Comments on: Preparing for the worst

By: Carnival of Money Stories - The Dough Roller

Carnival of Money Stories - The Dough Roller — Thu, 03 Sep 2009 10:54:08 +0000

[...] presents Preparing for the worst posted at Funny about [...]

By: What’s Sizzling? – August 28th Edition

What’s Sizzling? – August 28th Edition — Fri, 28 Aug 2009 11:54:49 +0000

[...] fantastic resource from Funny About Money – nothing funny about preparing for the worst, but it is very important. Here’s what to leave behind so your loved ones know what to [...]

By: Revanche

Revanche — Wed, 26 Aug 2009 03:41:17 +0000

Oh how nice, I’m fingers deep in creating the same sort of documentation for myself. The work stalled when I realized that I needed someone to hand it off to, but I don’t have anyone I trust enough to handle/protect such sensitive material. I may look into the possibility of a safe deposit box with instructions to send the key or provide the key to a designated responsible party.

By: Wojciech

Wojciech — Sun, 23 Aug 2009 22:45:40 +0000

What a fantastic list! With a child on the way, I have to get myself together and start the assembly process for something similar.

It always seems like we don’t have the time, but this is oh-so-important.

Thanks for a great resource and starting point!

By: frugalscholar

frugalscholar — Sun, 23 Aug 2009 20:44:28 +0000

My mother was shocked to discover that my father, a very messy fellow, left very neat files, with instructions for her. A relief after a sudden death.

One thing I’d suggest: anyone planning to leave an IRA to a child should learn the rules of distribution and then educate the child. These can be gifts that keep on giving (both Roth and regular) but many people mess up. The book on this is by someone named Schott, I believe.

I think the basic deal is that the child can take distributions based on his (longer) life expectancy. With a Roth these are tax free, also.

My father divided his Roth IRA into 4 pieces and put each of his grandchildren as beneficiaries of one after my mother. If she ends up not needing the money, this will be a wonderful lifetime gift for all the kids.