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desertjoe 
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 Topic: Last will and Trust
Posted: 27 Jan 2022 at 8:47pm |
It seemed that every time I had to take the wife to an ER somewhere ,,we were asked if we had a last will and trust and acourse we always figured we would some day,,, Well, I'm being told I should of done it years ago and Now, I agree.
I have just bout finished up my last will with LegalZoom, but am kinda stymed with setting up a "Trust". The way I read the instructions, you place all your property, real estate, classic cars, tractors,,,,pretty much everything you don't want the guvment to wind up with. You gotta put the actual ownership papers, titles etc in this "trust",,,,? I was wanting to get a safe Deposit box at my Bank along with My Last Will and all the titles in there...???
GooD idea,,,,bad idea,,,?
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jaybmiller
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Posted: 27 Jan 2022 at 9:08pm |
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I was told,4 decades ago, that no one can get INTO your safety deposit box as it gets 'sealed' same as your bank accounts. Kinda makes it impossible for the executor to get TO your will...one of those chicken vs egg deals ??
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dee_veloper
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Posted: 27 Jan 2022 at 9:30pm |
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Executor of the estate has authority to access everything.
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steve(ill)
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Posted: 27 Jan 2022 at 10:02pm |
GOOGLE............
If the Decedent had a safe deposit box at a local bank, it is important that you do not remove any contents of the safe deposit box. After the death of an owner, a safe deposit box must be properly inventoried by the Executor or Personal Representative according to specific procedures that generally include the presence of the Clerk of Court, a Deputy Clerk, or other Qualified Person as defined by law. Many are under the impression that if they just add their adult children to their safety deposit box that this eliminates the need for an inventory of probate after their death, but this is not true. Just because you may have a key to the safe deposit box does not authorize you to access the contents of the safe deposit box. If you are a lessee, co-tenant, or deputy of the decedent’s safe deposit box, then you may have the legal authority to access the safe deposit box without the presence of the clerk of court. However, the safe deposit box still must be properly inventoried and accounted for by the Executor or Personal Representative as part of the probate and estate administration proces |
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200Tom1
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Posted: 28 Jan 2022 at 12:37am |
Joe, I am dealing with this right now. Do yourself a big favor, get an attorney that specializes in this. These guys are wrong about access to your safety deposit box. I was executor of my brothers estate. We did not have a card allowing me access to his safety deposit box. We had to wait a month on a court date so a judge would allow us access to the box. I had my youngest son stop at the bank and we both signed a card giving him access to my box, don't have to hire a lawyer or go in front of a judge that way. I had to put the land, all vehicles, all investments in my name. Land contract from the sale of the farm had to be put in my name. Phones had to have her name taken off the account. Her name had to be taken off all insurance policy's. She had her own business, lawyer had to deal with Social security numbers and federal ID numbers. She had worked for Winnebago several years ago, she received stock in the company as a part of her working there. That had to be put in my name or sold. My stock broker sold it and reinvested the money in better paying stock. Her name had to be taken off all bank accounts. This can all be done tax free if you have a good attorney. Maybe different in your area of the country. Don't forget to notify SSI. They will give you a pittance towards funeral costs. Filthy old goats were sold. Money was put in her checking account that was then transfered to a savings account in my name. Can't find the remote for the TV in the gal cave. Too bad, its new and twice the size of mine. Dam, its snowing out again and I can hear the wind a blowing sorta crazy like. Good luck with everything. Things get to looking bad to you, stop make coffee, wash dishes, wash clothes, wash the car, scoop snow, etc. 
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shameless dude
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Posted: 28 Jan 2022 at 1:51am |
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**sitting here thunking....wonder'in if'n i'm in Joes will????
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Jim.ME
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Posted: 28 Jan 2022 at 5:10am |
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I agree with Tom. This is one place you need the correct legal advice. It will cost some bucks but will save money and frustration in the end. A good elder law attorney is worth it.
