Wills, and what happens to debts
None of this is expert advice. It's what people worked out for themselves, usually the hard way — what actually helped, and what they'd tell someone standing where you are. Take what fits and leave the rest.
If you only read a few
Declutter your home and organize possessions before death.
It reduces the burden on heirs who otherwise face costly junk removal.
- Organize metal separately for scrappers.
2 people, independently
Carry a card in your wallet with contact information for someone to care for your pets and handle affairs if you die or are in an accident.
To ensure a friend can take care of your dog and handle the rest if you are found dead or in an accident.
one person who lived it
Complete your estate planning now rather than later.
It rarely happens when you expect it, and people often mistakenly believe they will have more time.
one person who lived it
Refuse to pay a deceased relative's credit card debts unless you were a signed guarantor or joint account holder.
In the USA, relatives do not inherit debt; creditors must pursue the estate instead.
- Applies specifically to the USA context mentioned.
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- Refuse debt collection calls claiming you are responsible for a deceased relative's debts.1
Store important documents like wills, deeds, and insurance policies in a secure location like a lock-box or safe, and ensure a trusted person has access.
Having documents organized in one place helps those left behind.
- Do not store the original copy of your will in a safe deposit box if you are the sole owner, as the bank may seal it until an executor proves legal right to access it. Ensure the executor has permission to access the key.
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Check if a safety deposit box exists or contact lawyers the deceased used to see if they hold the will.
One person left their will with their lawyer.
one person who lived it
Expect that most unsecured debts will be written off by companies upon death.
Collection is often too slow, difficult, or expensive for companies.
- This applies to unsecured debt like credit cards; secured debts with liens on property are different.
one person who lived it
Update your will after major life events or changes in assets.
An outdated will can cause assets to go to unintended heirs, such as siblings instead of children.
one person who lived it
Call the bank in advance to arrange access to a safe deposit box, as walking in may not be enough.
You will likely need specific personnel involved to grant access.
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Consult a professional estate planning attorney rather than attempting complex plans on your own.
Plans vary by state and personal wishes, and there is no way to know if a DIY plan was done correctly.
one person who lived it
Update your financial directory regularly, such as monthly or when new bills and accounts are added.
It keeps you on top of things.
2 people, independently
Keep an updated list of passwords and account instructions for a trusted friend or agent, including details on two-factor authentication methods.
Loved ones may be unable to access accounts or pay bills if passwords are lost.
2 people, independently
Learn how your parents' house works, including which breaker controls what, the location of the water shutoff, and the furnace service company.
Handling these tasks alone is difficult without prior knowledge.
one person who lived it
Verify the status of pre-purchased burial plots to ensure they have not been sold or occupied by others.
Pre-purchased plots may be sold and occupied without notice, forcing families to pay again and potentially sue.
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Add yourself as a joint account holder or get Power of Attorney when helping an older relative with finances.
This ensures you are legally authorized to act on their behalf.
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Focus on securing assets and paying secured debts first; ignore other debts initially.
Unclaimed debts may expire if creditors do not contact the estate within a certain time.
one person who lived it
Review beneficiaries on accounts you have not accessed recently.
You may discover outdated beneficiaries, such as people you have lost contact with for years.
one person who lived it
Store a 'to whom it may concern' envelope containing wills, account details, and guardian info in a locked filing cabinet.
To avoid potential privacy issues.
one person who lived it
Record passwords for important digital accounts and devices to help with access to data after death.
Lacking current passwords can make retrieving data from a deceased person's devices extremely difficult or impossible.
one person who lived it
- Ensure someone knows how to access your phone and digital accounts so they can preserve family photos and memories after you die.1
Assign beneficiaries on accounts so they can immediately liquidate funds upon your death, bypassing probate.
Without a beneficiary, accounts go into probate.
- This applies in the US; rules differ elsewhere.
one person who lived it
Write down parents' recipes exactly as they make them, including vague measurements like 'a little bit,' rather than copying from cookbooks.
Attempting to recreate dishes later without exact methods can lead to emotional distress.
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Write down all recurring bills, subscriptions, and accounts to help with cancellation and payment management after death.
It helps survivors manage obligations like insurance calls and utility bills.
2 people, independently
Specify a preference for cremation to avoid spending money on an expensive casket.
To prevent wasting money on items not needed for the chosen disposition.
one person who lived it
Compile a binder containing lists of accounts, services, insurance policies, usernames, and passwords to simplify information retrieval after death.
It serves as a north star for executors handling claims and debts.
2 people, independently
Add a joint owner with right of survivorship to bank accounts.
Funds pass automatically to the other owner, ensuring immediate access for spouses without independent income.
one person who lived it
Recognize that handwritten wills are legally valid in many jurisdictions.
You cannot clarify your intent after death.
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Designate a beneficiary for retirement accounts like 401(k)s.
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Name contingent and secondary beneficiaries on accounts.
Primary beneficiaries often die before the account holder, leaving accounts unupdated.
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Remove outdated beneficiaries from financial accounts to prevent unintended transfers.
New spouses may be upset if an ex-spouse remains the beneficiary.
one person who lived it
Create a comprehensive notebook detailing bank accounts, bill payments, contact numbers for financial agents, and instructions for managing household systems.
It provides clarity on how finances and home operations are managed.
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Use a digital backup system that periodically emails you, sending your chosen data to a trusted person if you fail to click a confirmation button after a set number of attempts.
It acts as a dead man's switch, ensuring information is released if you become incapacitated or die without notifying anyone.
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