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Old 05-04-2014, 01:51 PM
 
Location: Oregon
1,379 posts, read 2,675,955 times
Reputation: 1019

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@Stressed. Our home is already in Joint Tenancy with Right of Survivorship. When we add the TODD (transfer of death deed) the "recipient" has NO rights at all until we are both dead. And we can change it anytime we want.
We will both be cremated and sprinkled somewhere....anywhere. So, that's fairly easy. We're even down to only one credit card. I'll make a list of everything and include it with (but separate from) the will.
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Old 05-04-2014, 02:43 PM
 
Location: SoCal desert
8,093 posts, read 13,245,924 times
Reputation: 14870
Quote:
Originally Posted by kadylady View Post
I was thinking that I will name her as owner of our checking account after we're both dead. It will automatically be hers and hers alone. She can use that money to do whatever needs to be done. I can leave as much in that account as I want. It will never become a part of our estate. I have to go to the bank tomorrow and see how to go about all this.
Not as an owner - I think you mean beneficiary. An owner would have access to the account at any time.

Tell your bank you want to set the checking account as a POD (Payable On Death) account. You'll need to give the bank her SS number, address, etc.

A POD beneficiary inherits whatever money is in the account at your death and doesn't have to go through probate to claim it -all that's required is a death certificate and identification.
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Old 05-04-2014, 04:04 PM
 
Location: Oregon
1,379 posts, read 2,675,955 times
Reputation: 1019
Quote:
Originally Posted by Gandalara View Post
Not as an owner - I think you mean beneficiary. An owner would have access to the account at any time.

Tell your bank you want to set the checking account as a POD (Payable On Death) account. You'll need to give the bank her SS number, address, etc.

A POD beneficiary inherits whatever money is in the account at your death and doesn't have to go through probate to claim it -all that's required is a death certificate and identification.
That's what I meant. Thanks. She'll be owner after we die. No strings.
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Old 05-04-2014, 06:53 PM
 
Location: Venice, FL
704 posts, read 574,891 times
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All I can add is to please be generous. This is not an easy thing to do no matter how simple it is if it is a relative and depending on your children it can become complicated.
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Old 05-04-2014, 07:23 PM
 
Location: Florida
4,376 posts, read 3,714,793 times
Reputation: 4116
Quote:
Originally Posted by kadylady View Post
@Stressed. Our home is already in Joint Tenancy with Right of Survivorship. When we add the TODD (transfer of death deed) the "recipient" has NO rights at all until we are both dead. And we can change it anytime we want.
We will both be cremated and sprinkled somewhere....anywhere. So, that's fairly easy. We're even down to only one credit card. I'll make a list of everything and include it with (but separate from) the will.
Might want to get a backup CC incase you have problems. Attempted fraud can close your account and you will not know until you try to use the card.
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Old 05-05-2014, 01:10 AM
 
Location: Out there somewhere...a traveling man.
39,578 posts, read 47,812,904 times
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OP you need to see a lawyer and have everything spelled out in writing and notarized. If you just have a will and do not have a revocable trust your estate will more than likely be put through probate (court) and at that time anyone can contest any of your wishes and make claims against your estate unless everything is legally spelled out in writing and notarized. At least in our state that's how it works.
If there are any claims against, or anyone contesting, the will as you state it is at the present then the probate judge will make the decision on what to do. Someone (heir) may not be happy if the judge makes those decisions
If the executors terms and fees are not spelled out in writing and one or more heirs contests your will or their fee then the judge will have to make the decision of how to settle it.
A simple will set up by an attorney should cost less than $500.00 and will save a lot of grief later on.
Another thing the lawyer can advise you to is with just a will their are inheritance taxes to deal with.
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Old 05-05-2014, 07:29 AM
 
Location: Glenbogle
730 posts, read 1,028,973 times
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Quote:
Originally Posted by wit-nit View Post
Another thing the lawyer can advise you to is with just a will their are inheritance taxes to deal with.
Depends on the state; some states have inheritance taxes (paid by the heir), others just have estate taxes (paid by the estate), some have both. Also the estate tax thresholds may differ from state to state. But I think only 7 states have inheritance taxes.

To make it more complicated, in some states a heir who is a lineal descendant pays a different inheritance tax rate than someone else. In PA, which does have inheritance tax, a lineal descendant pays 4.5%, a sibling pays 12% and anyone else pays 15%.
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Old 05-05-2014, 12:14 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,950,422 times
Reputation: 6717
Quote:
Originally Posted by kadylady View Post
That's what I meant. Thanks. She'll be owner after we die. No strings.
The only excellent advice provided in this thread IMO is contained in wit-nit's last message. GET A LAWYER and execute proper wills that are in accordance with Oregon law (just getting a will notarized isn't enough in some states - including mine). Just to show one of the problems with your current thinking. If your niece is the beneficiary on death of your bank account - the money *is* hers with *no strings*. IOW - she can take the money and decline to act as your personal representative (just because you name someone as a personal representative in your will doesn't mean the person has to accept the appointment). I don't think that's the result you want - but it's possible under the scenario you're painting. Robyn
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Old 05-05-2014, 12:41 PM
 
Location: Oregon
1,379 posts, read 2,675,955 times
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(New Legislation)

If our assests are already in TODD or POD, there shouldn't be anything to tax. I trust my niece and wouldn't ask her if I didn't. There will be cremations and distribution of our personal belongings. Also, making sure the death certificates are sent to the appropriate places, and helping our daughter and grandson get thru the first couple months. I'm sure there will be quite a few things for her to do, which is why I asked what is a fair compensation.
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Old 05-05-2014, 01:47 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,950,422 times
Reputation: 6717
Quote:
Originally Posted by kadylady View Post
(New Legislation)

If our assests are already in TODD or POD, there shouldn't be anything to tax. I trust my niece and wouldn't ask her if I didn't. There will be cremations and distribution of our personal belongings. Also, making sure the death certificates are sent to the appropriate places, and helping our daughter and grandson get thru the first couple months. I'm sure there will be quite a few things for her to do, which is why I asked what is a fair compensation.
I'm a lawyer - so I'm the wrong person to ask about what's fair . OTOH - I don't think it's fair for anyone to be compensated on the basis of a lump sum payment (unless it's a pretty large one) without knowing how much time will be involved in any particular endeavor. Which is impossible to know in advance. For example - you speak of "helping our daughter and grandson" get through the first couple of months. Why would that be necessary? Since this is the Retirement Forum - I assume your daughter is an adult at least in her 20's and perhaps her 30's. So why the need for help - and what kind of help? The fact that you don't trust your daughter to be your personal representative tells me this may be a job that will take more hours - not fewer.

Also - although I am sure you trust your niece - *sh** happens*. Your niece could be sick - injured - involved in a new relationship - living elsewhere - whatever - at the time of your death. Or she might not want to get involved in the situation that is precluding you from naming your daughter as personal representative in the first place. After all - your daughter is only her cousin - and there is a limit in terms of what cousins can expect from one another.

BTW - if you don't have a will - how are you going to name a personal representative? A personal representative is the person named in a will (or appointed by a court in a probate proceeding where there is no will) to handle the affairs of the decedent. Robyn
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