Richard from VA posted over 4 years ago:

A list of all assets should be prepared ahead of time that would be made available to the children in the event of death.This list would include estimated values, account numbers, contacts, user names, and passwords. Many of our assets are in electronic form and they can only be accessed electronically. Leave instructions regarding relevant websites and how to log in.

George from TX posted over 4 years ago:

I would suggest taking one, or both, children into a meeting with their parents. They may be better qualified than their father to handle the financial arrangements in the event of Mum going first. They would also be named as secondary beneficiaries to the IRA's, and other sources, and should be made familiar with the situation ASAP. Certainly make a list of all sources and contacts. T Rowe Price and others offer compact discs along with instructions on data entry to cover all of this information. They do a pretty thorough job of guiding the individual(s)in this undertaking (pun intended!).

SteveM from CA posted over 2 years ago:

For the spouse who never pays the monthly bills, the real estate taxes, the Federal and State taxes, and has no knowledge of stock markets and investing, I would recommend a succession plan which would turn over all assets and bills to a bank and/or brokerage house that offers trust services and private wealth management. Assets, except IRA's(they have successor(s) named within the IRA), including real estate can be moved to a Trust now. Then upon death of the primary money manager spouse, the Trust can be placed with trust services of the bank, co-managed by the surviving spouse or some other knowledgably person, and stock or bond assets can be managed by the brokerage house.

M Shapanka from WY posted about 1 year ago:

Agree with Steve, would turn everything over to Vanguard, second choice would be Northern Trust.

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