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Strategies to minimize the impact of sudden death Diana Roberts, WSU Spokane/Lincoln County Extension Margaret Viebrock, PowerPoint Presentation
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Strategies to minimize the impact of sudden death Diana Roberts, WSU Spokane/Lincoln County Extension Margaret Viebrock, - PowerPoint PPT Presentation

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  1. Strategies to minimize the impact of sudden death Diana Roberts, WSU Spokane/Lincoln County Extension Margaret Viebrock, WSU Douglas County Extension

  2. Most families have experienced, or will experience, sudden death. My story Every family has their own story….

  3. Situation doesn’t require death to get one’s attention • Imagine spouse/partner away for 2 weeks and something happens that you are not accustomed to dealing with… • Furnace goes out or chimney fire… • Kid develops raging fever… • Insert your own worst nightmare… • Turn to person in front/behind, tell him/her situation and discuss how you might approach it

  4. What if spouse/partner temporarily disabled and in hospital.. • Who will you turn to for help?

  5. What if you die suddenly… • What information and papers will your family need for the family/business to function? • Where will they find them?

  6. Things to Know for Those Who Need to Know • People – Relationship – Address – Phone - Date Updated – Date Contacted • Family • Parents • Siblings • Spouses • Children • Grandchildren • Other

  7. People • Minor Children • Name • Age • School • Medical/special needs • Pediatrician • Guardian

  8. People • Pets • Species • Name • Age • Breed • Food • Medical/special needs • Veterinarians • Trusted guardians – don’t assume family will take them • Humane Society of the US has some info • I believe pets understand death, not disappearance – don’t leave them wondering…

  9. People • Friends and Colleagues • Local • Out of town

  10. Trusted Advisors Attorneys Accountants Tax preparer Appraisers Bankers Brokers Doctors Dentist Executor/personal representative Financial planner Insurance agent Spiritual advisor Trustees People

  11. People • Other Professionals • Plumber • Electrician • Mechanic • Water & well system • Furnace • Water softener system • Air/heating system • Garbage • Security system

  12. Papers • Bank account • Personal • Business • Credit cards • Check book • Bank statements, canceled checks

  13. Papers • Insurance policies • Life • Health • Liability • Homeowners • Long term care • Vehicle • Buildings & Equipment • Business assets • Funeral (but be very cautious about buying this…)

  14. Papers • Loan documents • Business credit • Home equity line of credit • Mortgages • Personal line of credit • Notes & loans to others

  15. Papers • Investments • Stocks & bonds • Mutual funds, shares • Keogh & IRA • CDs • Treasury bonds • Real estate

  16. Papers • Trust documents • Vehicle documents & keys • Passwords (E-mail, software) • Property deeds & keys • Safe deposit boxes & keys • Enter your ICE (In Case of Emergency) number in your cell phone

  17. Papers • Funeral arrangements • Organ donation card – signed, family informed • Burial/cremation instructions • Embalming is NOT a requirement in WA http://www.dol.wa.gov/business/funeral/fdfaqs.html • Cemetery plot • Funeral service details • Obituary

  18. Papers • Legal documents • Living will • Power of attorney • Will • Division of personal property listings • Social Security card • Certificates – marriage, birth, adoption • Past tax records

  19. Papers • Home, Property • Deeds, property titles • Possible renters • Advisor on selling process • Property taxes due • Current loans & when due

  20. Papers • Business structure • Corporation papers, minutes, by-laws, stock certificates, buy-sell agreements • Partnership agreements, buy-sell agreements, minutes • Employment contracts

  21. Items for later • Grieving process – counseling? • Sue the guilty party? • What do with the money – positive cause? • How live life with risk?

  22. Most important! • Talk about it… • Now • Later

  23. The Ruff Revue Then go out and dance with your dog…!

  24. Resources • Sudden Death – a fire drill for building strength & flexibility in families. Bonnie Brown Hartley. www.cultivatingchange.com • To order books online www.cambiopress.com • Code afbp15 to get 15% discount • Your important papers – what to keep and where. Marsha Goetting. MT199611 www.montana.edu/publications • Today’s presentations will be posted at http://www.spokane-county.wsu.edu/

  25. Discussion questions • What did it take to get you started on a Farm Succession Plan? • What did or did not go well in your family meeting? • What did or did not go well on meeting with your attorney? • What did you wish you had known at the outset?