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Old 08-19-2019, 07:03 PM
 
72,836 posts, read 72,675,802 times
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Quote:
Originally Posted by ysr_racer View Post
As far as medical directives go, my wife once tried to pull the plug on me, and I was only taking a nap
We can understand that
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Old 08-19-2019, 07:53 PM
 
3,533 posts, read 5,012,584 times
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Quote:
Originally Posted by ysr_racer View Post
Most retirees don't have to worry about taking care of their kids, their kids are probably taking care of them
Um, ever hear of the student loan debt crisis?
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Old 08-19-2019, 10:05 PM
 
Location: Rust'n in Tustin
2,371 posts, read 2,484,223 times
Reputation: 4510
Quote:
Originally Posted by slowlane3 View Post
Um, ever hear of the student loan debt crisis?
You mean the one where certain people running for President want to transfer the debt from the people that incurred it, to the people that will pay it? (Tax payers)

There's no such thing as "free", somebody's got to pay for it.
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Old 08-19-2019, 10:12 PM
 
Location: California
30,839 posts, read 33,711,791 times
Reputation: 26300
I had a Will/Trust durable power of attorney and medical directives made last year when I turned 60. Never had anything before that but helping my parent update theirs made me realize I should have something in place even though my "estate" is quite simple and my kids are adults themselves. I already had my accounts in POD's so I didn't bother funding the Trust with anything but my house, but that is a big asset.
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Old 08-19-2019, 11:06 PM
 
Location: Scottsdale, AZ
8,120 posts, read 4,968,337 times
Reputation: 29666
Quote:
Originally Posted by Trekker99 View Post
Everyone's situation is going to be different, but just pointing out some add'l considerations.

If you are married with a house and your spouse is on the deed then the house would go to the surviving spouse w/o the need for a will or to go thru probate.

But, what if you are both killed in an accident? Oops - who has to deal with that?
Nobody.

The odds of that happening to us (or anyone) are very small. Even John and Alicia Nash would be alive today had they been wearing their seat belts.

It's not something I worry about.
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Old 08-19-2019, 11:29 PM
 
Location: Out there somewhere...a traveling man.
39,792 posts, read 48,178,849 times
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Our attorney set us up with a revocable trust, power of attorney's, advanced health care directives and list of who gets what and where any charity items go.
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Old Yesterday, 12:12 AM
 
717 posts, read 213,228 times
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I just had the necessary documents created: Living Will, Power of Attorney, Health Care Power of Attorney, Will, and Revocable Trust. I expect the life on these to be about twenty years (that's when the actuaries say half of the people of my current age will have died). If I fall into the half that lives longer than that, I may do an Irrevocable Trust for Medicaid planning purposes. Or not, it really depends on who else is alive by then. No children, only one older sister still alive at this point. Other than providing for her, my BIL, and two close friends who helped me the most in my youth, I don't have a vested interest in WHO gets what's left (since my estate will decrease each year to my "planning year" of age 90, the problem of "what to do" gets smaller over time). Now, if I happen to make some fantastic investing decisions over the next couple of decades, that all may change, but there are worse problems to have, LOL. I have a couple of favorite charities that will get the remainder if I outlive the people I care about. Or, I might find "new" people to care about by then, who knows.

Or, Yellowstone may just pop her cork, or an asteroid may decide its time to reset the chessboard again. All I know for certain, is that nothing is for certain. I'm just happy that for most planning scenarios, I made the right decisions such that it is unlikely I will have to eat cat food in my old age (unless Yellowstone).
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Old Yesterday, 12:33 AM
 
Location: San Francisco
16,510 posts, read 5,416,578 times
Reputation: 51742
I have been procrastinating on making a will because it's complicated. My husband and I have substantial assets but no children or other immediate family, just a niece and nephew. They are both in their 40s, but neither went beyond high school. They know nothing about money except how to spend it. I need to find an executor and set up some type of trust. Otherwise my niece and nephew will just blow it all on cars, travel and luxuries.
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Old Yesterday, 01:04 AM
 
Location: Tucson/Nogales
17,560 posts, read 21,434,492 times
Reputation: 24486
Health directives, yes, my mobile home, well, I live in a co-op and you simply put down someone's name in case you die and it automatically becomes that someone's property. In this case, my brother.

Other than that, no will. The times I was planning on making it out and leaving it to someone, I'm glad I didn't do it. It was going to go to my niece, but she went overboard with Jesus, and marrying the personification of Jesus, so back to ground zero.

Maybe I'll die in the middle of summer in Tucson, and then they can come down from MN and battle it out in the heat of the summer.
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Old Yesterday, 02:14 AM
 
7,547 posts, read 8,784,635 times
Reputation: 9692
I completed the estate planning process a couple years ago: Will, PoA, HC directive, etc., etc.
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