U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-19-2014, 07:52 AM
 
1,316 posts, read 1,182,083 times
Reputation: 1932

Advertisements

I have a friend who is worth a million or two...All he has is a simple Holographic Will for his personal property (home contents) and he says that his Son would probably just donate all that stuff to charity anyway so there wouldn't be any probate....He rents a Condo and leases a car....He has all his assets including the Roth and IRA tied up with a large Mutual Fund company in various stock and bond accounts and all his investments have individual Beneficiaries for the different funds...He says he can change beneficiaries any time he wants online if he gets PO'd at one of his Sons or Daughters...When he dies all his kids have to do is present a valid Death Certificate to the Mutual fund company and then everything is transferred as per the beneficiary designation...Seems like a good plan for a guy who lived a simple life with just a few kids and no living previous wives.
Reply With Quote Quick reply to this message

 
Old 04-19-2014, 08:25 AM
 
Location: Up North in God's Country
670 posts, read 816,669 times
Reputation: 993
I just automatically assumed that if a child died, and the will said to split the inheritance evenly among the children...then it would be split evenly among the surviving children. The grandchildren would not be involved if they were not mentioned.

I can understand how someone who wants the grandchildren to be involved to be specified at least as the "surviving grandchildren" in the will.

I wonder if in those cases, you also have to specify that it is specifically the surviving grandchildren and not the great grandchildren?

Whew...a good lawyer has to think of everything!
Reply With Quote Quick reply to this message
 
Old 04-19-2014, 09:45 AM
 
Location: Coastal New Jersey
56,001 posts, read 54,493,040 times
Reputation: 66349
Quote:
Originally Posted by mathjak107 View Post
as i mentioned in an earlier thread we finally got ourselves to an estate attorney to talk about retirement and long term care planning.

we brought our documents we drew up 12 years ago with us and pretty much everything we did had to be re-done as things were out dated or worded wrong for our current situation.

one of the biggest things that obsoleted our old wills were they never took in to account the kids pre-deceasing when grandchildren are involved .

basically it read that if one of our children died their share went to the surving children.

but that is not what we want now ,especially in a 2nd marriage where we each have our own kids.

now we want a deceased childs share to go not to the surving children but we want that childs share to go to their children (our grandchildren)

i suggest you read your wills and see how the wording is, many times the canned forms do not leave things to the grandchildren , the share just goes to the other surviving children and the grandchildren get nothing if their parent died.

in fact we have seen wills by general practioners not even have wording that deals with what happens if a child dies before the parents and their are multiple children in the will.

we had one that omitted that point and it ended up in a costly court battle because the probate court declared the will defective since it involved by wifes deceased first husband dying before his parents.

since other children were involved it did not spell out whether assets went to just the other surviving children or stayed in the deceased persons bloodline and went to their children instead of other family members.

predeceasing is not something that is just automatically dealt with in wills since things typically go from father to mother to kids.

but they rarely spell out what happens if a kid dies before the parents .
My mother brought this up not long ago. I am one of seven children. Six of us are still living. She said the way her will was previously written, my late brother's daughter would have gotten his share of whatever she leaves, but she told me she changed her will to make that portion shared equally by her five grandchildren (five of us each had one child, the youngest two have none and don't want any). She felt that because during his life my parents had given my late brother loans that he never paid back, she had done all right by him financially while he lived, and she wanted to leave something for her grandchildren.
Reply With Quote Quick reply to this message
 
Old 04-19-2014, 10:16 AM
 
Location: Albuquerque NM
1,656 posts, read 1,521,066 times
Reputation: 3627
Quote:
Originally Posted by Chaffeetrekker View Post
I have a friend who is worth a million or two...All he has is a simple Holographic Will for his personal property (home contents) and he says that his Son would probably just donate all that stuff to charity anyway so there wouldn't be any probate....He rents a Condo and leases a car....He has all his assets including the Roth and IRA tied up with a large Mutual Fund company in various stock and bond accounts and all his investments have individual Beneficiaries for the different funds...He says he can change beneficiaries any time he wants online if he gets PO'd at one of his Sons or Daughters...When he dies all his kids have to do is present a valid Death Certificate to the Mutual fund company and then everything is transferred as per the beneficiary designation...Seems like a good plan for a guy who lived a simple life with just a few kids and no living previous wives.
My older sister failed to designate beneficiaries for her 401K so it became part of the estate. We siblings ended up paying 1/3 of our share in income taxes whereas we would have preferred to roll it over into an IRA. She had her will drawn up by a lawyer so don't know why he did not suggest beneficiaries for the 401K - she still needed a will for the house. So I now have beneficiaries on everything including my bank account and CDs.
Reply With Quote Quick reply to this message
 
