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Old 09-02-2019, 12:25 PM
 
Location: Rust'n in Tustin
2,431 posts, read 2,513,126 times
Reputation: 4613

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My next door neighbor's, sister's, mailman's, brother-in-law read an article once that said, "wills, if written incorrectly could be a problem", so I'm not getting one.

See how ridiculous that sounds?
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Old 09-02-2019, 01:12 PM
 
Location: The Triad (NC)
28,923 posts, read 63,071,927 times
Reputation: 32992
Quote:
Originally Posted by cdelena View Post
No, probate is for assets distributed per a will. Beneficiaries and assets specified in POD/TOD
are not subject to the same laws and can be administered as soon there is a death certificate.
There is another element to the TOD option to consider: Capital Gains and cost basis.
Depending on how much is at play it can add up.
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Old 09-02-2019, 02:05 PM
 
73,192 posts, read 72,988,974 times
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Tod and pods go to heirs at stepped up basis..they are not like adding a name to an account or deed.
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Old 09-02-2019, 02:16 PM
 
Location: northern New England
2,599 posts, read 1,151,879 times
Reputation: 10111
Quote:
Originally Posted by ysr_racer View Post
What about your home?

I rent.


I always thought (and I may be wrong) that probate was to have a legal way to transfer assets that have some proof of ownership - real estate, cars, etc. The title to your car gets transferred to the estate and then to whomever the will designates, or the estate sells the car, etc. People who leave nothing but clothes and furniture don't need to have probate unless people start fighting over things.
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Old 09-02-2019, 02:30 PM
 
Location: Arizona
219 posts, read 126,179 times
Reputation: 958
Quote:
Originally Posted by VTsnowbird View Post
I rent.


I always thought (and I may be wrong) that probate was to have a legal way to transfer assets that have some proof of ownership - real estate, cars, etc. The title to your car gets transferred to the estate and then to whomever the will designates, or the estate sells the car, etc. People who leave nothing but clothes and furniture don't need to have probate unless people start fighting over things.
Some states have a section on the back of a car title that designates a beneficiary so they don't have to go thru probate.
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Old 09-02-2019, 04:02 PM
 
Location: Rust'n in Tustin
2,431 posts, read 2,513,126 times
Reputation: 4613
A friend of mine was killed in a motor cycle accident without a will. His girlfriend was worried that he paid for the furniture in their house.

I told her, by the powers vested in me by the state of California, I now pronounce the furniture yours. You guys crack me up about car titles.

Sign the back, take it to DMV. Nobody cares. People care about two things, real estate and money.

Your shoes, toaster oven, old Elvis LPs, take what you want, toss the rest.

I've seen people fight over dead people's clothes, and laughed at them.
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Old 09-02-2019, 04:28 PM
 
Location: OH>IL>CO>CT
5,338 posts, read 8,591,872 times
Reputation: 7399
Quote:
Originally Posted by Sibay View Post
Some states have a section on the back of a car title that designates a beneficiary so they don't have to go thru probate.
In CT, it is the bi-annual registration form, not the title, that creates a TOD.

Mine is assigned to my only grand-child.
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Old 09-03-2019, 11:35 AM
 
Location: In a vehicle.
5,176 posts, read 3,318,749 times
Reputation: 8468
Quote:
Originally Posted by johngolf View Post
In SC, probate takes over a year and generally you need a lawyer to handle it. My estate is not complex. I wish the lions share (including any property I own such as my house, car, etc.) to go to my son. He will also get the lion's share of the rest (investments, cash, etc.) with a small piece of this going to a niece.

I believe there are ways to avoid probate. I will soon be visiting my lawyer to discuss this but I wanted a head start so I can be familiar with the procedure. I presently have a will but I will be eliminating one person.

Please explain, in layman's terms, how to go about this.

Thanks
Lawyer is the better guide. Damn, probate takes a year? Thank goodness my mother passed but we'd settled the estate before she died...
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Old 09-03-2019, 12:00 PM
 
Location: Raleigh
8,474 posts, read 6,353,156 times
Reputation: 11822
Quote:
Originally Posted by ysr_racer View Post
Oh my Christ, there is so much wrong with this post it's making my head spin.

Eight months is "no big deal"?
Are you nuts? Most estates can avoid probate with a trust. It's just that simple. Put your home in a trust, put everything else in a pour over will.

Am I speaking Chinese?
No, it really is no big deal.

I'm not saying that trusts don't have their place. But I do think they're often sold to people that don't need them, or don't realize their benefits as fully as others. If you have somewhat sophisticated assets, say a rental property and an out of state vacation home, maybe it does make a lot of sense. If you have a checking account, 401K, house, and car? Probably not as much.

Again, it depends on the state, and the situation.
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Old Yesterday, 05:46 AM
 
Location: northern New England
2,599 posts, read 1,151,879 times
Reputation: 10111
Quote:
Originally Posted by Disgustedman View Post
Lawyer is the better guide. Damn, probate takes a year? Thank goodness my mother passed but we'd settled the estate before she died...
Took FOUR years when my dad died. And that was a simple estate - no real estate, all liquid assets, no one contested it.
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