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mdm1
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Posted: 28 Jan 2022 at 6:23am |
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We just finished up with our revocable trust. A good lawyer that deals with trusts is really needed. You avoid going through probate which can be lengthy and costly. It will make it easier for our children when we are gone. Everything goes into it except any IRA accounts.
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Everything is impossible until someone does it! WD45-trip loader 1947 c w/woods belly mower, 1939 B, #3 sickle mower 1944 B, 2 1948 G's. Misc other equipment that my wife calls JUNK!
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PaulB
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Posted: 28 Jan 2022 at 6:23am |
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My experience with my parents death (I'm in Maryland, your state may be different) Any CDs with P.O.D. do not go through probate. Any bank accounts with someone else's name become the other person's property. Any will on paper isn't even good toilet paper if there is someone that wants to be a 💩
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WF owner
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Posted: 28 Jan 2022 at 6:48am |
My attorney advised against a "trust". He favored transferring property into my heirs' names, with my wife and I having life use (and some legal wording that we could relinquish life use if we wanted).
Anything that is put into a trust or transferred must be done for a period of time (I believe it was 7 years) before it is completely legally transferred.
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klinemar
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Posted: 28 Jan 2022 at 7:13am |
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Joe,having been through my mother's passing and currently with my Aunt good legal council is a must. My mother had a Trust and upon her passing no problems with handling her estate. My Aunt has been extremely difficult to work with as she has anxiety and doesn't trust anyone. You need to decide what you want done with your estate and discuss with an Attorney. You don't have to do everything they tell you just what you feel is best in your situation. My advice is find an Attorney that specializes in Elder Law. And also find someone either a family member or friend that you can trust to carry out your affairs. Trusts do not have to be Probated. Probate Court takes time to settle an Estate and can be difficult if one person protests. A Trust is settled before your gone.
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Tbone95
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Posted: 28 Jan 2022 at 8:03am |
Agree on the advice to find a good attorney who does trusts. The wife and I did a Revocable Living Trust (we can change it, kill it, whatever) at the ripe old age of 35 believe it or not. Everything was handled through that, including the care of our then young children.
We did not have to retitle the ownership of every little thing based on the advise of our attorney. We did do major things, then new things acquired along the way are titled to the trust. The reason for this, is the trust contains a "pour over will", which basically says "everything they own not already in the trust, is willed to the trust upon death".
As stated, trusts avoid probate court process, which can be lengthy and costly, they will take a cut of everything for the pleasure of your heirs doing business with them.
Good luck to you Joe, my thoughts and prayers are with you my friend. Hope you get this straightened out to your liking.
Edited by Tbone95 - 28 Jan 2022 at 8:03am
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tadams(OH)
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Posted: 28 Jan 2022 at 10:40am |
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We have a Trust and a copy of it is in our safe and the kids that are in charge of the trust have to combination. Everything is in the trust but the vehicle.
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mdm1
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Posted: 28 Jan 2022 at 10:49am |
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I'm not sure if every state is different or not, that's why you need an attorney. Our vehicles are not in the trust as of now but when we buy new they will be only because there is fee to transfer. It also doesn't protect against nursing homes etc. It would cost our heirs more to do probate than to have it all in order. I firmly believe you still have responsibilities after death. I guess I didn't want to be the guy. What If!!!!
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Everything is impossible until someone does it! WD45-trip loader 1947 c w/woods belly mower, 1939 B, #3 sickle mower 1944 B, 2 1948 G's. Misc other equipment that my wife calls JUNK!
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Ray54
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Posted: 28 Jan 2022 at 11:46am |
As much as I dislike lawyers in general, if you own a home or anything more you need a lawyer. We have a elder law specialist that did my parents trust. Also as much as I hate to giving lawyers money, you need to up date as congress looks for new/different ways to get in your pocket. If you get it right your children will have much less trouble and more money when done.
