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12-15-2020 10:11 PM - edited 12-15-2020 10:16 PM
I wanted to add. Every state is different. I had the attorney of my dads brother contact me several years ago. My Uncle, who I had met three times in my life and had literally no contact with my adult life had died. I was left his estate because his wills was tossed out due to dementia and him making several wills at the bequest of a couple women. Unbeknownst to me this was frontpage news in Bay City, i was left money because I was the first in his blood line alive He had no children, and his wife had passed. He had a wonderful niece of is late wife who I found took care of him on and off when he wound allow it. His estate included money of his dead wife that belonged to her family. Long story... the short of it is all this wasnt legally binding. The money was going to me, because of law i righted the ship here, but how people would have i couldhave never taken money that in truth should have gone to others. I had to hire an attorney to do so, money was taken out of proceeds It took me almost 2 years to clear this up and direct inheritance to rightful people.
also, 10 years ago when my moms partner of 35 years died. My mom was executor and trustee. She sold his home and gave proceeds to her companions only, childless son. His share of proceeds were near half a million. He put money in bank. He had a wife. 6 months laterhe died. And believe it or not 5 months after that his wife died. We didnt really know them well at all They died intestate we heard from their county probate attorney. They were looking for blood relatives. They thought maybe we were. They money went to the wifes estranged sister, every penny You never, ever know
12-15-2020 10:26 PM
After many inquiries we chose a trust. Our lawyer explained the difference and we knew we were making the right decision for us.
12-16-2020 07:28 AM
What does your attorney say?
12-16-2020 10:28 AM
You really need to talk to a lawyer to decide whether you need a trust or a will. Everyone's financial situation is different, it's not a "one size fits all". Get a recommendation of a good lawyer that does trusts and wills and let him/her advise you.
12-16-2020 11:31 PM
Someone askedabout te age you should have awill. That is tough one. Depends on assets, children and lifestyle. I would say by 55 and see to updating it after retirement to include all retirement funds, life insurance enfits, etc The update it it if necessary as things change.
12-16-2020 11:48 PM
In 2006 I was diagnosed with cancer - so I immediately went to a paralegal and had a Living Will set up. Was not expensive as my Trust was very simple. You definitely need to find a paralegal or estate attorney - depending on whether or not u have many assets, etc.
Several years ago, the father of someone I know, passed away and he didn't have a Will or a Trust (obviously, he preferred that his family would have to go thru probate). Which was very expensive and took a long time to settle. This man only had 2 daughters and his Will was not complicated --- why he didn't have one written up is beyond me.
12-16-2020 11:54 PM
@LuvmyLab @Agree completely.
The one thing I'll add is to also have a will so you can leave specific things to either your son or daughter..... or anyone else. That should be in a will. Get the advise of a good attorney on how you'll fund your trust... your home, bank accounts, investments, etc all should be changed to the name of the trust once you have one. The only thing that cannot be included is something like a 401k.
See an attorney.
12-17-2020 11:35 AM
You need to speak to an estate planning attorney. Even if you have a trust, you may need a will.
Please do not come to this board for legal advice. This is too important. Take it from someone who is a paralegal and handles estate planning and probate. And please don't try and do the paperwork on your own.
12-17-2020 02:09 PM
Attorney. PLEASE hire an estate attorney. Everyone's situation is different, as are the laws in each state. Taking/soliciting legal advice from a shopping channel message board is a really, really bad idea.
12-17-2020 10:54 PM - edited 12-20-2020 08:37 PM
I dont think anyone here is getting actual legal advice for petes sake. Just an opinion... as to what age the got their their will or trust, an just general questions. Personally, we went to an attorney that specializes in wills and trusts. I got several referrals. Thtawasn't good enough for me. I went to Bar association in California, whereI lived and looked him up. But still, not good enough. Bar association will tell you if they have ever had any complaints,inquiries or misconducts, suspensions . Yes, there are are disbarred and suspended attorneys taking money out there. I googled and yelped. Made an appt, went in and met the attorney. The first 30 min to 1 hour visit is free. You can go to another attorney if you meet him and they gives you heebie geebies.
again personally, unless you rent, and have a super uncomplicated life and assets I would never do legal zoom, or do it yourself. An attorney isn't that much money, really they usually charge a flat fee for will and trust. Noworries about that clock ticking.
every single state is different when it comes to legal matters. I would hope a person would go through an attorney and get it done right. We live in california, I ma married with grown kids and grands. We have a couple homes and assets...and still ours was a very simple deal. Here inCalifornia we opted, as most everyone we know for a living trust. When we inherited stuff, we just signed a paper to include it in our living trust. They look at trust, have you sign it. You pay 30 bucks for a signature, and never see an attorney
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