into flour, and she baked the bread all on her own -- while everyone else played and gave her excuses. (Sound familiar?) Then everyone in the neighborhood wanted to eat her bread and she said no. It was for her and her chicks. And that's why I do NOT believe in equity -- I believe in equal opportunity. And I take it one step farther. I believe that "them" who do NOT work, should NOT eat. There are very few exceptions to my work rule. Even people who are bed ridden can do something useful with all of their spare time!

I know that it's really hard for a person to appreciate anything they haven't worked for and earned. If you give a person something that they feel they haven't earned or paid fair value for, they will hate you for it. They will squander it and destroy that gift. You end up stripping them of their pride and dignity. Any gift you give must be given in a manner that allows them to give back. And that's the biggest problem that must be considered in estate planning to help our kids and grand kids...

FYI -- I don't care what your race, religion, or background is. I don't care who you sleep with as long as all parties are consenting adults. None of that is any of my concern. I do have two great prejudices in the world. I cannot stand lazy and/or slovenly (dirty, filthy) people -- and many times they are both. I delete them from my life as fast as possible. When they launch into their tirade of excuses, I cut them off and usher them out of my door. If they don't leave after a few tries, I resorting to yelling, screaming, insulting, threatening, or anything else it takes to get them out of my door. If they are tenants causing me grief and are acting unreasonable, I promptly evict them. I can't change their basic nature, so Next...
 

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