My parents have been gone 15 years and with a trust and my name as well as theirs on all accounts, had no trouble with bank accounts or safe deposit box.
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GSTROM99
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Posted: 28 Jan 2022 at 1:20pm |
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Yes. For some legal/tax reasons, trusts have gone out of favor, now. Pay a good lawyer to set them up. Money well spent. Put the spouse/kids as co-owner(s) to your safety box, then they can access it w/o issue (assuming you tell them where the key is...). They'll need to sign the form.
Edited by GSTROM99 - 28 Jan 2022 at 1:22pm
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tomNE
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Posted: 28 Jan 2022 at 9:22pm |
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I second; on getting a lawyer to draw up your will. If you do it yourself and it's contested; the will being drawn up by an experience lawyer in that field. if you write it yourself; it's basically worthless!
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200Tom1
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Posted: 28 Jan 2022 at 10:34pm |
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I think I forgot to post, this cost me $1300.00. Yours may be more. I don't know how stock brokers get paid. I offered to pay her for her work. She refused to charge me for an hours work.
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Stan IL&TN
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Posted: 28 Jan 2022 at 10:57pm |
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Get a lawyer. We set up our wills, power of attorney, medical power of attorney, and a land trust all at the same time. Money well spent.
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DMiller
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Posted: 29 Jan 2022 at 6:41am |
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Money well spent where as we have no kids the State would get it all had we not gone thru a attorney and done similar. Believe we had around $1200 expense for that but is filed at the courthouse and is editable.
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DaveKamp
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Posted: 29 Jan 2022 at 4:13pm |
Just for clarification, setting up a trust is essentially establishing the existance of a 'living' entity that, just like a human being, can have ownership of accounts, investments, property, businesses, etc., however, unlike a human, does not have a biological lifespan...
Instead, it has the ability to continue to exist, as long as there is income bearing assets, a trustee, and at least one beneficiary.
Creation of a trust, means that when a person's life ends, all their assets continue to exist, and be legally dealt with by the trustee(s) and beneficiaries, rather than being liquidated by probate process.
A 'will' is processed by probate process of the court... but when that happens, it is at the discretion of the court officer, not the deceased's relations. The executor of a will CAN handle it, however, any outstanding loans and debt claims get processed FIRST, and are paid by liquidation of accounts, investments, and property, and they have no inclination to do it at any level of reasonable value. It would NOT be unusual for a $30,000 vehicle to be auctioned for $2,000 to pay off part of a $7k small business loan...
It also wouldn't be unusual for a man who owns a 4M/yr business with 30 employees to pass away, and have the business immediately closed, all employees discharged, all assets sold, because the financial standing was shut down through probate.
In these cases, a trust protects the process, and allows perpetuity in things that extend beyond the lifespan of the individual.
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JohnColo
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Posted: 29 Jan 2022 at 7:06pm |
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Several years ago I attended a talk with a financial adviser. He first asked how many in the crowd had a will, maybe a bit more then half did. He said, OK, those of you who don't have a will, go down to Wallmart and buy a Big Chief tablet and a box of crayons. Use it to write out a will and sign it. Put it in a safe place. Then do some research and find a good attorney and take his/her advice. It was his belief that a hand written will was better then one you get online or at an office supply store and it is legal, at least in Colorado.
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WF owner
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Posted: 29 Jan 2022 at 8:19pm |
A handwritten will is better than no will at all. Surrogate court will accept almost any evidence to try to handle the estate the way they think the person wanted. As long as no one disputes anything, there will probably not be a problem.
The problem is that it seems that an insignificant amount of money or property can tear a family apart, when someone dies. Even attorney written wills can be (and are) challenged in surrogate court.
Another problem is that the average person doesn't think of all the small things that an attorney would know.
Our primary will says that if either my wife or I die first, the entire estate goes to the surviving spouse. If we were both deceased, things get much more explicit on how things would be divided.
Edited by WF owner - 29 Jan 2022 at 8:21pm
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