Reply
Highlighted
Respected Contributor
Posts: 3,405
Registered: ‎03-10-2010

Re: Older parents and how to deal w/wills,etc.

@sweetee2 :  I've had my trust done and redone and in CA and AZ a will is part of the package.  It's not an either/or proposition when discussing wills and trusts.

Highlighted
Honored Contributor
Posts: 28,635
Registered: ‎03-10-2010

Re: Older parents and how to deal w/wills,etc.

[ Edited ]

Everyone should have a Will even if they have a trust.  The will should leave everything to the trust.  Inevitably, something is forgotten and doesn't get put into the trust and then there is a problem.

 

There are ways to avoid probate that doesn't involve a trust.    

 

Also, word of advice.  If you have any life insurance, 401(k), IRA, etc. that can have a named benefiary, if you want your children to inherit, name them by name.  Do not just say "my children."  People do that and in some instances, it creates a huge problem.

Highlighted
Honored Contributor
Posts: 12,704
Registered: ‎08-22-2013

Re: Older parents and how to deal w/wills,etc.

My husband and I put our home in a trust for our son and basically he now owns the home. Of course the trust is revocable at any time so he can't sell the house or remove us from the house without our permission. Also, we put money in a trust and we can also each lawfully gift our son with 15,000 dollars a year in our state. Our will was separate, but we have only one heir and he is our POA and will execute our last wishes. We did all this through a lawyer who specializes in elder issues.

Highlighted
Honored Contributor
Posts: 11,618
Registered: ‎10-25-2010

Re: Older parents and how to deal w/wills,etc.

Both of my parents died without a will.  My mother died first and according to PA law, my father inherited everything.  When he died, everything was split equally between five children.

 

My siblings are I get along and there were no fights or arguments over who got what as far as personal items went.

 

My DH and I have a will.  It really isn't needed unless we both pass at the same time.  One one of us goes, the other will inherit everything by law. All of our investments are set up so that all money in them will be decided three ways amount our children.

 

Our home will be sold and the money devised also.  The kids will have to divide our personal items among them if they want them...whatever is left will go to an estate sale and the money divided.

 

What is more important to us is a living will and medical directive.  Way more important than material goods.

Highlighted
Honored Contributor
Posts: 18,516
Registered: ‎03-10-2010

Re: Older parents and how to deal w/wills,etc.


@halfpint1 wrote:

I do not have a will and neither did my husband. My name was on his accounts and my son on my bank accounts. No other relatives.


Don't you need a will so your son will have no issues handling affairs if he outlives you?  Such as closing utilities, paying any bills, etc. etc.  Even a simple will is needed by everyone now.  At least a power of attorney and a living will are A MUST for everyone.  

 

Just because he is your son doesn't mean he has legal right to do many things that would need to be done if you passed on.

Highlighted
Trusted Contributor
Posts: 1,261
Registered: ‎04-03-2016

Re: Older parents and how to deal w/wills,etc.

Someone j believe mentioned utilities and j remember my parents had those utilities for over 50 years, mg fathers name on all. They make it very difficult to close, change, get reimbursement, etc if named individual passes away.
Trust much easier to work with from legal standpoint. I do wish a list of personal items had been made with designated recipients.
Highlighted
Trusted Contributor
Posts: 1,009
Registered: ‎07-10-2011

Re: Older parents and how to deal w/wills,etc.

@Shanus, you mention your SIL so that means your brother was married. Why wouldn´t everything go to his wife instead of your parents? Suppose your parents were vindictive? Thank God they weren´t.

Highlighted
Honored Contributor
Posts: 20,679
Registered: ‎05-17-2010

Re: Older parents and how to deal w/wills,etc.


@Sage04 wrote:

@Shanus, you mention your SIL so that means your brother was married. Why wouldn´t everything go to his wife instead of your parents? Suppose your parents were vindictive? Thank God they weren´t.


 

@Sage04   Yes. My brother was married. In NC, without a will and no children, whatever doesn't state a specific beneficiary, gets split 1/2 to parents and 1/2 to spouse. Why would parents be vindictive and see their DIL lose her house, struggle to pay bills, etc.? I hope most parents would not be that selfish. 

Highlighted
Esteemed Contributor
Posts: 5,776
Registered: ‎02-22-2015

Re: Older parents and how to deal w/wills,etc.

@Shanus  It took over 15 months for the bank, attorneys, lawyers, accountants, etc., to close mom's Trust following her death in 2017. Be patient. It's a lengthy and very expensive process.

We were told it would take 12-15 months from the first time we met with the Trust Officers, which was not a problem for my sister or me. Frankly, I never counted on any inheritances, even though we knew they were coming. In the end, taxes and costs associated with finalizing the Trust ate up hundreds of thousands. Mom would have been aghast. 


    

Highlighted
Honored Contributor
Posts: 28,635
Registered: ‎03-10-2010

Re: Older parents and how to deal w/wills,etc.


@Sooner wrote:

@halfpint1 wrote:

I do not have a will and neither did my husband. My name was on his accounts and my son on my bank accounts. No other relatives.


Don't you need a will so your son will have no issues handling affairs if he outlives you?  Such as closing utilities, paying any bills, etc. etc.  Even a simple will is needed by everyone now.  At least a power of attorney and a living will are A MUST for everyone.  

 

Just because he is your son doesn't mean he has legal right to do many things that would need to be done if you passed on.


@Sooner, not necessarily.  If someone owns a home that transfers automatically on their death to an heir, usually the utilities can be transferred over using just a death certificate.  At least in my area.

 

But if you have any accounts or assets that have to go through probate, having a will is so much easier.  Again, in my area, without a will you have to get permission from the court to do everything which is costly and time consuming.  If there is a house an heir wants to sell and no will, you have to get court permission. It's always better to have a Will even if you never have to probate it.