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Old Yesterday, 11:29 AM
 
Location: on the wind
7,450 posts, read 3,084,058 times
Reputation: 25146

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Quote:
Originally Posted by NewbieHere View Post
How do you define large, medium, and small in real number?
Size of the estate on its own may not be the complicating factor. It may also be influenced by the state the decent lived in. What one state defines as "small" (and possibly won't require formal probate) another one won't. "Large" might be one that is over the threshold triggering estate taxes; state or federal.
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Old Yesterday, 12:13 PM
 
1,772 posts, read 820,120 times
Reputation: 2980
Quote:
Originally Posted by Mr5150 View Post
If you want to do a will for free a will in your own handwriting and signed by is legal anywhere. Get it notarized for that extra layer of legal protection. A typed will, does require two witness signatures. Notarized for that extra layer of protection. We are talking up to $20.

Do note that a will does not eliminate probate and court costs to transfer estate assets. A will simply states your wishes. A trust however, will save your estate many $1000s of dollars and speed the process from a year or two to four months.
And, in a state like Texas, if you leave out the self proving affidavit, you will spend thousands on attorneys to get through probate for even a simple will. Just writing out a will is not a good idea.
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Old Yesterday, 01:16 PM
 
Location: North State (California)
40,594 posts, read 3,086,425 times
Reputation: 13300
If you are leaving your money to charity, why not set them up now. I think it is a charitable gift annuity. Donate the money you wish them to have, they pay dividends or interest & inherit the entire amount at death. I have no idea whether this is a good idea or not, just a thought.
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Old Yesterday, 01:35 PM
 
Location: Southwest Washington State
22,243 posts, read 14,612,761 times
Reputation: 31471
Quote:
Originally Posted by treeluvr View Post
Mr 5150--This is helpful. Thank you. Maybe I could get the will vetted by online attorneys and then write it out in my own hand.

Mathjak-- I think the situations you describe are much more complicated than mine. While I have money in the bank, I do not have land or house--live in an apartment. (Some nice furniture, but that's easy to donate.)

NewbieHere--Right! A chance to do some good. My relatives don't need anything from me. I'd rather give to The Population Connection (formerly Zero Population Growth) and The Environmental Defense Fund.
If you have specific wishes for your assets, get a will written by an attorney. Why would you write it yourself after having it vetted? The thing is, you do not want to leave anything to family members. Tell attorney that and he will prepare your will accordingly.

We live in a complex world. In this case, you do not know what you do not know. Once you die, you cannot revisit this and make corrections.

So, do it right. See an attorney.
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Old Yesterday, 01:37 PM
 
72,564 posts, read 72,452,347 times
Reputation: 50055
I canít emphasis this enough
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Old Yesterday, 01:55 PM
 
Location: Just west of the Missouri River
690 posts, read 1,336,822 times
Reputation: 954
Quote:
Originally Posted by Sand&Salt View Post
This is what we did and makes it very simple for all parties. TOD or POD on your accounts. Happens right away with this method. Charities thanked us for the simplicity.
What does TOD and POD stand for?
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Old Yesterday, 01:57 PM
 
Location: Just west of the Missouri River
690 posts, read 1,336,822 times
Reputation: 954
Quote:
Originally Posted by evening sun View Post
If you are leaving your money to charity, why not set them up now. I think it is a charitable gift annuity. Donate the money you wish them to have, they pay dividends or interest & inherit the entire amount at death. I have no idea whether this is a good idea or not, just a thought.
Interesting idea! I give monthly sums now, but will look into gift annuities.
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Old Yesterday, 01:58 PM
 
7,496 posts, read 8,754,739 times
Reputation: 9559
I need to get my lawyer-prepared simple will updated with some changes I want to make, very simple changes, but changes nonetheless. I'm not looking forward to paying yet more $$$ to have the changes made. I really wish this was something I could do myself (legally-speaking) and have it valid.
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Old Yesterday, 02:04 PM
 
72,564 posts, read 72,452,347 times
Reputation: 50055
Quote:
Originally Posted by lottamoxie View Post
I need to get my lawyer-prepared simple will updated with some changes I want to make, very simple changes, but changes nonetheless. I'm not looking forward to paying yet more $$$ to have the changes made. I really wish this was something I could do myself (legally-speaking) and have it valid.
i wouldn't .... one mistake can cause so much grief ... just look at what one missing sentence omitted in the will cost us ... when we went looking for an attorney for ourselves i brought the documents from hell ...

i asked him to read it and see what he thought ... he picked up the fact that if my wifes first husband died before his mom his heirs could be cut out .... he was right , that was the issue and it was an amateur mistake when a general practitioner and not an experienced estate attorney did the will ...
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Old Yesterday, 03:09 PM
 
Location: SoCal
13,773 posts, read 6,534,991 times
Reputation: 10313
Quote:
Originally Posted by treeluvr View Post
What does TOD and POD stand for?
My guess, itís Transfer on Death, or Payable on Death.
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