quote:

Originally posted by Fly-Sig:


Will they underwrite a policy if the person resides in an assisted living facility when they apply for coverage?

(A relative’s claim is being denied for this reason which seems wrong, as the agent was in the facility when selling the policy).

Some will. Depends on the questions on the app. If the insured dies within the first two years of the policy, the insurer will go over the app with a fine tooth comb, looking for any reason to deny. If they don't accept living in such a place at the time of application, then that would be one of the reasons to deny the claim. But after a policy is two yrs old, they have to pay, no questions asked.

Turned 70 this year. In the last 3 months, 3 guys from the job, whom I always thought were indestructible, died. Some younger than me.
With that in mind, I wrote out a quick "in case I drop" note. Mostly some firearms that need to be secured long term in larger safes.

My huge problem is the rest of my collection. My son (only) loves shooting but is in Germany. Comes to SC and FL twice a year. Not sure what to do with them long term. Climate storage facility nearby? Can they be insured at one of those places? Most say no firearms/ammo.

Consider establishing a family trust, especially if you have significant assets that might be contested in a probate fight. In that document you can provide detailed instructions to your successor trustee. These are non-binding, but, assuming that you pick a trustworthy successor, can guide them in their handling of your legacy. Trusts can be modified to address changing life situations at any point you want. Moving assets into and out of a trust once it is set up can be done at your convenience.

Mrs. A. and I have what are commonly called "pour over" wills that name each other first and then our trust should we both die. A close relative with whom we have a sound relationship is our successor trustee. This is intended to greatly simplifies probate. Having served as an executor a couple of times, I don't want to put that burden on anyone I care about. Laws differ among States, but any competent will and trust attorney can assist in setting something like this up to your liking. There are also a number of web-based/AI platforms that purport to arrange vehicles appropriate for each State at much less than an attorney would charge, but I would wonder how viable these might be.

As far as a letter/video/etc. telling those who outlive you how you care for them, make sure there is no mention of money or property in it to avoid it being mistaken for a will, and contested as such. Same with a journal/diary/blog.

quote:

My huge problem is the rest of my collection. My son (only) loves shooting but is in Germany. Comes to SC and FL twice a year. Not sure what to do with them long term. Climate storage facility nearby? Can they be insured at one of those places? Most say no firearms/ammo.

That's my problem too. My older son got me into shooting; he's the only family member who would want my firearms, but he has two little kids and a house already crowded to the rafters with stuff. I'm planning to start selling off about half my collection. Too bad about our Classified section.

Anyone who goes through a parent's passing will start to think about this and spare their loved one the freaking scavenger hunt that occurs.

If you haven't done it, read this thread and pay attention. The scavenger hunts are not fun. Don't forget every single subscription, login/passwords for website, accounts, life policies, investment account, any outstanding credit card accounts, pet's health record/vet/etc.

For all that is holy, start decluttering your stuff as you get older. NO ONE WANTS YOUR STUFF. I mean that..NO ONE WANTS IT. Save for some sentimental things...your family don't want that crock pot or that Dogs playing poker painting you found amusing. Get rid of it.

quote:

Originally posted by Beanhead:
Anyone who goes through a parent's passing will start to think about this and spare their loved one the freaking scavenger hunt that occurs.

If you haven't done it, read this thread and pay attention. The scavenger hunts are not fun.

Yes, getting it all planned, legally setup and final arrangements done prior is just you taking care of your loved ones who have to deal with the loss.

Making your wife and kids sit and arrange your funeral puts them in a difficult situation, so pre-arrange it, fund it with a single pay life policy that pays the funeral home directly first or deposit the funds in a funeral trust, depends on where you live and how they handle it. Personally prefer the life insurance option.

You might not be surprised but the after death family issues multiply especially if there is money involved, and it doesn't have to be millions for that to happen.

quote:

Originally posted by PHPaul:
@P-220

For the less legally literate among us, would you mind defining some of your acronyms please?

Also, what is a "pour over" will?

Sorry about that.

TOD = Transfer on Death
POD = Paid on Death
WROS = With Rights of Survivorship.

We each have a Will, Durable Power of Attorney, Medical Power of Attorney and Financial Power of Attorney, Living Will, etc...

It has taken a while, but we are slowly getting there, but so is our expiration date.

Please do what you can today, to plan for tomorrow.

We know of a young girl, who just lost her mother. She was a well-educated woman, attorney and Magistrate. She had started several wills, but never completed a single one. Her estate will now have to go through probate. Not the end of the world, but it will consume time, money and emotions.