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Respected Contributor
Posts: 2,475
Registered: ‎05-09-2016

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

[ Edited ]

@sweetee2 wrote:

I didn't think anybody did Wills anymore. I thought trust's were better so the government can't get there hands on it.


Trusts don't protect you from owing estate taxes, if that's what you're implying. Trusts DO help avoid probate and provide privacy when you don't want the snoopy relatives trying to find out who inherited what.  Wills are public documents that anyone can get a copy of from the court once they're filed. Trusts are private documents. A simple will that names the trust as the sole beneficiary is still necessary. People complain about spending money on attorney fees, but taking the time to properly set up a comprehensive estate plan is well worth the cost. 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

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Valued Contributor
Posts: 661
Registered: ‎05-02-2017

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

 

DH and I are still extremely healthy and active BUT we made a will due to extensive foreign travel AND to ensure our pets will be protected.

 

The future can never be predicted!

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Honored Contributor
Posts: 18,094
Registered: ‎03-10-2010

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

Age is not the deciding factor.  If you own anything worth something, you need a will.  If you have someone you would like to leave your things to you need a will.  If you are married you HAVE to have one, or if you have children or dependents.

 

A trust is good, but at least a will is a must.  

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Trusted Contributor
Posts: 1,075
Registered: ‎03-08-2018

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

I know that my parents and my MIL need to get their wills updated.  Getting them to do it is a whole other matter.

 

Funny thing is yesterday when I spoke with MIL she mentioned that she has to do it but I know that it will take a lot of nudging to get her to actually do it.

 

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Valued Contributor
Posts: 900
Registered: ‎03-09-2010

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

A will is also needed if you want to make sure someone does not receive any of your assets.

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Honored Contributor
Posts: 20,414
Registered: ‎05-17-2010

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

It’s just not older parents who need wills. When my younger 49 yr. old brother passed away suddenly, he had no will. I’m not sure if it’s just NC, but without a will and no children, assets went to my parents. They graciously gave it to my SIL who would need it to get back on her feet.

 

After seeing the costs and details involved with my Dad’s funeral 7 years ago, my Mom pre-paid her funeral expenses, including extra money for obituaries in several newspapers, donation to Rabbi for conducting the service and a complete list for us of all her wishes. She even included who to call first to transport her from nursing home to funeral home 90 minutes away, who in the family to call first to spread the word so I only needed to make that one call. Everything was listed neatly on a few sheets of paper tucked inside her will.

 

Since DH was her accountant, he had access to her banking and financial info, but many people leave that out. You need to list bank accounts, safety deposit boxes if they exist and an extra key if possible. Passwords to computers and credit card info, social security numbers and any papers regarding house mortgages, insurance policies and outstanding loans. The lists are endless. 

 

Attorneys charge a lot to do wills, but it’s worth it to have everything in order. He also gave us a print out w/ everything to fill in that may be needed by next of kin. Our kids will thank us. 

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Posts: 6,765
Registered: ‎03-09-2010

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

I had my first will done at the age of 20 and  i have had one ever since with all Estate planning documents.  Our firm as probated cases with as little value listed in the application to probate for the amount of $60,000 to Estates worth millions.  We always visited privately with a client outside the hearing of the children to be certain everything was in accordance with their wishes.  Passing a way intestate is an extreme burden on a family.  Even a simple will just makes things easier for the family, even if it is old.  You can have a clause put in your will for a handwritten list of bequests that may change as the years go by.  Which saves going back repeatedly in creating new wills.  Even if a spouse passes on you do not need to make a new will for yourself if the first was done properly.

"Live frugally, but love extravagantly."
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Esteemed Contributor
Posts: 6,851
Registered: ‎06-25-2012

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

We have a living trust. We have updated it accordingly. My dad had one and when he passed it was so very easy since he had everything written down. My brother was executor of his will and it was effortless.

"Pure Michigan"
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Esteemed Contributor
Posts: 5,202
Registered: ‎03-10-2010

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

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.

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Respected Contributor
Posts: 4,704
Registered: ‎03-11-2010

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

My husband and I took care of our wills two years ago, after he was diagnosed with dementia. We’re set, but my 97 year old mother refuses to do anything to bring her estate up to date. She won’t spend a dime for a lawyer and won’t let my bother or me pay. I have given up. I already have too much on my plate to deal with it.