Old 04-19-2014, 11:09 AM
 
48,516 posts, read 83,880,155 times
Reputation: 18049
To get back to the Op's original post ;wills needed to be reviewed and you understand the terms. State laws vary. Law suits based on terms can always be filed; no matter what. Its just a filing of a claim after all.
Reply With Quote Quick reply to this message
 
Old 04-19-2014, 04:29 PM
 
Location: Baltimore, MD
3,745 posts, read 4,213,572 times
Reputation: 6866
Quote:
Originally Posted by texdav View Post
To get back to the Op's original post ;wills needed to be reviewed and you understand the terms. State laws vary. Law suits based on terms can always be filed; no matter what. Its just a filing of a claim after all.
I agree. If the heirs get into a p***ing contest, there are plenty of lawyers who would be more than willing to take it to court. $$$$
Reply With Quote Quick reply to this message
 
Old 04-19-2014, 04:46 PM
 
Location: Baltimore, MD
3,745 posts, read 4,213,572 times
Reputation: 6866
Quote:
Originally Posted by ABQ2015 View Post
My older sister failed to designate beneficiaries for her 401K so it became part of the estate. We siblings ended up paying 1/3 of our share in income taxes whereas we would have preferred to roll it over into an IRA. She had her will drawn up by a lawyer so don't know why he did not suggest beneficiaries for the 401K - she still needed a will for the house. So I now have beneficiaries on everything including my bank account and CDs.
I am fairly confident some of my former clients did not tell me about assets that they either forgot about or considered "outside" of their estate. Those are usually the clients who want a "simple will", not estate planning. I breathed a sigh of relief when our state rescinded the "right" of the heirs to sue the attorney who drafted the deceased's will.

Today I spoke with my father regarding his soon-to-be drafted will. I know darn well he does not know the extent of his estate and I am NOT going to tell him. There is no way he is going to remember all of his accounts, life insurance policies, etc., heck, sometimes he cannot remember his own children. I became so frustrated today I threw my hands up in the air and told him not to look to me for legal assistance. He's going to end up with a pathetic will and it won't be his attorney's fault.
Reply With Quote Quick reply to this message
 
Old 04-22-2014, 10:57 PM
 
150 posts, read 279,091 times
Reputation: 332
We find that wills and trusts are boilerplate, unless you go to an attorney that specializes in that field. It is easy to fill in the blanks, but a few hours with a client will turn up much more information. A trust also provides a better vehicle for leaving assets. You can leave a retirement account to a trust, but only if it has specific language. Many people don't wasn't to pay, but their beneficiaries pay in the end.
Reply With Quote Quick reply to this message
 
Old 04-23-2014, 02:54 AM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
you echoed my feelings perfectly. most non estate attorneys use boiler plate forms which can be potentially filled with gaps and holes .

as layman we can read them and they look fine and nothing is ever a problem until its a problem.

then when a court looks under the hood there are issues for heirs like we had happen.

you do not see a foot doctor for your heart. you want a specialist who only deals in that area .

do not assume because you have little you can just print a form and use it. your death may be the result of an accident, wrongful death , or medical malpractice suit and your heirs can potentially have a sizeable estate out of no where.
Reply With Quote Quick reply to this message
 
Old 04-23-2014, 10:19 AM
 
150 posts, read 279,091 times
Reputation: 332
We have a client now who's parent died in a car accident. Because of her trust, the only probate asset will be the award somewhere down the road, but because of the trust language it will immediately be transferred to the trust to be distributed according to her wishes.

I see it everyday, and if you have never been through probate court, it is not cheap. Selling a house can be a nightmare, and even when everyone gets along, it is expensive.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top