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Old 08-22-2011, 03:01 PM
 
Location: Alaska
5,356 posts, read 16,338,796 times
Reputation: 4023

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Quote:
Originally Posted by accufitgolf View Post
I think the above highlighted is the crux of this conversation plus what one thinks they understand/agree to might well not be as is.

There also was a time when my attitude was "I will not be around to care about it" but then I realized this might also be saying "to hell with those I love, let me pass them the burden.

While all goes to my spouse and I do not want to control from the grave, I want it all legally clear and precise so no one can step in and contest when (if.....LOL) I go, so we decided to be "legally" sure and it is a "burden/potential problem" removed.
At this point, the will is constructed for our current family situation. I don't believe any son will think he deserves more that the others. Should the family situation change (i.e., one gets married), we'll need to re-evaluate the situation, depending on our read of the spouse. Grandkids will likely cause us to seek a lawyer to ensure they are included if a son pre-deceases us.

My mom died without a will. She did keep a journal of her wishes though, which we mostly followed. The only changes made by us were a more equal split (she wanted to provide more to my sisters), and we increased the token amount given to each grandchild. Her estate was small enough to avoid probate.
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Old 08-22-2011, 03:06 PM
 
Location: The Triad (NC)
28,484 posts, read 62,084,629 times
Reputation: 32141
Quote:
Originally Posted by akck View Post
At this point, the will is constructed for our current family situation. I don't believe any son will think he deserves more that the others. Should the family situation change...

Per stirpes

An estate of a decedent is distributed per stirpes, if each branch of the family is to receive an equal share of an estate.
It may also be known as right of representation distribution, and differs from distribution per capita as members of the same generation may inherit different amounts.

If your will doesn't already include this term... it probably should be added.
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Old 08-22-2011, 03:12 PM
 
Location: Eretz Yisrael
21,353 posts, read 24,079,680 times
Reputation: 8864
If you need to keep it simple and legal for your state get the following software:

Quicken WillMaker Plus 2012 - Law Books, Legal Forms & Software - Nolo
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Old 08-22-2011, 04:14 PM
 
4,649 posts, read 6,476,826 times
Reputation: 5394
Something you will notice with the do it yourself kits is they will tell you to have an attorney look over the paperwork. Why not just have an attorney do it all from the beginning?
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Old 08-22-2011, 04:30 PM
 
71,463 posts, read 71,652,652 times
Reputation: 49027
i couldnt get not 1 attorney to review my will from a kit. i called at least 6 and they all said they will not stand behind or even read any canned document.
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Old 08-22-2011, 04:35 PM
 
Location: Eretz Yisrael
21,353 posts, read 24,079,680 times
Reputation: 8864
Quote:
Something you will notice with the do it yourself kits is they will tell you to have an attorney look over the paperwork. Why not just have an attorney do it all from the beginning?
$50 vs upwards of $600 for a simple will as stated in #1
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Old 08-25-2011, 02:05 PM
 
4,649 posts, read 6,476,826 times
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Crazy things can happen when trying to save buck or not seeking professional advice.

Handling unintended beneficiary - MontereyHerald.com :
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Old 08-25-2011, 03:13 PM
 
Location: Austin, TX
326 posts, read 674,003 times
Reputation: 178
Quote:
Originally Posted by Caltovegas View Post
Crazy things can happen when trying to save buck or not seeking professional advice.

Handling unintended beneficiary - MontereyHerald.com :
That was really a sad story. Here is what I think about my estate distribution. Please tell me if I am way out of line with the majority of folks out there, or if my plan will not be able to put in the will to be enforceable in the court.

At my death, all the assets that we have at that time should be appraised. 50% of the value should be put in a trust that will be distributed among my children, should my spouse decide to remarry. The spouse can take the other 50% to his new marriage.

I know it is kind of hard to come up with 50% of assets to put in a trust. But my logic is that I have obligations to protect my children ONLY and my money is not to be spent by the spouse's new family, especially if he does not have a will, then here in Texas, his wife will get everything and she will probably not pass anything to my children.

This topic made me think really hard on how I could/should protect my loved ones should I die.
Thank you all for posting and share your thoughts.

Last edited by cls88; 08-25-2011 at 04:08 PM..
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Old 08-25-2011, 03:17 PM
 
4,649 posts, read 6,476,826 times
Reputation: 5394
cls88 you can put your wishes within a Trust today. Consult with a trusted attorney. Then of course there's always the use of Life Insurance to be used as a tool if the concern is a dollar amount.
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Old 08-25-2011, 04:34 PM
 
Location: Lexington, SC
4,281 posts, read 10,728,968 times
Reputation: 3716
Quote:
Originally Posted by cls88 View Post
That was really a sad story. Here is what I think about my estate distribution. Please tell me if I am way out of line with the majority of folks out there, or if my plan will not be able to put in the will to be enforceable in the court.

At my death, all the assets that we have at that time should be appraised. 50% of the value should be put in a trust that will be distributed among my children, should my spouse decide to remarry. The spouse can take the other 50% to his new marriage.

I know it is kind of hard to come up with 50% of assets to put in a trust. But my logic is that I have obligations to protect my children ONLY and my money is not to be spent by the spouse's new family, especially if he does not have a will, then here in Texas, his wife will get everything and she will probably not pass anything to my children.

This topic made me think really hard on how I could/should protect my loved ones should I die.
Thank you all for posting and share your thoughts.
+

Let me starrt with a basic question. "My children" as they are not your spouse and your children?
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