UnexpectedPassing.com

Beyond Wills & Estate Planning
  • Home
  • First Steps
  • Death Planning
  • Funerals, Etc.
  • Financial Details
  • Real Estate
  • Digital Footprint
  • Subscriptions
  • Shared Stories
  • Checklists
  • About Us & Site Policies
  • More
    • Home
    • First Steps
    • Death Planning
    • Funerals, Etc.
    • Financial Details
    • Real Estate
    • Digital Footprint
    • Subscriptions
    • Shared Stories
    • Checklists
    • About Us & Site Policies
UnexpectedPassing.com

Beyond Wills & Estate Planning
  • Home
  • First Steps
  • Death Planning
  • Funerals, Etc.
  • Financial Details
  • Real Estate
  • Digital Footprint
  • Subscriptions
  • Shared Stories
  • Checklists
  • About Us & Site Policies

Investment Portfolios

Clear Instructions Are Paramount

For investment portfolios, we recommend that you leave clear instructions for the allocation of these assets. Work with your investment advisor and others to determine the best ways to ensure your heirs can benefit from your generosity. 


Remember, without specific instructions, your Executor/Executrix/Person-in-Charge (PIC) will be required to liquidate all portfolio holdings in order to consolidate the assets of the estate prior to any distributions to the beneficiary(ies). 


By "instructions", we mean clarification of the following:

  • State if a specific portfolio should be given to an individual or charity in its entirety
  • Decide if portfolio assets should not be liquidated, but instead, be evenly divided among the designated beneficiaries
  • Specify what real property(ies) should be given to which individual(s) and/or organization(s)


We urge you to discuss this with you lawyer, accountant - to better understand any tax implications for the beneficiary - and financial planner before making your final decisions.

Cryptocurrency Portfolios & Online Access

Cryptocurrencies

Cryptocurrencies, like Bitcoin, are only held electronically in an online wallet. There is no financial institution nor individual contact for this asset; it is all electronic.


Cryptocurrencies may be part of your retirement or savings portfolios. If so, the electronic nature of the investment is somewhat different from other types of assets. 


You will still need to provide instructions on how your cryptocurrency(ies) accounts should be dealt with after your passing. At a minimum, leave instructions with your lawyer or a trusted individual on how to access your electronic "key" to open your cryptocurrency "wallet(s)". The key is might be on a thumb drive or possibly written down somewhere. Generally, it is NOT kept online to prevent security breaches.


It is safer to assume that dealing with cryptocurrencies means there will be no paper documentation. 


Everything is online. 

An Aside: Online Access & Security

Electronic Access

Speaking of online portfolios, most financial institutions offer electronic access to your traditional accounts, as well. That includes loans, credit cards, checking and saving accounts, and investment portfolios.


Providing your Executor/Executrix/PIC with electronic access considerably helps them facilitate your wishes and makes the process easier!


For this reason, we recommend that you document all of your online user IDs, passwords, and security question answers (usually requested when signing in from an unknown device) for your Executor/Executrix/PIC or another trusted person. 


If you need some sort of electronic device to produce a code for the access or need additional verification (by mobile phone or app) indicate that as well. 


Also, provide the location and password (if required) of said device!

More

Suspicious Activity Threats

My friend died on a Friday; on Monday, the telephone rang in her apartment. It was the bank, asking about suspicious activities on her credit card, including over the weekend. 


As her Executrix, I was able to instruct the bank to freeze and block her account, but I was not a signer on the account. The bank could not provide me with the details of the charges. 


Luckily, my friend provided her online access information in her paperwork. I was able to go online to confirm that the $3,000 worth of charges were fraudulent. 

Retirement & College Pre-Tax Savings

401K, IRA, 529 and More

Usually, the following retirement/saving accounts have an option to identify a beneficiary. In some states, if one is not designated, the beneficiary automatically becomes your spouse, if you have one.

  • 401K and/or KEOGH portfolios
  • IRA
  • Corporate retirement accounts
  • College savings accounts (529 plan)


These types of portfolios should also be part of the list of accounts you create for your Executor/Executrix/PIC with the relevant contact information.


Based on the tax implications for liquidating these accounts, we recommend you check with your financial advisor and financial institution about the possibility of having these rolled over into an account for the beneficiary upon your demise, rather than liquidating them. 


Whatever your preference is - again, make sure you document your wishes. 


Also, note that if there is a designated beneficiary, the investment/ proceeds DO NOT become part of the assets of the estate, but are paid directly to the designated beneficiary. 

REMINDERS

FOR ALL FINANCIAL ACCOUNTS: PROVIDE CURRENT/UPDATED DETAILS

  • Account/Portfolio Number
  • Name & Address of your Financial Institution
  • Contact Information at that Institution
  • Name of Any Join Signatories/Key Holders
  • contact Information for EAch Beneficiary

A Note on Beneficiaries

Social Security & Disability

Check to see if your survivors will be able to access benefits you receive from social security or disability. For example, a spouses generally may receive a portion of your social security benefits.  


To fully understand what will best for the survivors - especially minor children -  we suggest checking with the individual agencies.


For Social Security and Disability benefits, click the button below or go to www.ssa.gov

More

Veterans Benefits

Likewise, there are various options available for survivors/family members of people who received Veterans benefits. 


To fully understand what will best for the survivors - especially minor children -  we suggest checking with the Veterans Administration by clicking the button below or going to www.benefits.va.gov

More

Note on Life Insurance

Speak with your life insurance agent before claiming on a spouse's life insurance policy  - especially if minor children are involved. They will be able to walk you through various options to optimize the long-term benefit for beneficiaries. 

More on Financial Details

Accounts & Benefits

Remember - unless a bank account is a joint account you will not be able to access the money. Did the deceased qualify for government benefits? 

More

Insurance & Taxes

Dealing with insurance and both individual/estate taxes

More

Businesses & Royalties

Continguency plans and royalties payments

More

Other Featured Sections

First Steps

Death Planning

Death Planning

Where to begin the process

Step-by-step guide on what to do first. Calls, Paperwork, Care Arrangements and more...

More

Death Planning

Death Planning

Death Planning

Personal Information

Detailed guide to prepare or fulfill final wishes

More

Funerals, Etc.

Death Planning

Funerals, Etc.

New Orleans Jazz Funeral

Where do you start? Physical remains, funeral options, death certificates, memorial services and more...

More

Real Estate

Digital Footprint

Funerals, Etc.

Home & Property

Key reminders on seuring residences - owned or rented, apartments or houses - after a loved one's death

More

Digital Footprint

Digital Footprint

Digital Footprint

Social Media & Digital Footprint

What you need to know to protect and eliminate the deceased's digital presences

More

Subscriptions

Digital Footprint

Digital Footprint

Magazine Subscriptions, Memberships and more

Magazine subscriptions, memberships and more...

More

Subscriptions

Subscriptions

Subscriptions

Funny, helpful and special stories that others have shared to helpyou through the process

More

Checklists

Subscriptions

Subscriptions

Funny, helpful and special stories that others have shared to helpyou through the process

More

When I Leave You & Financial Details Checklist

When I Leave You - Our preplan document


Financial Details Checklist

When_I_Leave_You (pdf)

Download

Financial_Details_Checklist (pdf)

Download

Copyright © 2022 UnexpectedPassing.com - All Rights Reserved.

Powered by GoDaddy Website Builder

Cookie Policy

This website uses cookies. By continuing to use this site, you accept our use of cookies.

Accept & Close