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^^^
This. But you should have a living trust, last will and testament and an advance directive. They are not mutually exclusive.
Even if you have a Revocable Living Trust (RLT), you will still need a "pourover" will to essentially transfer most if not all items outside of the RLT into it at your passing.
As also noted upthread, there are some items which pass outside of the probate process as a matter of law, which are generally items with joint ownership or with a designated beneficiary. For example, if your will or RLT says "all my stuff to my nephew", but your IRA beneficiary is a Vegas stripper who you named on a whim after a night of debauchery, then the IRA goes to her, because the will does not control that. (Yes, there might be ways to legally challenge this, but in general you've got an uphill battle). Similar thing if you own property as "joint tenants with right of survivorship" or the like with someone - you die and they get your interest, regardless of anything a will says.
(Circular 230 Disclaimer - All this is general, consult with a proper attorney, don't rely on anything I say)
I am the Trustee of a Trust and decided, after all this work and time, that I wouldn't make our son go through all that.
When it's closer to the time, maybe about age 72, we will just put the house in his name. This house we will inherit within a few years. And the land we own, we'll after consulting an expert, he'll get that really early too. Especially if he wants to put a Mobile Home or build on it someday. It's there for him anyhow, not us.
Who starts over at 72 anyhow? He'll be 50 years old by then.
I cannot believe all the hell we are going through with this Trust, all the extra inspections just for the house to go on the Market so the profits can go to the two beneficiaries..
Keeping the bills paid while selling the house. Going to County Offices to do transfer over this and that INTO the trust, (yes it was transfered propertly but after they die, you still have so much to do!)
Phooey. Lets say we've learned to live on cash since then. In case we pass quick, the cash will be here in the house for him. No reason to deal with the banks and such.
I am the Trustee of a Trust and decided, after all this work and time, that I wouldn't make our son go through all that.
When it's closer to the time, maybe about age 72, we will just put the house in his name. This house we will inherit within a few years. And the land we own, we'll after consulting an expert, he'll get that really early too. Especially if he wants to put a Mobile Home or build on it someday. It's there for him anyhow, not us.
Who starts over at 72 anyhow? He'll be 50 years old by then.
I cannot believe all the hell we are going through with this Trust, all the extra inspections just for the house to go on the Market so the profits can go to the two beneficiaries..
Keeping the bills paid while selling the house. Going to County Offices to do transfer over this and that INTO the trust, (yes it was transfered propertly but after they die, you still have so much to do!)
Phooey. Lets say we've learned to live on cash since then. In case we pass quick, the cash will be here in the house for him. No reason to deal with the banks and such.
Ok you get in a car wreck and die tomorrow. Your husband is heartbroken and 3 days later has a anneurism and is on life support Terry Schiavo level. Now what? You didn't get to do ANY of the things you said. And nobody knows what to do with your assets/finances. Because nobody has power to do so. And everything is tied up because the rightful owners are dead and on life support. Your son can't even go in and touch your finances. That's why a will/living trust is what you do. It's not phoey. It's a directive on what to do with your finances, where to direct funds, assets and who gets them. What to do with your body, the decision made on your husbands life support etc.
CaliforniapGal I'm only in my 40s and I have a living trust. Why? Because you never know when your time is up
Quote:
Originally Posted by Iggier
^^^
This. But you should have a living trust, last will and testament and an advance directive. They are not mutually exclusive.
Most living trusts have I believe a pour over will. I know mine does. Basically says here is my will refer to the living trust for directions. I also believe a will can be contested a lot easier than a living trust.
I cannot believe all the hell we are going through with this Trust, all the extra inspections just for the house to go on the Market so the profits can go to the two beneficiaries..
Keeping the bills paid while selling the house. Going to County Offices to do transfer over this and that INTO the trust, (yes it was transfered propertly but after they die, you still have so much to do!)
"Extra" inspections have nothing to do with sale of a trust house. Unless your county has different rules than Los Angeles county, which I doubt.
I put my Mom's house on the market in March, told the realtor it was "As Is" - no repairs unless required by law. This was a house built in 1929 - and we didn't get one request to repair anything. When it sold in June, the money was wired straight into the trust checking account. I then wrote the checks to myself and my brother.
Same with insurance policies, banks, etc. Just sent them proof of passing, filled out a few forms, and they wired the money straight to the trust checking account.
I never had to go to a county office to transfer anything. I had to go to the brokerage office a few times.
I am the Trustee of a Trust and decided, after all this work and time, that I wouldn't make our son go through all that.
