She will see how much your toys cost. Just a warning.
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Wills
- Thread starter mimico_polak
- Start date
She will see how much your toys cost. Just a warning.
Hes got a govt job now. Suppliers drop those off in the driveway. No paper trail.
Where they are yeah. How money flows…if you have a cheat sheet then good on you!
One can always request transaction records and work it out (maybe?)
I'm doing something wrong...but thanks for the idea!
@jc100 all toys bought cash
I guess she could check the prices on the LEGO site...but I'm hoping all the insurance money I leave behind will distract her.
Chris-CJ
Well-known member
Suggest
- structure an either/or for current assets both fixed and liquid.
- will, everything to survivor,
after the "last of" goes it becomes complicated and here is where a liar (oops, I mean lawyer) is required.
- two POAs per each person, one for assets the other for continuing care.
- end of life direction i. e. do you want to live hooked up to tubes or do you prefer to just "go".
- nominate an Executor, could be a person or a company, have specific disposal of assets instruction.
(a Company is a better choice, as people come and go)
- prearrange your funeral
(a basic burial for two works out to $18K, a cremation for two is $10K)
Hope this helps.
- structure an either/or for current assets both fixed and liquid.
- will, everything to survivor,
after the "last of" goes it becomes complicated and here is where a liar (oops, I mean lawyer) is required.
- two POAs per each person, one for assets the other for continuing care.
- end of life direction i. e. do you want to live hooked up to tubes or do you prefer to just "go".
- nominate an Executor, could be a person or a company, have specific disposal of assets instruction.
(a Company is a better choice, as people come and go)
- prearrange your funeral
(a basic burial for two works out to $18K, a cremation for two is $10K)
Hope this helps.
Mad Mike
Well-known member
There is no after the fact -- a POA is only valid when the donor is alive -- it dies with the donor. Banks are legally required to transfer deceased persons' accounts into Estate status until they are resolved thru probate (unless the account is Joint, those pass to the survivor(s)). Banks are allowed to release funds to the Executor only to deal with final expenses -- that's it.
Joint POA is also strictly monitored at a bank. Anyone can make deposits, but 2 signatures are required on cheques. Joint POA bank cards and online banking have no debit capabilities (cash withdrawal, bill payments, transfers, POS, Tap). Withdrawals, bill payments, and setting up preauthorized debits can only be done in person, at a branch, with a teller, and only if both POA attorneys are present.
When I was a banker I had to explain this at least once a day, sometimes to bank managers, mostly to frustrated POAs.
Now - here are the good cheats if you are a POA:
- Get the donor to give you their bank card and access (userID, password) to their online banking. The bank will never know and quite frankly they don't care. !!!NEVER DO THIS WITH TELEPHONE BANKING!!!
- If you're a POA, transfer all funds out of the donor's chequing, savings, and TFSAs before the executor informs the bank of the donor's death
- Have the donor add you as a joint account holder on their accounts -- this survives death as you take ownership for the account.
After the fact. As in the bank never got a copy until I handed it to them. Dad was still alive.
Good point about the online banking. Bank told us we both need to be present for certain transactions. Sister lives 2 minutes away, it’s a 45 minute drive for me. Then the bank told us doing it online is fine. I asked “how is it fine if you don’t know which one of us or either of us is doing the transaction? Don’t we both have to be ‘present’?’
Response “don’t ask don’t tell”.
Mad Mike
Well-known member
If I did that I'd be riding a SuperCycle in about 6 mos!
Signed, sealed, and delivered. I should've been a lawyer lol.
Young guy, has his own defense practice, real estate and wills on the side but they're taking up more and more business. Multiple properties, and a brand spanking new Genesis G80 SUV.
Young guy, has his own defense practice, real estate and wills on the side but they're taking up more and more business. Multiple properties, and a brand spanking new Genesis G80 SUV.
Reviving an old thread that I started...how does one identify / designate an 'Executor' for your estate? We have a PoA identified...but is that the same?
