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Author: Trini209 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5741  
Subject: Re: planning for the future Date: 4/3/2011 9:08 AM
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Unlike most of you, my life is an open book to my kids. They know exactly where I'm leaving my assets, and when and why I make any (very few) changes.

I make sure they know where to find my will and trust documents, my seven years of saved tax returns, my brokerage account, bank accounts, deeds, etc. They know the names of my lawyer, all the people I hire (lawn guy, sprinkler guy, pool guy, snow removal guy, electrician, contractor, etc.) In fact, I've written an article titled "When I die" that explains to them all the information they'll need to settle my estate and manage stuff until that's accomplished, and it's the first thing they'll find when they open up my Trust book. I update the article whenever I make significant changes.

DH died suddenly a couple of years ago. The same thing could happen to me. We all die. Why on earth I'd keep my information secret from my kids seems like nonsense to me (luckily I have great kids.)

Of course I'm a good deal older than most of you - in my seventies. I've still got my health (well, most of it) and my mind (well, I think I do) but within a few years, I'll probably start becoming dependent on the kids more and more. It's time they knew what I have so that they can take care of me when/if the time comes.

Incidentally, I did make a change in my estate plan after DH died, and my three kids know about it. Previously, everything was going to be divided between the three kids, but because one has one child, one has two, and the third has four, I wanted that to be reflected in how I left my assets. All I did was to change the beneficiaries of my IRA to my seven grandchildren. Everything else remains the same. Everyone knows about this change, and no one thought of raising an objection - they all said Mom, it's your money, you decide where it goes.

Trini
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