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Old 01-03-2015, 11:06 AM
 
Location: Maryland
282 posts, read 306,689 times
Reputation: 338

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I have seen this on a will of a person that had no children. Looks like they were taking precautions.
Quote:

I have no children.

I intentionally leave nothing to anyone claiming to be a child of mine regardless of the validity of

their claim.
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Old 01-03-2015, 09:25 PM
 
Location: Southwest Washington State
21,992 posts, read 14,458,578 times
Reputation: 30979
Quote:
Originally Posted by mortpes View Post
Skip the trust. A major property such as a house should only be in your name. Cash accounts should be PODs. POD accounts are payable on death accounts. You can have multiple POD accounts. Retirement accounts should only list the beneficiary in the event of your death. You should have a will and you should have a living will. Totally avoid power of attorney. All of this will get you there at the least expense while giving you the most control and flexibility.
I think it depends on the amount of the estate in question. We were shocked when the attorney we met with estimated our net worth. It was more than I thought, but I had forgotten our life insurance policies which increase the estate value.

In my mother's case, we put her name and adult children's names on the checking account. Since her estate was modest, we didn't have to go through probate. She had done a will, but we didn't have to produce it. But if the estate is fairly large, I'd want an attorney to advise.

We set up our trust because we wanted privacy and because we want our heirs to have as smooth as possible time getting the affairs in order.

And if an estate is made up of more than cash accounts, I'm not sure the POD thing would work. There are some things that should not go into a trust. I'll let an attorney go into detail about that. (I assume that the OP will see an attorney.)
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Old 01-04-2015, 06:37 AM
 
71,957 posts, read 71,997,171 times
Reputation: 49523
Quote:
Originally Posted by silibran View Post
I think it depends on the amount of the estate in question. We were shocked when the attorney we met with estimated our net worth. It was more than I thought, but I had forgotten our life insurance policies which increase the estate value.

In my mother's case, we put her name and adult children's names on the checking account. Since her estate was modest, we didn't have to go through probate. She had done a will, but we didn't have to produce it. But if the estate is fairly large, I'd want an attorney to advise.

We set up our trust because we wanted privacy and because we want our heirs to have as smooth as possible time getting the affairs in order.

And if an estate is made up of more than cash accounts, I'm not sure the POD thing would work. There are some things that should not go into a trust. I'll let an attorney go into detail about that. (I assume that the OP will see an attorney.)
youi never really know the ultimate worth of an estate in advance as accidents , lawsuits ,malpractice claims and wrongful death siutes happen all the time.

the estate can have little and all of a sudden contain alot. smart planning to me says at the leaset depending on your state's estate tax policy you may want a disclaimer trust in place if a couple.
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Old 01-04-2015, 07:22 AM
 
Location: Maryland
282 posts, read 306,689 times
Reputation: 338
Quote:
Originally Posted by mortpes View Post
Skip the trust. A major property such as a house should only be in your name. Cash accounts should be PODs. POD accounts are payable on death accounts. You can have multiple POD accounts. Retirement accounts should only list the beneficiary in the event of your death. You should have a will and you should have a living will.
Quote:
Originally Posted by silibran View Post
A revocable trust is totally private; when you pass, nothing appears in public records and your estate would not have to go through probate. So, if your assets are easily found, having a trust should make your heirs lives easier. Laws change, and they are different in each state. It is best, even if you keep a simple will, to make sure your plan, whatever it is, complies with state law.
What do you think of this?
A living revocable trust where the person is the trustee and Settlor/grantor (change anything anytime).
Making the trust the beneficiary (in event of death) of a IRA, 401k, etc.
Putting bank accounts, CD's etc in the name of the trust.
Ofcourse, upon death the distribution of the trust is defined in the trust.
The house, cars, etc. are just in the will.
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Old 01-04-2015, 11:15 AM
 
71,957 posts, read 71,997,171 times
Reputation: 49523
many states will not allow cars and houses to be willed without a potentially expensive and long probate. revokable trusts do little to help tax wise or medicaid planning wise.

without knowing all the details of assets and goals as to why the trusts are being used no one should or could tell you what to do. no one should put a plan together involving trusts on their own in my opinion. .
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Old 01-04-2015, 11:49 AM
 
2,429 posts, read 3,231,649 times
Reputation: 3330
Quote:
it had one word missing .

it said and to my child "xxxx" i leave my house and possesions.

it was missing the word only as in only child..
Mathjack, can you explain more about why that was such a glitch.

If it said my child, Joanne" and there's only one joanne....

Oh I get why my 'only child Joanne" is better, but its just a shame it had to that 'complicated.'
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Old 01-04-2015, 11:52 AM
 
71,957 posts, read 71,997,171 times
Reputation: 49523
the title company rejected it because it does not say only child. she may be the only joanne but the title company does not want to get involved in a situation where 2 other kids contest the will and lay claim to the property and win.
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Old 01-04-2015, 02:56 PM
 
Location: SoCal desert
8,093 posts, read 13,253,985 times
Reputation: 14870
Quote:
Originally Posted by CSRSJim View Post
What do you think of this?
A living revocable trust where the person is the trustee and Settlor/grantor (change anything anytime).
Making the trust the beneficiary (in event of death) of a IRA, 401k, etc.
Putting bank accounts, CD's etc in the name of the trust.
Of course, upon death the distribution of the trust is defined in the trust.
The house, cars, etc. are just in the will.
I have a revocable trust with myself as trustee. I have 2 people listed separately to take over.
I was advised not to put the trust as beneficiary for my IRA's, 401K's, etc. By both my lawyer and my financial person. Now for the life of me, I can't remember the reason why. Sorry.
My taxable investment accounts are in the trust name.
My bank accounts, CD's etc are PODs
My house is in the trust name. This makes it very easy for the executor to sell.
My vehicles are registered with 2 names - listed as me or my niece, so she can sell it just with a signature.
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