Such great info, thank you! We have written up some of this for our sons to have once something happens to one of us, but you've covered some things I hadn't thought about so I'll be referring back to your post to add to our list! Appreciate it!
One thing I wish I'd known about as someone who's not a CPA or tax professional: estate tax returns. As the executor, I filed a tax return for the year of death, but didn't realize that I would need to file an estate tax return the following year, and any subsequent year (Gawd forbid) for income-generating assets held in trust by banks or other institutions during probate until they are distributed to the heir(s). This is in Canada, but I imagine the tax systems in other countries operate similarly.
Yes, it is a large task for sure. But even as a solo some things should be order if you suddenly passed away. Insurance would be one of the most important. A beneficiary could assist with many of the other aspects.
Thank you, this is a great guide to manage it all. Personally, I live alone but do not do most of this stuff until it is absolutely necessary. It takes another job to deal with it all. More and more I realise that stuff you own eventually ends up owning you. Already having thoughts about renting all assets and go on traveling and working mode.
Such great info -- and so timely. A friend of mine passed away unexpectedly a couple of weeks ago, and the spouse doesn't know the passwords to some of their accounts. I knew I had to do something to get organized -- you gave me the map. Thank you!
Such great info, thank you! We have written up some of this for our sons to have once something happens to one of us, but you've covered some things I hadn't thought about so I'll be referring back to your post to add to our list! Appreciate it!
Thank you. I'm glad I could help.
Yes, there are some things that I had not considered until recently.
One thing I wish I'd known about as someone who's not a CPA or tax professional: estate tax returns. As the executor, I filed a tax return for the year of death, but didn't realize that I would need to file an estate tax return the following year, and any subsequent year (Gawd forbid) for income-generating assets held in trust by banks or other institutions during probate until they are distributed to the heir(s). This is in Canada, but I imagine the tax systems in other countries operate similarly.
Yes, we discovered that as well.
Yes, it is a large task for sure. But even as a solo some things should be order if you suddenly passed away. Insurance would be one of the most important. A beneficiary could assist with many of the other aspects.
Thank you so much.
Its one of those things you don't really think of, until you need it.
Thank you, this is a great guide to manage it all. Personally, I live alone but do not do most of this stuff until it is absolutely necessary. It takes another job to deal with it all. More and more I realise that stuff you own eventually ends up owning you. Already having thoughts about renting all assets and go on traveling and working mode.
Such great info -- and so timely. A friend of mine passed away unexpectedly a couple of weeks ago, and the spouse doesn't know the passwords to some of their accounts. I knew I had to do something to get organized -- you gave me the map. Thank you!
If the Chardonnay is Stags’ Leap, it helps a bunch! 😉