Getting a will done

[WapitiBob]

Get a Will and set up a Trust with beneficiaries. There's nothing quite like death to bring money grubbing relatives to the surface.

 

[ashersdad]

Highly recommend an attorney. Each state is different. For example, Oregon's estate tax starts at $1mil. With proper planning, each spouse can exempt $1mil, so $2mil total for a married couple. Without planning, that first $1mil exemption is lost at the first spouse's passing.

 

[Bonasababy]

I suggest this book to read now if you expect will be leaving a legacy amount that is life-altering to one or more beneficiaries: Beyond the Grave

You should aspire to do no harm with your generosity. Unattended outcomes are very possible as more zeros get added to your net worth.

I am party to a modest trust set up in the 1970s by a 60 year old man that had just paid a sizable inheritance bill due to his wife passing away while had done zero estate planning. He could have paid $0 yet by ignorance or need for secretiveness a few million were due. Ouch.

His hope was the trust would keep more money in the family. Meanwhile, estate caps to avoid estate taxes have gone up by millions but the trust got zero of that relief so owes tax on all the gain which is over 90% of the trust’s value. The tax is due if ever sell so will hold until gets step-up basis at my death.

He lived into his 90s, his son lived into his 90s. The son’s spouse lived into her 90s. The trust is now being disbursed in 2026. A lot changed. I was a teenager as the trust was established. I now have grandchildren.

The issue is that provisions in the trust written in the 1970s never accounted for the trust surviving decades until 2026.

If I had died even a day before my father’s spouse then my progeny get equal shares. Progeny spans my adult children and grandchildren. Equal shares. No age restriction as that restriction of age 25 to access the funds expired years ago when I reached 25.

How much money would you need at age 5 or age 16 to make some bad decisions? I have grandchildren that age. For me, any sum that fell into my lap which could buy a new, fast car would have been a bad outcome. Fortunately, I did not get tempted at 16. Fortunately, my grandchildren also escaped that scenario though were put at risk by a flawed trust.

Everyone's different.

We will leave our kids some real value in property but our intent is to not leave them much in money or financial assets.

The challenge is when the economy and markets are so unstable when you retire, and in not knowing how long you will live.

Our plan to not leave them much will be alterred if we both are gone before our planning timeline (early to mid 90s) comes.

We needed an estate because of how we wanted assets distributed to grandkids if we both are gone younger than our planning time. Want to leave them something but not have access to it until they are older.

 

[Bob-WY]

Lawyer. All states are different. Protect yourself and what you want done. Prevent those that will come out of the woodwork. Talk about medical decisions, power of attorney etc.

A straight forward is a meeting with the lawyer, ask and answer questions, they build it, you review it and repeat til happy

 

[MtsPSU]

Get a Will and set up a Trust with beneficiaries. There's nothing quite like death to bring money grubbing relatives to the surface.

Well said.

I have professional experience with a long lost nephew challenging the Will since he was included in an earlier iteration, but was later removed and not mentioned in the final Will. That said, if making decisions with siblings, children, or close relatives be very specific on what you want them to get or not get from your estate. For example, by not including them could later be argued there was an oversite compared to stating specifically their name and declaring they get $1 or nothing at all.

Good estate planning lawyers can make sure your wishes for transferring assets is followed when your Will matures.

Mark

 

[Steiny77]

A trust is only needed if you want to control things from the grave somewhat. If your heirs are responsible and trustworthy, it's not necessary and just costs more money to set up.
Examples would include:

• An heir that has had a history of substance abuse.
• An heir with special needs that will need $$ over a long period of time.
• An heir that has shown a history of poor decisions.

In these cases you would set up the trust to trickle $$ to them over time -vs- a large lump sum. You would also have someone that you have faith in administer the trust.
A trust does avoid probate, but probate isn't a big deal if a will is clear and things such as real estate deeds, etc. are in order.

