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Honored Contributor
Posts: 10,251
Registered: ‎03-10-2010

Re: Just curious a Will or a Trust ?

A trust is best if you have a gome or anything like that.  Our stufff is all prtected in a trust from the da we filed.  It was ahrd for us to get get done  it is just a lot of thinking it will be alot of work and money  we have 3 heirs, named an executor  .   I have twins and a younger single , lol  so I named the older twin as executer   Lol   No fighteing or favorites there.

 

truely most all wills or trusts are revocable, andI owuldnt want it any other way.  A irrevocable trust is just that.  I foukd out the difference when my mom made an irrevocable special needs trust for my mentally disabled brother.  Once you sign you can change  ahting, add money, assets or take tem away.  Most peple do want these.  For my brother, it is perfect  for him because the law cannot change or alter it.  He cannot touch it, it is not really in his name to spend... he has an executor, me  my mom wanted t adjustthe money she put in there because it was way too much for his needs, she coukdnt.

 

also I would like to add wills, trusts drwn up by a attorney are not as expensive as I thought.  We paid 2,000 about 10 years ago for thefull treatment by a talented and well known  trust attorney  he cane highly recommended and we checked him out  big time.

 

it was not that much work either.  We brought in paperwork, 401K, etc.  proof of identity and such and he did the work   He files everything and we picked it up in a beautiful binder, lol.

Honored Contributor
Posts: 10,251
Registered: ‎03-10-2010

Re: Just curious a Will or a Trust ?

[ Edited ]

@Goodie2shoes 

 

Just do it, you never know.   i have gone through the death of my parents and inlaws, and I am so grateful they left good, solid trust we followed to the tee.  Even at that,  there is a lot of work, filing  legal stuff.  I cannot forthe life of me imagine going through all that without a trust.  Omg, the fighting,the  money we would have  lost in probate.   We are in california...they would have taken everything, and after a year or two they would have returned what was left....after fees and such.

 

you think you know people until there is money to be given in a will or trust.  People will fight over a paper clip, anything.  Not worth it.  I almost think it is something  you owe to yourself and heirs.... to have everything taken care of

 

i was executor.  My mom left quite a bit of property and funds.  II was the one who cared for her, and knew what she wanted in life as well as after her life.  She talked about her prized possessions, heirlooms and such all the time, especially in the last 10 years of her life.  She spoke to everyone, so this was a Godsend.  My mom was very, shall we say....vain and particular about every detail of her funeral, right down to the photos, etc.   If it  had been up to one of my brothers she would have had a very frugal funeral, lol  i mean pine box and all   I saw to it she went out in the style she had wanted...and more.  .  It was important to her. And my daughters helped too.  So, I highly recommend talking about, and listing if necessary... anything you want to leave to loved ones.  Don't ever think they wll figure it out.  Dont be afraid  to discuss death and your wishes to kids and family or whoever will be in charge.  My Moms trust was disbursed according to her wishes.  I did hire an attorney which realy wasnt that much to file papers, help with property and do everyhting legal.  There again my brother might have wanted to do it all himself,including selling properties to save money..omg we have been in deep doo doo   

Respected Contributor
Posts: 2,859
Registered: ‎12-16-2013

Re: Just curious a Will or a Trust ?

@Goodie2shoes Thanks for posting.  This is my New Years resolution for 2021.  DH and I don't have complicated assets and everything except for our home has the kids listed as beneficiaries.  We've lived in the SF Bay Area for over 30 years and have a large amount of equity in our home.  This is something we will definitely do in the New Year!

Honored Contributor
Posts: 13,399
Registered: ‎03-10-2010

Re: Just curious a Will or a Trust ?

Hi there @Goodie2shoes 

 

Never gave either a thought. Another of what I view as a benefit for me choosing to remain childless. 

 

2 strong minded people? I have seen way too many families destroyed over a will. I say give it all to "save the animals".

 

 

hckynut 

Contributor
Posts: 27
Registered: ‎08-28-2011

Re: Just curious a Will or a Trust ?

Hi-  I  knew I needed to do this...but stalled until Covid came along. I felt a strong need to get my stuff in order, just in case I got sick. I wanted to avoid the issue my Daughter's Father-in-Law passed  without a will,,, and it was a disaster, as he had to make house payments on the property, because his father died without a will. I chose to go with a Living Trust, naming my Son as Trustee, and a disinterested 3rd party to help him navigate Medicaid, and house sale if needed. Along with this, the attorney drew up what is called a pour over will, and health care directive. Here in Kansas, all this lawyering cost $1200.00, but hugely worth it. All the assets have to be reassigned to the trust, so cars or any other real property, fancy art, what ever, have to be assigned to the trust. I also did a transfer on death to my daughter to the primary residence, thus it can be sold without hassle when I'm gone..One thing...look for an attorney who specializes in estate,wills, and trusts. I am very happy with the work my lawyer did, yes it was $1200, but  now everything is set up. My daughter and son hate each other, and I picked my son to be the trustree, because he is better with money, and ,my Granddaughter as POA for health, as she will be the one I trust to speak for me. Good luck!  And happy holidays.

Trusted Contributor
Posts: 1,956
Registered: ‎10-07-2013

Re: Just curious a Will or a Trust ?

We have Revocable Trusts, Wills,  Durable Power of Attorney, and Advance Directives.  All very necessary to assure that your future is how you want it to be.

 

The process can be expensive.  It is VERY worthwhile.  You should go to an attorney who specializes in that practice of law.  I would strongly discourage using Suzy Orman or any other on-line source.

Honored Contributor
Posts: 13,685
Registered: ‎03-11-2010

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


if you don't do anything it's a guarantee there will be problems

 

you need to talk to a lawyer, and not involve them  

Contributor
Posts: 27
Registered: ‎08-28-2011

Re: Just curious a Will or a Trust ?

if you die intestate, estate goes to probate, and if no beneficiary is named or will, state may get your money... FYI

Valued Contributor
Posts: 512
Registered: ‎08-21-2011

Re: Just curious a Will or a Trust ?

You need to see an attorney in your state.  In a community property state you don't need a trust.  It is not a big complicated thing, unless you're Bill Gates, or Warren Buffet.  

Contributor
Posts: 27
Registered: ‎08-28-2011

Re: Just curious a Will or a Trust ?

Does your  paperwork include a transfer on death deed for your property; if not... still goes thru probate. at least in Kansas where i live