There is a status where you can just name someone(s) on an account to receive the money when you take your last trip...I believe it's "Payable on Death," or P.O.D. The cash in that account does not go through probate...the funds are distributed immediately. There is another upside as it relates to getting around the Insured Ceiling on funds at a single financial institution. I believe you get an additional Insured Ceiling for each P.O.D. Individual on the account(s). I had this done with my accounts and later realized that there would be repairs & such required on my home to get it ready for sale, and not everyone on the P.O.D. list would "play nicely" to voluntarily kick in funds once they got hold of the cash, so I removed the P.O.D.s so that the cash would remain in the estate to be available for the administrator to do whatever "get ready for sale" stuff was required. The remaining cash will then be distributed as part of the estate. The other question to ask would be what the tax status would be in the hands of the recipient doing it this way. At the time I set it up, it would have been taxed (or not) like any inheritance. But these laws change. Another good thing is you do this through your bank and can change it as you wish--any time you wish--right at the bank without redoing your will. Ask the folks at your bank. Don't take advice from strangers on the internet.
My wife died nearly 4 years ago, but she is still alive because the code blue team at the hospital brought her back to life. If she had a DNR on file I wouldn't have had these last four years and hopefully more with her. I have power of attorney over her now and if the time comes I'll make the decision. I will never get a DNR for her or for me.
Another thought. What to do with remains. The traditional funeral is getting too expensive and is being changed to a cremation ceremony. (still rather pricey but I know of a company with door to door service, no frills that is not too bad) Some states allow for natural decay. My brother was asking what we all thought. I told him he is welcome to either, my mulch pile or my manure pile. My kids don't want to talk about it. My husband has a romantic idea of us being buried up in a lovely cemetery near here. $15,000 each or mulch pile? Hmmmmm... There are options to take care of things before the event--prepaid funeral arrangements. Having been through this, what we had talked about in life didn't mesh with what I felt at first husband's death... Soylent Green?...
Yeh, taking care of this is on my list of things to do. There's a funeral home that's been recommended. Just cremate me and spread my ashes...somewhere. edit to add: I like the idea of being put into someones composter. Then "turning in my grave" would actually be a good thing. And if no one else is gonna break down because I'm dead, at least I will.
I wonder if I lock in a cremation deal next week I'm gonna get stuck with Peak Fuel Cost. Man, I should have done this years ago.
As some of you know we are in a mess with hubbys Dads Will, and then passing of his brother was IEX. It just keeps getting more complicated. First get a damn Will ! Second have more than one IEX listed in that will incase one dies before the other.Get your directives and the necessary paperwork done at time of your Will. All of ours was a bit over $1200. Also check out your states laws on Will's. If you leaving money or positions to someone out side your state make sure your atty can handle that. Let me also warn you : just becasue someone signs a waiver claiming not to accpet any part of estate-- if that person is listed as IEX, they often will not help in closing estate as they have no legal right other than to perform a IEX. Ths list goes on. My BIL was suppose to be smart, but he so far is proving to be the dumbest of them all. Instead of all the material things you can leave them - leave them with a some peace of mind.