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Death Folder, Funerals and Planning for Your Death: Personal Financial Planning - Part 2

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Death & Taxes - the two things no one can avoid? In today's video we're going to talk about DEATH and how to plan for it to make your loved ones lives easier during a difficult time. What is a Death Folder? It's a compilation of all relevant items/documents/information that your loved ones or trustee of your estate will need to wrap up your affairs. There are a ton of things you can include such as: -Will -Obituary info and/or photos -insurance policies -banking information -investment information -funeral plans and instructions -joint venture or corporate documents -list of contacts (banker, lawyer, accountant, insurance adviser) -password/login info -list of all assets/debts Links to Death Folders: http://www.erikdewey.com/bigbookmkII.pdf https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/Essential_Documents_-_321732PM.pdf From Ross Naylor: What goes in an “in case of death” folder? Birth, marriage and divorce Personal birth certificate Marriage licence Divorce papers Birth certificate/adoption papers for minor children Life insurance and retirement Life insurance policy documents (including beneficiary nomination forms) Details of any employer death in service benefits Personal pension documents Employer pension details Annuity documents Details of any entitlement to state pensions Bank accounts List of bank accounts with account numbers, login details, passwords etc Details of any credit cards Details of safe deposit boxes Assets Property, land and cemetery deeds Timeshare ownership Proof of loans made Vehicle ownership documents Stock certificates, brokerage accounts, investment platform details, online investment account details Details of holdings of premium bonds, government bonds, investment bonds Partnership and corporate operating/ownership agreements (including offshore companies) Liabilities Mortgage details Proof of debts owed Details of gifts Dates and amounts/values (potentially helpful when calculating any inheritance tax liability) Income sources Make a listing of all your sources of income, especially ones that your family might not know too much about Employer details A copy of your most recent tax return or accounts (if self employed or own business) Monthly expenses (so they can be maintained if necessary or cancelled if not) Utilities Insurance Rent/mortgage Loans Subscriptions/memberships Email and social media account details Essentials Will/testament + details of firm that helped create it if applicable Instruction letter Trust documents Burial/cremation wishes Contact details List of names and contact numbers for: Financial adviser, doctor, lawyer/solicitor, accountant, insurance broker. https://ross-naylor.com/2018/03/14/how-to-build-an-in-case-of-death-folder/ Matt McKeever Business Inquires: mattmckeeverbusiness@gmail.com Coaching: mattmckeevercoaching@gmail.com (Seriously though, you should watch everyone of my videos, before you contact me about this, if you watched all of my videos - I don't think you'll need this - but people keep asking anyways....) Matt’s Bible: Early Retirement Extreme: http://amzn.to/2qgFBNK Facebook: https://www.facebook.com/groups/LDNonFIRE/ Instagram: http://www.instagram.com/mattmckeever85 Twitter: https://twitter.com/mattmckeever85 SUBSCRIBE: https://www.youtube.com/channel/UCdRtqnqBSq4GY7DGiYICu5g?sub_confirmation=1 Bigger Pockets: https://www.biggerpockets.com/users/MattMcK Check out my podcast with Kellan: http://onfirepodcast.ca/ Checkout the squad's (Real Estate Rat Pack?) YouTube Channel: Jeff Wybo: https://www.youtube.com/channel/UC4vKsAI2myIczze7pn7bREQ Graham Stephan: https://www.youtube.com/channel/UCV6KDgJskWaEckne5aPA0aQ Mat Piche: https://www.youtube.com/channel/UCsUM_ZcpCv7WAL-hmhrkPqw Hungarian Experiment: https://www.youtube.com/channel/UCYL8hJdhUkfPFopgagkb_DQ Humble Wholesaler: https://www.youtube.com/channel/UC9vViA-_jYezzU043YTrJeQ Make sure you sub to the Humble Wholesaler if you want to learn more about wholesaling real estate in Canada. Matt McKeever is a CPA, CA and Real Estate Entrepreneur in London, Ontario. On this YouTube Channel Matt will walk the viewer through how to invest in real estate using such strategies as the BRRRR method while also documenting his personal experience as a real estate investor. Matt began investing in real estate at age 25 by purchasing a student rental near Fanshawe College. In 2016 he's acquired over 25 unit and in 2017 acquired over 25 units. FIREpreneur: A person who has reached (lean) FIRE and uses this freedom as a springboard to operate a business or organization, taking on no significant risk (due to lean FIRE). As well on this channel Matt will share his personal monthly spending and discuss the strategies and tactics needed to reach financial independence (retire early) at a young age. We’ll discuss such topics as safe withdrawal rates, how to build passive income streams and how to reduce your personal consumption.
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Text Comments (8)
Family of Geniuses (5 months ago)
Do a living will, too. This covers the issues of whether you want to be on life support or have certain medical procedures done to preserve your life. I was able to download these forms free of charge from my state. It was a pain in the ass to do but gives me peace of mind. Thanks for covering this topic!
Noel Bissoondial (6 months ago)
Thank you Matt
Afghanrebel (6 months ago)
Scary stuff. You are still young but props. Hopefully you are doing okay
Aydan O'Hara (6 months ago)
Thanks for the video Matt. The finance for my first investment property was just approved and settlement is in 2 weeks. Your channel really helped me get my head around saving as well as giving me the confidence to get into the market.
Aydan O'Hara (6 months ago)
It needs a new kitchen, bathroom, carpet in the bedrooms, fresh paint everywhere and the roof needs to be rescrewed. I can do most of the work myself or with the help of family. The structural elements are sound and I got it for what I estimate is slighly below land value. There is the potential to convert a room into an additional bedroom as well as build a granny flat to increase rents.
Matt McKeever (6 months ago)
Thanks Aydan for letting me know! Congrats on your first property! Do you need to do much to the property?
Kellan P. (6 months ago)
I want a viking funeral in Algonquin Park... does publicly stating this count as my official will? Let's just use Matt McKeever's comment section for our wills.
Matt McKeever (6 months ago)
Haha - I love everything about this comment. And now I want to change my funeral plans to be the same as Kellans. #legallybinding

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