Reverse mortgage...redux

[ReSTored]

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No wife/GF or kids. It`s my decision what happens next, I`m it. ................. I have a big house, lot of stuff, nowhere hoarder level however when and if I decide to move, downsize, leave the country that`ll be the time, I`ve investigated the how to`s.

Just a few thoughts here..................

You have assets. Do you have a will? Who is your Executor Trustee. Who are you leaving everything to?

Based on my experience being an Executor Trustee a few times, and also helping out others in a post death cleanup and estate windup, one of the most brutal challenges is going though decades of stuff trying to decide what is junk and can be disposed of and what is a "treasured" memory to be preserved, and for who....

The other challenge is sorting through the financial stuff. Where are all the accounts, what is current, what is outdated, insurance policies, pensions with a death benefit, who to notify, are your income tax returns up to date, life insurance policies, registered and non registered investments, beneficiaries for registered accounts, property records, subscriptions, online accounts, etc. etc.................... It goes on and on.

Spouse and I have been through this a few times and we're about 90% through our household purge and we have a "death book" section in a filing cabinet with everything mapped out that is updated periodically as required and our executor knows where this is.

 

[Glenn/RZ500]

Just a few thoughts here..................

You have assets. Do you have a will? Who is your Executor Trustee. Who are you leaving everything to?

Based on my experience being an Executor Trustee a few times, and also helping out others in a post death cleanup and estate windup, one of the most brutal challenges is going though decades of stuff trying to decide what is junk and can be disposed of and what is a "treasured" memory to be preserved, and for who....

The other challenge is sorting through the financial stuff. Where are all the accounts, what is current, what is outdated, insurance policies, pensions with a death benefit, who to notify, are your income tax returns up to date, life insurance policies, registered and non registered investments, beneficiaries for registered accounts, property records, subscriptions, online accounts, etc. etc.................... It goes on and on.

Spouse and I have been through this a few times and we're about 90% through our household purge and we have a "death book" section in a filing cabinet with everything mapped out that is updated periodically as required and our executor knows where this is.

Appreciate the heads up, that`s all vital stuff. Everything you`ve mentioned and then some has been in place for at least 15 years, revised as needed. Funeral/cremation/burial paid for too. I`ve seen the living hell someone goes thru when it`s all dumped on you and you don`t even know where to begin. I took my friend, who gets the whole shebang, to the lawyers office, the funeral home and cemetery. Showed him the banks and where everything is as necessary, it`s all written down and documented. My names already on the stone, with my folks names, just gotta` inscribe... " Never really died, just ran outta` time."

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