Posted on 06/20/2011 9:16:28 PM PDT by Winstons Julia
I have some possessions and a bank account. I don't expect anything to happen to me, but it occurred to me... I have no one. My parents are dead and I have no children.
Several of my possessions are worth a bit of money and, God forbid, if something happened ... I would like my oldest brother to inherit ... but I have no will.
My brother has the key to my place ... and I think he'd know what to do.. but is there a way to make a will cheaply?
You can get a standard will form from legalzoom or you can simply hand write a will, dating it, affixing it as last will and testment of____, stating you are sound of mind, you fully comprehend the legality of the document, and one by one list the stipulations of your will. Then take it with two of your own witnesses that will attest to it, and sign it front of a notary public. Most notary’s will put the attests on it for you along with their signature and stamp. It’s better than passing on intestate (without a will) and it’s perfectly legal.
NOW, I am not a legal expert. But I’ve already signed all property and assets I own over to my children and discussed with them together those personal items that will belong to them which I have listed in my will. And I did all of this at the direction of a lawyer friend in a telephone visit, so I know it’s valid information...at least in Texas.
Just a note...if you have money in CD’s, there is way you can put your brother’s name on them that makes them his upon your death that doesn’t require them to go through probate to get them. Ask your bank how to do that. It’s been so long since I did that, I can’t remember exactly how they affix the names to the CD’s. (especially if they are gonig to be confronted with funeral expenses)
You do need a will. If you don’t have one; the money will go to the state in some states. No matter how simple it is; be sure spell out specifically everything you want to do.
Having said that, a probate will is usually pretty cheap, you should be able to get it done for no more than $500 most probate attorneys will charge $300 max if you really dont have a lot and it's all going to one person.
By the way, how I handled all the house junk was to put a stipulation in the will that for those things that you may want to let others have, like a friend and/or sister-in-law, brother-in-law, uncle, aunt, etc, they will each draw a dominoe, the highest numbered dominoe picks an item first, then second, then third, et al. That makes it fair and nobody gets to gobble up the stuff and then they argue about it and have sore feelings. And then what’s left that nobody wants goes into a garage sale and they divide the money equally. Don’t leave it up to them, believe me, there will be sore feelings over something if you do...even as trivial as a goofy whatnot!
all I can tell you is, Don’t procrastinate about this.
My dear friend died unexpectedly about six months ago. She did not leave a will. Though she was doodling around on her computer and toying with various ideas there was nothing concrete, nothing signed, witnessed, and valid. The result has been a catastrophe. Everything she had worked for, all the plans and labor for a wonderful patriotic cause, is gone. People who were dependent on her professionally and personally are out of work, though her cause could have kept them working forever. Several people who have serious physical and/or emotional problems (Viet vets) have been thrown out of their home. Her adored animals have gone to shelters, her heirlooms dispersed, her family’s heritage lost. What a tragedy. So much suffering and loss, just because she didn’t get a will signed and a trust established.
While a will is a good idea, a revocable trust (or a pour over will into a trust)may be better to provide privacy and eliminate court probate and some legal fees.
Another thing to consider is a financial power of attorney so that someone you trust can handle your financial affairs if your are incapacitated. Also a tax power of attorney and a health power of attorney.
Upon death, your assets are transferred to others and title may need to be recorded. Different assets are transferred based on type of ownership. Assets in a trust can be transferred by successor trustee (brother or whoever you appoint)based on terms of trust rather than going through court probate.
Some assets transfer directly to beneficiary. Such as life insurance and IRA’s and 401k’s. Some assets such as IRA’s may be taxable to recipient and could be considered as a gift charities or given to lower income relatives.
Planning can minimize tax, even if not subject to the estate or gift tax.
You can do the will or trust from samples on the internet, however it may be worthwhile to get some good advice or have someone review it. Be sure to sign and date it in front of witnesses and a notary. Every state has different requirements. Make sure someone knows where the will or trust is located
I think a Will is a Great Idea! Gonna work on it tomorrow, I’m giving everything to my Ex-Wife so when I depart... she can start paying for everything she already has.
TT
A durable power of attorney ends on the death of the individual.It is used if a person can no longer handle their own affairs during their lifetime.
The executor or personal representative is the fiduciary responsible for carrying out the terms of the will helped by the attorney (if one is engaged). The successor trustee is responsible for carrying out the terms of a trust.
It's important to know if the person(s) you want to have certain items really want those items. My youngest brother collects clocks and his son (only child) has vocalized to other relatives he plans to get rid of them if anything happens to his father. Objects that are one person's fancy or delight may hold no such interest to those around them.