I was the executor of my Dad’s estate. It was named in his will. Same goes for my Mom and sis.
When you get the will, see if you can pay a bit more and have unlimited lifetime updates. I paid for this and ended up making 2 changes in 5years so it was well worth it.
My sis had hers done recently and got the following:
1) Will
2) Advanced Health Care Directive
3) Representation Agreement
4) Enduring Power of Attorney
When you get the will, see if you can pay a bit more and have unlimited lifetime updates. I paid for this and ended up making 2 changes in 5years so it was well worth it.
My sis had hers done recently and got the following:
1) Will
2) Advanced Health Care Directive
3) Representation Agreement
4) Enduring Power of Attorney
Mad Mike
Well-known member
You do it in a Will.
POA is a different animal, it's only useful while you're alive. The person granting the POA is called the Donor, the person assigned POA privileges is the Attorney. There are two POA types, one for Personal (health decisions) and another for Property (bank, investment, insurance accounts, real estate, and possessions like cars and bikes). POA also have designations as Joint (where more than one Attorney is named, and all parties must agree/consent to any action together), and Several where a single individual can make decisions. POA's can also have conditions that limit what can be managed. Generally speaking, financial services companies (banks, insurance companies, wealth management, stock brokerages) will need you to register your POA with them before providing access to accounts.
All POA's are terminated the instant you die, so they are not useful when managing a deceased person's estate.
Ok thanks. My parents finally got around to doing a will and had it signed, but without me and my sister reviewing it to flag for any errors (parents aren't that familiar with this type of thing).
So I'm going tonight and just trying to see what I should look for, as dad said I'm the designated executor...but he may mean PoA.
As others noted you name them in a will and one should talk to them to make sure they are onboard as it can be a PITA...
I also recommend it is obviously someone you trust but if there are substantial assets someone that understands money. I have seen lots of these things go sideways (bad decisions) when millions are in the will and the executor only understands 100s.
I also recommend it is obviously someone you trust but if there are substantial assets someone that understands money. I have seen lots of these things go sideways (bad decisions) when millions are in the will and the executor only understands 100s.
I looked through my parents and inlaws. Flagged one issue where if they both die within 30 days, grandkids get double the (theoretical) inheritance. That was not their intent. Prepared by lawyers. They asked and lawyers were happy with wording. In the off-chance that clause gets invoked and there is money to distribute, I will get things corrected after distribution. Family had to do that after an aunt died and the plan had always been that her house went to her niece but at some point she changed the will and included multiple benefactors. The added benefactors signed their share over to the niece as intended. It's nice to have a mostly functional family.
On the estates I am executor for, it was clearly stated in the wills. Some of the estates are simple, some will be a nightmare (assets in multiple countries and a co-executor I have never met). In all cases, I am doing it to support the person that will have died. I expect they will almost all be losers on the time/money spectrum.
Agreed. My parents didn't tell me they want me to be the executor but when I asked my dad simply said 'you are. If you die, then your sister becomes the executor but we want you to be the lead if anything happens'.
I'm ok with it. Their decision has effectively been made...sell everything and split the proceeds 50/50 because we can't make it 'perfectly even of you get this, she gets that, etc etc'.
Sell it, take the money, and do whatever you want we won't care...we just don't want you and sis fighting over anything.
IMO they should have asked first but I also get it is actually a hard question to ask for many reasons. At least you know and it is not dropped on you later when...
One complexity I am sure they covered is if one of you passes before your parents. Do spouses get the money, do the grand kids. How is it split (equally per person or in half--for you and your sister's families--and then each half split between that passed person's kids). What about minors.. Down the rabbit hole you go. No perfect solution... we did ours recently so we know all the PITA factors.
Yes, it's never easy. I'll check out what they wrote and then see what potential issues are.
I'm ok with them putting me up as we've talked with my dad multiple times since they didn't have an updated will since the 90s.
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