Have you written a will (or done any form of estate planning)?

Discussion in 'Community Discussion' started by tzhu07, Feb 2, 2015.

  1. tzhu07 macrumors regular

    tzhu07

    Joined:
    Nov 12, 2008
    #1
    I'm reading up on a lot of this stuff online, and it's all new to me.

    - writing wills and naming the executor and beneficiaries
    - setting up PODs (payable on death) and TODs (transfer on death)
    - strategies to avoid probate court

    Etc.

    It made me realize that this is one area of personal finance that isn't talked about very often, so many people like myself forget to do it.

    Part of it could be that I'm a millennial. Usually estate planning is a topic that creeps up into the minds of older people.
     
  2. maflynn Moderator

    maflynn

    Staff Member

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    May 3, 2009
    Location:
    Boston
    #2
    Estate planning is important. I recommend you talk with a lawyer to get something in writing.

    If you don't have a house, or other assets, then the importance or probably less then someone who owns a house, 6 figures saved up in their IRA etc. Talking to a professional is probably the best.
     
  3. Happybunny macrumors 68000

    Joined:
    Sep 9, 2010
    #3
    Yes my death has been planned.:cool:

    My accountants and lawyers have all the necessary paperwork drawn up, every year it’s revised, this has been going on since 1978, when I inherited, everything.:)
     
  4. maflynn Moderator

    maflynn

    Staff Member

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    Boston
    #4
    My wife and I are looking into estate planning. We need to restart this sooner then later.
     
  5. tzhu07, Feb 2, 2015
    Last edited: Feb 2, 2015

    tzhu07 thread starter macrumors regular

    tzhu07

    Joined:
    Nov 12, 2008
    #5
    LOL. One of the things I'm also reading up on is how to circumvent lawyers and reduce costs, so if DIY methods are reasonably easy, then I'm taking that route. I want to preserve as much of my estate as possible for my beneficiaries.
     
  6. Meister Suspended

    Meister

    Joined:
    Oct 10, 2013
    #6
    No.
    I have no heirs and intend to leave nothing behind. :cool:
     
  7. colourfastt macrumors 6502a

    colourfastt

    Joined:
    Apr 7, 2009
    #8
    As far as your heirs are concerned: you have no living parents, brother/sisters, nieces/nephews, grandparents, cousins, aunts/uncles?

    As far as leaving nothing behind: you don't own a vehicle, furniture, electronic equipment, checking/savings accounts?

    ----------

    As a Louisiana notary (and Louisiana notaries are the only notaries in the US who are legally allowed to draft wills, powers of attorney, living wills, etc.) I will say that one does not want to die intestate (without a will) because your estate (what you own at your death) will not be distributed in a manner you would have wished but instead according to your state's intestacy law.
     
  8. Scepticalscribe Contributor

    Scepticalscribe

    Joined:
    Jul 29, 2008
    Location:
    The Far Horizon
    #9
    To be honest, I seriously doubt that getting an attorney to prepare a will for you is the sort of thing that will cost a fortune. Precisely because these are your own (personal) assets, it strikes me as a good idea - for both peace of mind and for the knowledge that this is legally solid - to do this properly, which means paying an appropriate fee to a suitably qualified individual.

    Good post.

    Anyway, to the question posed by the OP, the answer is yes. I have. And had it done professionally and properly by a lawyer.
     
  9. Meister Suspended

    Meister

    Joined:
    Oct 10, 2013
    #10
    I do not know. I have no contact to any relatives I might have.

    ----------

    I do not live in an anglo saxon country.
    Where I live a possible will is only of secondary relevance since the state's intestacy law trumps a private will. (Pflichtteil)

    I remember that my grandfather excluded my mother from his will and left everything to my grandmother.
    My mother went to court and the court rewarded her, her Pflichtteil (her share of the estates), despite my grandfather specfically stating that he does not wish this. The whole "will" thing is more an amercian/british thing.
     
  10. Apple fanboy macrumors Core

    Apple fanboy

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    Feb 21, 2012
    Location:
    Behind the Lens, UK
    #11
    No. We talk about it and get stuck at the same point everytime. Who could look after our daughter. The sad truth is that she doesn't have anyone else who could deal with her.

    On a less serious note, when I talk to my daughter about what would happen if we died, she says she wants my jumper collection and her mums soft toys. She says she will sell everything else!
     
  11. colourfastt macrumors 6502a

    colourfastt

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    Apr 7, 2009
    #12
    Even though it's in the U.S., Louisiana is a civil law jurisdiction that has the same basis of laws as most of Europe rather than having English law as its basis. So, I am quite familiar with the concept of forced heirship. Though it's not as comprehensive as it was 25 years ago (and still is in Europe), we still have it.
     
  12. cyb3rdud3 macrumors 6502a

    Joined:
    Jun 22, 2014
    Location:
    UK
    #13
    Yes it is all (financially and fiscally) planned. And most importantly regularly updated when life events happened. Like with our first born, process of moving our estate into trust and all sorts of other measures to primarily ensure that my loved ones are looked after, and secondly to ensure that the state get as little as possible.

    I'm actually worth more (in monetary terms) dead than alive :eek:

    Oh and we have made reciprocal arrangements with friends to look after their children and vice versa combined with all the financial support around it.
     
  13. Aspasia macrumors 65816

    Joined:
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    Halfway between the Equator and North Pole
    #14
    To avoid probate, create a trust.

    With financial accounts, most banks/credit unions, IRAs, etc. have beneficiary forms. With such forms on record, those assets are not considered part of your estate as they will pass directly to the named beneficiary. You can change beneficiaries at any time.

    Real estate holdings should be handled in a revocable trust with a pour-over will which, except for any specific gifts of personal property directed in the will, transfers assets into the trust. Most important: you have to FUND the trust. That means you need to transfer holdings that are not covered by beneficiary forms into the trust. Real estate is deeded from your name personally, to you as trustee of your trust. I.e. John Doe quitclaims his interest to the John Doe Revocable Trust dated x/x/2015. If real estate is not transferred to a trust, it must be probated.

    General agreements between friends about the care of children are not legally valid. If you have young children, you need to appoint the guardian of the children and the estate of the children in your will - or your pour over will if creating a trust. Things to discuss with a good estate attorney.

    Probate laws vary from state to state. In Michigan they are simple and the forms can be downloaded free from the Internet. I handled my mother's probate simply by filing the initial petition, distributing the estate assets, and filing the closing documents. Never had to make any court appearance. All done by mail, quickly and simply.
     

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