Is a WILL needed if you are married? (real estate, insurance) - City-Data Forum

pectin232 · 07-21-2009, 10:23 AM

I have term life assigned to spouse and kids.... why then do I need or can I do it myself? or use a software to do that? Can your wife be an executor of your estate? or she automatically is entitled to all of the proceeds of your insurance??

akm4 · 07-21-2009, 10:35 AM

What if you all die, have you provided for that? (House fire, car/plane accident, etc.)

Pam& Bill · 07-21-2009, 10:41 AM

Yes,
in the state of Tennessee you need wills for your spouse to get their share. Especially if joint ownership of real estate is involved.
I cannot remember the name of the law, but it is very old and still on the books. So be safe and have a will drawn up so your spouse is taken care of.

Bill and I have wills and that is how I know the small bit of information I do know.
A lawyer can give you better information then I can.
All the best,
Pam

septimus · 07-21-2009, 11:13 AM

you need a will. I was an attorney in a former life. You need an attorney to draft a will. It shouldn't be very expensive and well worth the piece of mind. I practiced in a different state, but I saw 3 computer program generated wills thrown out by the courts as not valid because they were lacking certain formalities so the decedent's wishes were not carried out and his estate was divided according to intestacy laws.

MiddleTNresident · 07-21-2009, 01:55 PM

I was a paralegal in a past life and this thread is really confusing.

If a husband and wife jointly own real estate on a deed, no probate is required. The real estate goes to the survivor.

Ditto for jointly owned bank accounts or vehicles. Without probate.

Life insurance and 401(k) goes to the named beneficiaries in the order specified on the beneficiary form on file with the insurance company or 401(k) administrator. Without probate.

The only items that go through probate (or the intestacy laws) would be items the decedent owned in his/her name alone without a beneficiary selected or if all joint owners and beneficiaries are deceased leaving no one named beyond that point.

Is any of what I stated above not correct?

I managed to administer both of my parents' estates without probate (even though they had Wills) because none of their properties required probate based on how they were owned when they died. And yes, I checked with a lawyer way back then to be sure.

Pimpy · 07-21-2009, 03:18 PM

Yes, you need a will even if you are married. Steve McNair's family is about to go through a legal nightmare to sort out his estate because he didn't have a will. If you want everything to go to your wife in the event of your death, you can get a simple will drawn up for like $100. It is money well spent.

mad fiddler · 07-21-2009, 03:23 PM

Quote:

Originally Posted by MiddleTNresident

The only items that go through probate (or the intestacy laws) would be items the decedent owned in his/her name alone without a beneficiary selected or if all joint owners and beneficiaries are deceased leaving no one named beyond that point.

You're right, but for some people that can be a lot of stuff.

I've also seen family members end up not speaking to each other because of the haggling over those items that weren't specifically named in a will, or because a will wasn't updated to take changes in relationships into account.

Mary_Moon · 07-21-2009, 04:25 PM

Married couples must have both names on all deeds/accounts along with the notation "joint tenancy with right of suvivorship." When my Dad died intestate 5 years ago, my Mom automatically inherited everything easily and without need of probate because all the their properties and bank accounts were listed as such.

But, as someone pointed out earlier, in the event you both die together and especially if you leave children behind, the survivors will be mired in legal proceedings unless you both have wills/trusts to designate your estate.

REIRehabber · 07-22-2009, 02:44 PM

Quote:

Originally Posted by pectin232

I have term life assigned to spouse and kids.... why then do I need or can I do it myself? or use a software to do that? Can your wife be an executor of your estate? or she automatically is entitled to all of the proceeds of your insurance??

I would look at legalzoom.com as an alternative to help draft your will. I've done a ton of business with them in setting up multiple businesses. They are usually a lot less expensive then having a local attorney involved. Very helpful legal advice.

ariesjow · 07-22-2009, 04:42 PM

There's no requirement that you have a will but I strongly believe any person who has any substantial asset should have one. As an attorney who does probate, I can tell you that it can get ugly even for what most may consider a small estate when there's no will.

We have a matter right now where less than $80k is at stake but it's been a tremendous hassle even with a will because the wife predeceased the husband. This left the daughter-in-law and the niece who hate each other as co-executrix.

Can't imagine how much worse that case would be had the decedent died intestate. So I suggest you clearly articulate who gets what in a will and have an alternative executor that you absolutely trust with your finances in mind in case your first option is no longer available or doesn't want the responsibility.