Living Together and Not Married

If you are living with another person (a “partner”, a family member other than a spouse, or a friend) and you do not have a written set of instructions about what the individual needs to do if you are incapacitated or deceased, your “live in” will be put in an awkward situation.  It doesn’t matter how old you are, if you own the property and are cohabitating, it is so important that you take the time to write a will and letter of instruction.  Does your “live in” get the furniture or do your kids get it?  How long can your “live in” stay in the house/apartment?  What happens to the blue vase that your mother left you?  Yes, the state you live in may determine how the situation falls out, however, the overall intent is “be proactive and take the time to learn how to protect your “live in” and how to be responsible to your family”.

These are knotty questions and require some thought and a commitment of time to address.

And make sure someone other than your “live in” knows where you keep your important papers.  If you have not completed my form about your important financial and hsitorical information, email me and I will send you a copy.  Remember it is by no means the end all/ be all of information; it is a basis for you to add in your own personal touches.  I welcome your dialogue.

Until next time…

RUFADAA

No the title does not have typos nor is it a word in another language.  It is an acronym for – are you ready? - the Revised Uniform Fiduciary Access to Digital Assets Act.  That’s a mouthful but a topic for discussion.  You see the word “digital” so you know it has something to do with our online presence.  If you have shared your passwords and accounts with someone or have at least written down the info for your heirs to find, you may not be concerned about it.  But, if you have chosen not to pay attention to your digital life, then you must read this.  According to:
http://www.cbsnews.com/news/say-youre-dead-who-gets-access-to-your-online-accounts/, 20 states have enacted RUFADAA which will govern how your family/executor will be able to gain access to your online accounts if you die or become disabled.  It is anticipated that by the end of 2017, all states will have enacted this law.

I wrote about Facebook’s Legacy Program in the past (see Security Settings in Facebook) and check out Google, Yahoo, etc. for info about their regulations if you die or become incapacitated.  So even if you have a will or power of attorney, your digital life may just hang out there without anyone being able to either close it down or view it.  Think of all the photos that are stored on a site.  Think about online bank accounts.  If no one knows they are there and if no one has access to the passwords, then there could be problems for the family. 

An attorney quoted in the CBS article suggested the power of attorney document be amended to include information about digital access.  Yes, this is confusing.  Yes, you may not think your online presence is so important and yes, you don’t think anyone in your family would want access to your online life; however, what we think about today may change so drastically in the future.  When Pennsylvania passes this law- and it’s pending- I am going to contact my attorney to find out what documents I have to update. 

If you found this post helpful, please let me know.

Deliberate Steps

The following is a summary of an article by Miriam Goodman from nextavenue.org:

If you have been chosen to be the executor/executrix, you may need to get a tax ID number for the estate.  Contact the IRS or go to their website.  This is why it is so helpful if you know in advance that you will have this responsibility.  Hopefully, if you have had the conversation where you learned that you will be responsible, you know where the bank accounts and credit cards are located, whether or not the funeral is prepaid, where the burial plot is located, and the names of the lawyer and investment personsfinancial manager

You will also need a number of death certificates to satisfy the paperwork for banks, insurance companies and the like.  People have told me they needed 30 copies while others only needed 10.  You have to know your situation so you don’t have to wait for additional certificates if needed.  I didn’t know one needs a death certificate to have mail forwarded.  Makes sense, though.

The executor needs to check bank statements quickly so that any automatic deposits and withdrawals can be stopped. 

Another step, and they are not in any particular order, is to notify Social Security and to remember to ask for the lump sum survivors benefit which is given to help with funeral expenses.  Don’t get excited—it’s a drop in the bucket but a drop here and a drop there can add up to a puddle.

If it is applicable, notify the Veterans Administration, too.

And remember, the executor is doing all of the above while he is in mourning.  It’s a sad time yet one that is filled with paperwork and details. 

You can read more about this in Scott Taylor Smith’s When Someone Dies: the Practical Guide to the Logistics of Death.

If you found this blog helpful, let me know.