 

[Wildabeest]

A trust is only needed if you want to control things from the grave somewhat. If your heirs are responsible and trustworthy, it's not necessary and just costs more money to set up.
Examples would include:

• An heir that has had a history of substance abuse.
• An heir with special needs that will need $$ over a long period of time.
• An heir that has shown a history of poor decisions.

In these cases you would set up the trust to trickle $$ to them over time -vs- a large lump sum. You would also have someone that you have faith in administer the trust.
A trust does avoid probate, but probate isn't a big deal if a will is clear and things such as real estate deeds, etc. are in order.

Trusts provide other benefits. For example, protecting assets from lawsuits, divorce, etc.

 

[jrabq]

Trusts provide other benefits. For example, protecting assets from lawsuits, divorce, etc.

I hear a lot of conflicting information about trusts in regard to asset protection. From what I've gathered a revocable trust does nothing to protect your estate from lawsuits or creditors. Lots of good reasons for having one but some reasons or overstated or incorrect. Or refer to an irrevocable trust.

 

[Lmartin5]

Following...my Wife and I need to get this done.

 

[Wildabeest]

I hear a lot of conflicting information about trusts in regard to asset protection. From what I've gathered a revocable trust does nothing to protect your estate from lawsuits or creditors. Lots of good reasons for having one but some reasons or overstated or incorrect. Or refer to an irrevocable trust.

Doesn’t protect the grantor during their lifetime, but protects the assets once they pass to the grantees so long as they remain in the trust.

 

[jejack26]

I'm surprised . I thought the consensus would be to utilize a online platform. I've done it both ways. Last will I did just did myself. Been thinking about going to lawyer for some additional planning. I hate giving money to attorneys.

 

[jpc01101]

If you value your children and their relationship just make sure you have it completely spelled out. Make it your decision and don't leave it to them to fight it out.

 

[kodiakisland]

My wife is a lawyer and does lots of wills. You do not need a lawyer, but you may want to use one depending on your circumstances. The more complicated, the more necessary.

Money makes people stupid. People you never thought would fight over things suddenly lose their mind over a dead person's stuff and start some of the most bitter fighting a family will ever see. If you have anything worth passing on and you want to make sure it goes where you want it to, put it in writing. Many will still fight with a will.
For young people with children, definitely have a written plan for where they go and how you want your estate set up for their raising.

While you are at it, update your beneficiaries on anything that has them. Some people forget after a divorce and end up giving the ex everything.

 

[antelopedundee]

I went the attorney route. You eventually have to decide about whether you want a trust to avoid probate or set up your accounts to avoid probate. Your assets won’t cause a tax issue unless you have more than $13 million in assets.

My investment funds have beneficiary documentation in it to cover a transfer on death. I have a transfer on death paperwork with my deed to transfer it to my kids on death. There’s a few other things you need to do for vehicles and checking accounts to make sure that their transfer upon death. If you do these things, then you will avoid probate and associated fees.

A trust avoid probate for you too but you pay for the convenience of having the attorney do the work. I’m frugal.

You could also make your kid/s a co-owner of your bank accounts and vehicles. For vehicles make it John Doe or William Doe and not John Doe and William Doe.

 

[antelopedundee]

My wife is a lawyer and does lots of wills. You do not need a lawyer, but you may want to use one depending on your circumstances. The more complicated, the more necessary.

Money makes people stupid. People you never thought would fight over things suddenly lose their mind over a dead person's stuff and start some of the most bitter fighting a family will ever see. If you have anything worth passing on and you want to make sure it goes where you want it to, put it in writing. Many will still fight with a will.
For young people with children, definitely have a written plan for where they go and how you want your estate set up for their raising.

While you are at it, update your beneficiaries on anything that has them. Some people forget after a divorce and end up giving the ex everything.

If your ex is the bennie of your 401k you will need her signature to change it unless it was done as a part of the agreement. Otherwise GLWT