Power of attorney- no real help, you are dead.
Depending on your country....
When you die your estate "owns" everything and only your estate can operate it.
But any property in joint names AUTOMATICALLY becomes the property of the joint owner and IS NOT subject to any restrictions
What????
In most jurisdictions, the law says the executor of your will can operate on the will, its contents etc, but there are strict legal requirements and it is NOT automatic. A court usually has to OK it.
In Australia it is a probate court. It takes several weeks to make sure the will in question is the real and most recent.
As a general case, the courts allow the estate to pay for things like funerals etc.
If there is no will then someone has to apply to the courts for administration.
Your "next of kin" is a Hollywood dramatization and in Australia has absolutely no actual power to do anything.
Usually the "next of kin" will actually do the organizing to inform the executor (if the executor doesn't know)
So the important things to put in your "In case of Death file"
Location of will
Name of Executor
Burial insurance details (if you have any)
Location of a secondary file for the executor with email account and website account passwords, Bank Account details, Insurance policy details
Location of a secondary file for the executor with email account and website account passwords, in short everything the executor needs.
I also have a document containing the "order of my life"
This is how I have organized my life.
Whose name the cars/boat/golf buggy is in, what insurance companies, Utility companies for power water and services, clubs I am members of, things like roadside assistance etc.
How I buy and sell my equities and shares, who I am paying hush money to and who is blackmailing me from porn hub.
Basically all the minor things I do in everyday life.
If you are uncomfortable with this topic, if nothing else investigate an "Enduring Power of Attorney" (it may be called something else in your jurisdiction).
This expires with your death but it allows the holder to make medical and other decisions should you become unable to make decisions for yourself (dementia, coma, stroke accidents that leave you in a vegetative stake)
(In Australia a spouse has that right automatically but if your spouse is unable to make that decision (died in the same accident, has dementia etc) then you NEED an Enduring Power of Attorney).
Your children do not have the right and your executor in the future can take legal action against them)
This is way more important than a "in case of death file"
I know the post above was long, but I must mention the contents come from personal experience.
One thing I found, sadly, was that people I love and trust including family often become greedy and grasping when there is inheritance at stake. Bear that in mind when you make a list with access details to things like bank accounts.
You may not believe it but that is what will happen to your family.
I like to think it is a reaction to grief, rather than an innate selfishness.
But any property in joint names AUTOMATICALLY becomes the property of the joint owner and IS NOT subject to any restrictions
What????
In most jurisdictions, the law says the executor of your will can operate on the will, its contents etc, but there are strict legal requirements and it is NOT automatic. A court usually has to OK it.
In Australia it is a probate court. It takes several weeks to make sure the will in question is the real and most recent.
As a general case, the courts allow the estate to pay for things like funerals etc.
If there is no will then someone has to apply to the courts for administration.
Your "next of kin" is a Hollywood dramatization and in Australia has absolutely no actual power to do anything.
Usually the "next of kin" will actually do the organizing to inform the executor (if the executor doesn't know)
So the important things to put in your "In case of Death file" Location of will Name of Executor Burial insurance details (if you have any)
Location of a secondary file for the executor with email account and website account passwords, Bank Account details, Insurance policy details Location of a secondary file for the executor with email account and website account passwords, in short everything the executor needs.
I also have a document containing the "order of my life"
This is how I have organized my life. Whose name the cars/boat/golf buggy is in, what insurance companies, Utility companies for power water and services, clubs I am members of, things like roadside assistance etc. How I buy and sell my equities and shares, who I am paying hush money to and who is blackmailing me from porn hub. Basically all the minor things I do in everyday life.
If you are uncomfortable with this topic, if nothing else investigate an "Enduring Power of Attorney" (it may be called something else in your jurisdiction).
This expires with your death but it allows the holder to make medical and other decisions should you become unable to make decisions for yourself (dementia, coma, stroke accidents that leave you in a vegetative stake) (In Australia a spouse has that right automatically but if your spouse is unable to make that decision (died in the same accident, has dementia etc) then you NEED an Enduring Power of Attorney). Your children do not have the right and your executor in the future can take legal action against them)
This is way more important than a "in case of death file"