When it's closer to the time, maybe about age 72, we will just put the house in his name. This house we will inherit within a few years. And the land we own, we'll after consulting an expert, he'll get that really early too. Especially if he wants to put a Mobile Home or build on it someday. It's there for him anyhow, not us.
Who starts over at 72 anyhow? He'll be 50 years old by then.
I cannot believe all the hell we are going through with this Trust, all the extra inspections just for the house to go on the Market so the profits can go to the two beneficiaries..
Keeping the bills paid while selling the house. Going to County Offices to do transfer over this and that INTO the trust, (yes it was transfered propertly but after they die, you still have so much to do!)
Phooey. Lets say we've learned to live on cash since then. In case we pass quick, the cash will be here in the house for him. No reason to deal with the banks and such.
Another reason for a trust is to protect the surviving spouse marrying and predeceasing his/her new spouse.
Without a proper trust, it all goes to the new spouse, none to your son.
Another reason for a trust is to protect the surviving spouse marrying and predeceasing his/her new spouse.
Without a proper trust, it all goes to the new spouse, none to your son.
That may not be the case with a Revocable Living Trust (RLT). The set up you're talking about is a trust set up at the death of the first spouse (and set up in the fashion noted to obtain that result), which can be done using either an RLT *OR* a will. (it's not uncommon for a will to say "assets to a trust to benefit my spouse if he/she survives me, at his/her death assets to child[ren]")
But again, anybody really concerned about this should be talking to an actual real-life in-person attorney in the field, rather than relying on what some random person like me types on the intermawebz.
Does it really matter whether or not I have a will? Does not having one make life more difficult?
It is always a good idea to have a will so everything is written clearly regarding your parting wishes.
You can write your own will if you want and not have to use an attorney but in my experience it is best to also have an attorney. The cost is worth having everything written down and legally recognized.
Definitely need a will. It's amazing how family turns into sharks when money and/or possessions are up for grabs upon someone's death. Watched it when my grandparents passed and then watched my sister turn into a shark when our father died. Get a will and choose carefully on the executor of said will.
If you have a lot of money and assets then consider staggering payments so that heirs don't blow the money all at once or have to split with a lot of their money due to a divorce or lawsuit.
Ok you get in a car wreck and die tomorrow. Your husband is heartbroken and 3 days later has a anneurism and is on life support Terry Schiavo level. Now what? You didn't get to do ANY of the things you said. And nobody knows what to do with your assets/finances. Because nobody has power to do so. And everything is tied up because the rightful owners are dead and on life support. Your son can't even go in and touch your finances. That's why a will/living trust is what you do. It's not phoey. It's a directive on what to do with your finances, where to direct funds, assets and who gets them. What to do with your body, the decision made on your husbands life support etc.
CaliforniapGal I'm only in my 40s and I have a living trust. Why? Because you never know when your time is up.
Most living trusts have I believe a pour over will. I know mine does. Basically says here is my will refer to the living trust for directions. I also believe a will can be contested a lot easier than a living trust.
Good thoughts. You certainly never know when your time is up. We changed our plan a little.
There will be a few years where we will risk our son possibly loosing out bigtime if we both die, or as you mentioned, become incapacitated.
Because California Law has $150 thousand and above, as the amount which must go through probate.
And the home we will inherit, likely within a few years...from his Father, is closer to $400 thousand.
We will live in it for 2 years then sell it. Then save the money in a safe until it's time to buy some land worth far below $150 and put an unpermitted home on it.-->> like this one>> http://grist.org/list/2011-06-24-bui...-for-only-40k/
In the town we attend church at. We cant do it most places around here, but over there, you can. It is remote and 45 minutes away from our town. Our town has a ton of snitches.
I've seen land as cheap as $25 thousand there, but $40 is the right amount for something very nice around there. And comes with alot of acreage, maybe a stream, creek or spring. I want to live in shipping containers, a nice house just as nice as any house you'd build... but we'd get quality using a steel container as our shelter.
We will live there 2 years. likely sell it, buy a small amount of property in a remote town 45 minutes away and build an unpermitted home.
We were planning on just transfer the ownership to him but that depends upon how much money, if any, we inherit. So it's more likely
we'll sell it. Buy land, build and put the remaining $ in a safe at home.
We only keep maybe $700 at the most, at one time, in the bank. So that won't change and he won't loose too much sleep loosing out on this
Last edited by CaliforniaGal1; 01-20-2015 at 03:43 AM..
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