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Trusted Contributor
Posts: 1,186
Registered: ‎04-30-2012

Re: Just curious a Will or a Trust ?

@KaySD  wrote:  I'd also encourage you to do it as soon as you can--to get it off your mind, and just in case you leave earlier than 110! 

 

Woman LOLWoman LOL thanks for the laugh!

Honored Contributor
Posts: 10,087
Registered: ‎03-09-2010

Re: Just curious a Will or a Trust ?

My parents each had a will.  My mom died first and when my dad died I was the executor of his estate and did the probate and it all worked fine.

 

My husband had a will.  When he passed away in July, I had to go through probate because of one stock he owned, in his name only.  I finished his estate on 11/30.  Pretty painless,

 

I  have a will and updated mine after he passed away. 

 


Why is it, when I have a 50/50 guess at something, I'm always 100% wrong?
Esteemed Contributor
Posts: 6,696
Registered: ‎03-09-2010

Re: Just curious a Will or a Trust ?

I agree with the advice to get to a lawyer who specializes in this and sooner rather than later.  As in...now.

 

Since you have children, you need to make sure that your estate is left as you want it.  Dying intestate is not a good idea.

 

I know it can be difficult actually working through this, but a good lawyer can help you clarify how you want your estate distributed.  Many will do an initial consultation free.

 

Don't delay; none of us know what tomorrow brings and a binding, legal will, will help prevent problems for your heirs.  You'll feel so much better once you have your will in place.

Esteemed Contributor
Posts: 6,523
Registered: ‎03-11-2010

Re: Just curious a Will or a Trust ?

Don't be daunted by this. Most people don't have complicated properties and businesses to deal with. We did it in our 30's and just update it when necessary. 

Wrong is still wrong just because you benefited from it.
Honored Contributor
Posts: 12,103
Registered: ‎03-16-2010

Re: Just curious a Will or a Trust ?


@Goodie2shoes wrote:

I don't have either yet and it's a little hard to put pen to paper on this. I know it must be done, my son and daughter are pretty strong minded so I don't want there to be any problems between the 2 of them.  Anyone else having thoughts about this ?  I know there is a revocable and non revocable trust, some say don't do a will. What have you done or have you thought about it?  I plan on living until at least 110 !Woman Happy


@Goodie2shoes I think no matter what you do, there could be hard feelings among siblings. My mother had three kids, I am the youngest. My brother the oldest was the executor of my mother's estate (named in the will), he died before her. She then thought she would make my sister and myself co-executors she was listed first because she is older (even though I took care of my mother), I was second. We found out after my mother died that there can't be two executors so basically I have no power at all. My mother didn't mean to set it up this way, but that's the way it is.

Esteemed Contributor
Posts: 6,262
Registered: ‎03-19-2010

Re: Just curious a Will or a Trust ?

That is something that you should consult an estate attorney about.  My father had both.  He had a simple will and he had a trust set up for the grandchildren that was a revocable living trust.  If they graduated from a 4-yr college they received $10,000 from the trust.  After the trust expired, which was this year, the remaining funds was distributed between those children.  A couple of things to consider.  You need to pay the person administering the trust.  My father had it set up that the trust paid me yearly, but it was a bit of a pain because the bank would not send me the money.  I had to get it in person.  Also, someone has to pay taxes on the money in the trust.  While he was alive, he paid the taxes, but it fell on me to pay them after he died. 

 

One thing my father's financial advisor did was to have him change all of his accounts to TOD (Transfer on Death) accounts.  He actually came up to the hospital for Daddy to sign the papers.  That meant all of those accounts just transferred to my sister and I when he died.  The FA divided the asssets for us, so there would be no squabbling over it (not that I would expect us to squabble). Also, he had his checking account set up in all our names with "or" between the names, not "and".  

 

Because of the above, we could've avoided probate altogether as long as we didn't sell the house for 2 years had Daddy not had a separate account with a different firm that did not get changed to TOD.  To get that money we ended up having to probate the will, but it wasn't THAT expensive. 

 

I did get into an argument with the lawyer over that checking account which he wanted to freeze as an estate account.   I told him because of the way it was set up, I could've emptied that account at any time and there would be nothing anybody could do about it because my name was on the account.  He insisted it needed to be set up a an estate account and the bills that Daddy had automatically coming out of it (elec., gas, etc.) one of us would have to pay.  However, when we went to the bank, the bank lady said that was our money and she called the lawyer and told him she would not be making it an estate account.  

 

I did not like that lawyer.  He only wanted to tell us what to do and didn't want to explain anything.  We only chose him because he was recommended by my father's former, now retired, lawyer. 

Esteemed Contributor
Posts: 6,430
Registered: ‎12-24-2010

Re: Just curious a Will or a Trust ?

@Goodie2shoes Sorry if I assumed your son and daughter are adults.

My apology.

Honored Contributor
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Registered: ‎03-10-2010

Re: Just curious a Will or a Trust ?

There are uses for both revocable and non-revocable trusts.  Most trusts also include wills, powers of attorneys and instructions for DNR's and medical decisions.

 

Please note that Social Security does not honor power of attorney papers, so if you have elderly people that at some point you will need to be handling their social secuirty affairs, get this ironed out with SS and all signed up before they get dementia or are unable to sign. 

Trusted Contributor
Posts: 1,809
Registered: ‎03-10-2010

Re: Just curious a Will or a Trust ?

I have beneficiaries on investments  that I  inherited  from an Aunt and accounts but am at a loss as to the house contents, car etc. I have no family and charity is easier said than done. I need to have a will but am at a loss whom to have in the will.  Sounds odd I am sure. If I only could figure out who to include? I keep praying for some resolution. So many people and organizations have let me down. It is on my mind alot.

 

My Dad had a Living Trust. My Mother died first. Most of his money went for his Nursing Home care the last few years of his life. I am an only child with no children of my own.

Honored Contributor
Posts: 22,745
Registered: ‎03-10-2010

Re: Just curious a Will or a Trust ?

@Gorg You need to think about who will manage your money if you are no longer able to.

 

Sometimes an organization will do that, a charitable organization with a foundation or something like that.  Check around with financial institutions, churches or religious organizations if you are of faith, etc.

 

That is more critical for you than who would inherit.