Important papers (deeds to home(s), auto titles, etc.) should be kept somewhere they can be located in case of emergency or death. Hiding them somewhere they cannot be located when or if you cannot communicate any longer with others is not good.
Many office supply stores carry such forms. My Will was prepared by a paralegal working on her own. It cost a fraction of what an attorney would have charged me. I've also seen Will software at Costco.
My suggestion is take a peek in that community events calendar that comes to your home 3-4 times a year. Typically, the local senior center or community center will have a will workshop about twice a year, with a minimal fee. You’re already paying for this with your taxes, no reason to pay for it all over again.
Taking a gander at my city’s, there’s a will workshop once a quarter, the fee being $5, with a notary on hand and run by a lawyer. (the fee, actually, appears to be a mandatory photocopying fee..) They also handle durable powers of attorney, and medical directives in the same session (again, $5 fee for photocopying..)
Good luck!
Thanks for all the great advice.
I’m in Illinois and I’m fine.
I’m thinking I might go for the notarized form option if possible.
Go to Fry’s and check their legal documents software. For most folks, that’s all you need. Just follow the directions.
Make sure it stipulates that your funeral expenses come out of the estate, so no one is tagged with your bill.
Hubby and I had our first wills made immediately after the birth of our son; but ours included lots of other stuff, particularly about who gets our kids and our money and in what order (if they aren't in a position to take them) and what happens if we all die simultaneously (car wreck, plane crash), etc. We covered every base.
It's important that the witnesses are not beneficiaries; that way, if relatives come crawling out of the woodwork and want to contest the will, they can't hold that against your beneficiary in court. Also, request multiple copies.
Wills are easy to amend or can be completely rewritten if/when circumstances change.
There are times when it's better to do it on your own, and times when it's better to call in a pro. For anything legal, I prefer the pro.
Once you have a will, don't keep it in a safe deposit box. Most SDBx are sealed upon your death and aren't able to be opened until your estate is probated through the court. Keep it in your file cabinet at home, and give a copy to your executor so they don't have to hunt through your paperwork.
If you have multiple life insurance policies (through work, personal, etc.) it would be good to provide that information to your beneficiary and name them directly on the policy.
I have no family locally other than my little nuclear family. Every two years or so, I send my sister an updated "if the plane crashes" package that includes house keys, car keys, insurance policies, mortgage information, all the pertanent information she will need to keep things going until the assets can be disbursed or sold off.
I've made it very clear to my entire extended family that I want the cheapest burial expenses possible. Pine box, in the backyard - heck, donate my body to science if it's cheaper. All that I truly am is gone; don't waste precious funds on the leftover shell. That way, whoever makes arrangements doesn't catch any heat over it. Make your wishes known.
POD and your estate gets hit with a gift tax because it was a gift.You dont want any name other than a spouce on any thing.
Yes. On the pages labeled *Durable Powers of Attorney*, This is what I understand: A “durable” power of attorney is actually a general, special or health care power of attorney that contains special durability provisions. If you become mentally incompetent while you have a power of attorney document that’s already in effect, a durability provision will allow the document to stay in effect.
You can also sign a durable power of attorney document to prepare for the possibility that you may become mentally incompetent due to illness or an accident. In this case, you would specify that the power of attorney wouldn’t go into effect unless a doctor certifies that you are mentally incapacitated. [some days I think this coming sooner than others. Meh.]
You don’t have to choose a lawyer to be your agent, but it is important to select someone you trust. The relative, friend or business you choose to be your Agent will be acting on your behalf regarding your financial or health care issues. You need to choose someone who won’t abuse the powers you grant to them and will look out for your best interests.
In general, an agent is only held responsible for misconduct that’s intentional, not for unknowingly doing something wrong. This type of protection is included in most power of attorney documents to help encourage people and organizations to accept the responsibility of being an Agent. Usually there is no financial incentive to serve as an Agent, most serve without compensation.
Also, on that same page is allowing for a Successor Agent.
; and the executor is named as well as a successor, in the will, as is an executor and successor of a trust.
I am executrix of my dad’s will. He has a prepaid insurance policy for post-death funeral services: it can cover whatever you want - funeral/memorial service, embalming, cremation, burial, etc.
There is much you can do to set things up before hand, so either your brother or whoever is executor of your will, won’t have a lot to do except to assure your last wishes are met.
I’m thinking I might go for the notarized form option if possible.
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Don’t. Just go to a local attorney and have it done. There are many things to consider that you might not have thought of. The attorney can help you with this.
It shouldn’t cost more than a few hundred dollars with a POA and advanced directive.
(I’m not an attorney).
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