How to Get Your Affairs in OrderNov. 8, 2017 - Boston College
BOSTON COLLEGE WORLD-WIDE WEBINARS How to Get Your Affairs in Order Nov. 8, 2017 Who Am I? BC Alumni 07 New Yorker Fulbright Scholar/Peace Corps Volunteer VP Client Services and Content at HR tech startup in LA I WAS a Researcher Teacher
I AM a DOER, a CONNECTOR, a SHARER, a COACH But before all of that, I was a QUESTION ASKER. 2 But why? How does God pee? 3 I am now a SURVIVOR and FOUNDER. And still a question asker.
*I am not a lawyer or accountant. What I will share today is a result of my own questioning and experience as founder of Survivor Resources, a site dedicated to helping families navigate the 37 legal, financial, and emotional steps after a death has occurred. 4 My Approach Keep it simple. Focus on the things that matter most. Do all the hard work for you. Inspire you to act. 5 The Basics: What are the 3 things a person should have?
6 Additional Terminology Estate: The net worth of a person at any point in time alive or dead. It includes all the property the person owns (jewelry, property, land, retirement funds, etc). Executor/Executrix: The person designated by you to carry out your final wishes (usually a spouse). Probate: The process where a legal court
distributes your estate. If you have a Will, the court will distribute according to that. 7 Lets use an example 1. Patrick and Mary 2. Married 3. No kids 4. Just bought a 500K condo in Los Angeles 5. Annual income = 200K 8
Creating a Will What: Legal document that outlines who should get your property/assets and how they should be distributed. Why: To have a say over who receives your property. If you dont have one, state laws will decide. In some states, only 1/2 of one's assets go to the surviving spouse. If you have minor children, a judge may decide who takes care of them. Cost: Lawyers: $600-3K; 2,500 (CA quote per couple).
Legal Zoom: $138 -298 (per couple) Effort: varies (online vs. attorney) Maintenance: You should review and revise your living will at least every 3 years or after a major life milestone. I've made a lot of money in my career because of Legal Zoom. Attorney 9 Creating a Health Care Medical Directive What: A legal document that
outlines your health care wishes and who should make health care decisions for you should you be unable to. Why: It protects your family from unnecessary grief and guilt. Cost: $5 (5 Wishes) online or free (CA example) / estate attorneys often bundle in with will/estate planning Effort: 1 hour (online)
Maintenance: You should review and revise your living will/health care medical directive at least every 10 years or after a major life milestone. 10 Creating a Durable Power of Attorney What: A written authorization for someone to represent or act on your behalf. There any different types of Powers of Attorney. Why: if you become incapacitated or incompetent without preparing this document, family and friends may not be allowed to make many important financial decisions, pay bills or make important healthcare decisions on your behalf.
Cost: $35 per person (Legal Zoom) vs. under $200 for an attorney Effort: < 1 hour per person Maintenance: You should review and revise whenever there is a major life milestone or if your designated Power of Attorney passes away. Additional reading: Power of Attorney: Why Not Buy a Form Online? 11 Common Myths 1. Im TOO POOR to need a will/trust. 2. I have a will. Im GOOD. 3. I dont need to do a will because Im SINGLE. 4. I dont need to worry because my kids are VERY CAPABLE. 5. I am not including my kids in the conversation because my kids are NOT AT ALL CAPABLE.
12 Key Ideas 1. This is not a one time thing. Treat this like going to the doctor. You need regular check-ups. 2. Doing nothing is not a good plan. Treat this like the loving act it is. This is one of the best gifts you can give your children/spouse/parents. 3. Prepare financially. You probably saved money for your kids college fund, right? This is the same thing. 4. You get what you put in. It might be cheaper now to do things self serve and online, but it may cost your family a lot more later. Most lawyers offer free consults so it never hurts to find out. It may be less than you tho!
13 After a death happens: Keeping the end in mind 14 Things People Dont Think Of 1. Digital assets (email accounts/social media, etc.) 2. Transferring the car title 3. Student loans 4. Cleaning out the house
5. Applying for social security benefits The Survivors Guide: a step by step checklist for navigating paperwork in the first year of the death of a loved one. 15 Who You Might Need Your FINANCIAL/LEGAL support team 16 Commit to Doing ONE Thing
Bonus: Complete the four week plan below 1. Week 1: Take Inventory Jen will send you a document to take inventory of your key accounts and passwords. Great to do with your parents and/or spouse 2. Week 2: Use Password Manager Most people have 90+ online accounts. Download a free password manager like LastPass, Dashlane, etc. to manage all your passwords. Then give your spouse/parent/ child the master password. 3. Week 3: Create an Account for this stuff Add a checking account and label it Important life stuff or getting affairs in order if you added $200 a month for a year, then youd have over 2k.
4. Tackle one of the 3 Documents Jen will send you links to the top online providers as well as ways to find lawyers. Write BC Alumni Webinar add to working group if you want to receive the 4 week 17will plan. Im also working with BC alum and estate attorney Joseph Lee to document my creation with him. Follow us here. Resources Avvo. Its like Yelp for lawyers.
LegalMatch. Present your case and get matched with lawyers in your area. Survivor Resources. How-to guide that outlines the 37 steps you need to take to wrap up a loved ones life when they pass away. BC Office of Gift Planning. A resource for those including BC in their estate planning. Or you can call Ericka at 877-304-SHAW.
What Healthcare Directives are Called in Your State 7 Ways to Help Aging Parents with Their Finances The 45 minute financial exercise every couple needs to do together 18 Questions?
Jennifer Thibault [email protected] www.survivorresources.com 518-727-4144 Emails welcome! Please add BC Alumni Webinar to the subject 19
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