Strategies to minimize the impact of sudden death

Diana Roberts, WSU Spokane/Lincoln County Extension

Margaret Viebrock, WSU Douglas County Extension

Most families have experienced, or will experience, sudden death.

My story

Every family has their own story….

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

What if spouse/partner temporarily disabled and in hospital..

• Who will you turn to for help?

What if you die suddenly…

• What information and papers will your family need for the family/business to function?

• Where will they find them?

Things to Know for Those Who Need to Know

• People – Relationship – Address – Phone - Date Updated – Date Contacted

• Family– Parents– Siblings– Spouses– Children– Grandchildren– Other

People

• Minor Children– Name– Age– School–Medical/special needs– Pediatrician– Guardian

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…

People

• Friends and Colleagues– Local– Out of town

People

• Trusted Advisors– Attorneys– Accountants– Tax preparer– Appraisers– Bankers– Brokers– Doctors– Dentist– Executor/personal

representative– Financial planner

– Insurance agent– Spiritual advisor– Trustees

People

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

Papers

• Bank account– Personal– Business– Credit cards– Check book– Bank statements, canceled checks

Papers

• Insurance policies– Life– Health– Liability– Homeowners– Long term care– Vehicle– Buildings & Equipment– Business assets– Funeral (but be very cautious about

buying this…)

Papers

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

Papers

• Investments– Stocks & bonds–Mutual funds, shares– Keogh & IRA– CDs– Treasury bonds– Real estate

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

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

Papers

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

Papers

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

Papers

• Business structure– Corporation papers, minutes, by-laws,

stock certificates, buy-sell agreements– Partnership agreements, buy-sell

agreements, minutes– Employment contracts

Items for later

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

Most important!

• Talk about it…– Now– Later

Then go out and dance with your dog…!

The Ruff Revue

• 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/

Resources

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?