Your ‘Last Will and Testament’

[sierracharlie338]

Minor correction - a Living Will is a health care document. You would need a trust (often called a “Living” “Revocable” or “Revocable Living” trust to make things more confusin.

Also note that this recommendation of avoiding probate is state specific (probate is easy in some states), and not without tradeoffs (in addition to needing another document, you have to transfer title to the trust, during life, of all assets that would otherwise pass through probate. That can be a PITA.

You would be correct on the “Revocable” trust part. As far as the probate part, it’s my understanding some states are much easier when it comes to probate versus a trust. In Texas even if there is a Will, beneficiaries are still required to go to probate in order to finalize everything and are responsible for those associated costs which is why I made the comment about considering a trust in addition to a will in the state of Texas when possible.

 

[fwafwow]

You would be correct on the “Revocable” trust part. As far as the probate part, it’s my understanding some states are much easier when it comes to probate versus a trust.

Probate can be easy in some states. There are still other reasons for the use of a revocable trust - privacy (an overblown reason IMHO), incapacity (valid) and a super narrow technical estate tax lien issue.

In Texas even if there is a Will, beneficiaries are still required to go to probate in order to finalize everything and are responsible for those associated costs which is why I made the comment about considering a trust in addition to a will in the state of Texas when possible.

I’m sorry to quibble, but this is not exactly true. If you are in possession of a Will, and you are the Executor, you may be required to file the Will with the probate court, but you don’t have to accept or serve as Executor. If there are no probate assets, or those assets are less than the creditors’ claims, the family can just not choose to be a part of the probate process, but someone else could undertake a probate administration - such as the creditors to get paid.

 

[sierracharlie338]

I’m sorry to quibble, but this is not exactly true. If you are in possession of a Will, and you are the Executor, you may be required to file the Will with the probate court, but you don’t have to accept or serve as Executor. If there are no probate assets, or those assets are less than the creditors’ claims, the family can just not choose to be a part of the probate process, but someone else could undertake a probate administration - such as the creditors to get paid.

Ok well you’re speaking about several different situations where IMO there is no benefit of having a will or trust (not having assets or a minimal amount). I’m referring to there being a substantial amount of assets that have to be divided or liquidated. You seem to have a good grasp of the situation as a whole, maybe you’re a lawyer. I’m speaking from my experience with an estate planning firm and strictly that, not what ifs. My post was also not intended to be an end-all, be-all of information because every persons situation is different and they should educate themselves prior to making a decision. Thanks for clarifying those points I’m sure someone will find it helpful.

 

[fwafwow]

Ok well you’re speaking about several different situations where IMO there is no benefit of having a will or trust (not having assets or a minimal amount). I’m referring to there being a substantial amount of assets that have to be divided or liquidated. You seem to have a good grasp of the situation as a whole, maybe you’re a lawyer. I’m speaking from my experience with an estate planning firm and strictly that, not what ifs. My post was also not intended to be an end-all, be-all of information because every persons situation is different and they should educate themselves prior to making a decision. Thanks for clarifying those points I’m sure someone will find it helpful.

I am on a plane and have too much time on my hands at the moment.

 

[JohnB]

Not to trespass too much into the wrong forum here but does anyone have brief recommendations for a path forward for a married 36 year old on a will? I've got no kids and my wife and I own a house together so I'd imagine I'm on the simpler end and may not need to spend time sitting down with an attorney?

 

[long hunter]

SPEND IT ALL BEFORE YA CROAK TELL SOME ONE YOU TRUST WHEN YOU DIE TO STRIP YOU NEKKID JAMB A HAM BONE IN YOUR ASS AND LET THE DOGS DRAG YOU OFF

 

[Mike D Texas]

Not to trespass too much into the wrong forum here but does anyone have brief recommendations for a path forward for a married 36 year old on a will? I've got no kids and my wife and I own a house together so I'd imagine I'm on the simpler end and may not need to spend time sitting down with an attorney?

Typical disclaimer - I am not a lawyer, do your diligence and research.

That said, if you have siblings or any other family members, you would be surprised how greedy they can get, especially if they find out you haven’t done any estate planning.

At minimum it would be worth the possible cost of a consultation with an estate planning attorney.


Sent from my iPad using Tapatalk Pro

 

[Bluethunder8]

It is worth the time and money to consult an estate attorney and have all of your documents in one package.

 

[stickbow59]

We just completed all of this one month ago. Lost my Son Nick in 2018 and left everything as it was and it needed corrected badly after the loss. Finally was just now able to get get the strength to get everything as we wish.

 

[VernAK]

I had a lifelong friend of 75 years that had become a recluse but well-off recluse. I spent a summer cleaning up his mess for his niece executor. Since then, I've been practicing dostandning. A Swedish term meaning "death cleaning". I've cleaned out closets and sheds of excess and sold or donated much of it to those that can use it. Amazing how much stuff I would have left for others to clean out.