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Old Yesterday, 09:21 AM
 
Location: Rust'n in Tustin
2,431 posts, read 2,513,126 times
Reputation: 4613

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I'm almost tempted to give up, but I like you guys too much. YOU HAVE GOT TO SEE AN ATTORNEY WHILE YOU'RE HEALTHY AND GET YOUR ****TOGETHER.

To not do so is childish, and selfish.
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Old Yesterday, 09:43 AM
 
Location: Lincoln, NE
11 posts, read 2,842 times
Reputation: 27
Hey OP. Most of your accounts -- e.g. bank, retirement, stocks, whatever, have the option for you to name a beneficiary or TOD (transfer on death). You need to do this, and then those assets do not need to pass through probate to go to your heirs. For vehicles, you can go to the DMV and list your heirs as "transfer on death". Then, for any of those entities (the DMV, banks, financial institutions), your heir(s) only need to take a copy of your death certificate in to have the property transferred.



Highly recommended that you name "secondary" beneficiaries. You mentioned everything going to your son, but what if your son predeceases you? What if you and your son die at the same time? A lot of people say they "don't care because they will be dead"; however, if you don't plan things correctly, your estate may wind up with a messy situation that could include paying more taxes.



Finally, on the subject of real estate --- the simplest method to avoid probate is to file a transfer on death (TOD) deed with the county register of deeds. This works like the other TOD on your bank account, etc., in that your heirs only need a copy of the death certificate, HOWEVER, after a quick web search it doesn't appear as though South Carolina is one of the states that allow such transfer on death deeds. The other option is to create a revocable trust and transfer the real estate into that trust. Doing so would then mean that any successor trustee (your son, or whoever else in the case your son dies first), can then transfer or distribute the real estate from the trust to the trust beneficiaries, without going through probate. For a trust, highly recommend you contact an attorney, but keep in mind that while much of the document is boilerplate, it will cost you some money, and it will cost some money to do the real estate transfer to the trust (e.g. deeds, deed filing, and other fees). Regardless of the trust, you'd also want a will, even though you won't need it. It's a good idea as a back up just in case an asset was missed somehow.



Good luck!
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Old Today, 10:10 AM
 
1,088 posts, read 1,132,610 times
Reputation: 1441
Quote:
Originally Posted by sammythebull View Post
Hey OP. Most of your accounts -- e.g. bank, retirement, stocks, whatever, have the option for you to name a beneficiary or TOD (transfer on death). You need to do this, and then those assets do not need to pass through probate to go to your heirs. For vehicles, you can go to the DMV and list your heirs as "transfer on death". Then, for any of those entities (the DMV, banks, financial institutions), your heir(s) only need to take a copy of your death certificate in to have the property transferred.



Highly recommended that you name "secondary" beneficiaries. You mentioned everything going to your son, but what if your son predeceases you? What if you and your son die at the same time? A lot of people say they "don't care because they will be dead"; however, if you don't plan things correctly, your estate may wind up with a messy situation that could include paying more taxes.



Finally, on the subject of real estate --- the simplest method to avoid probate is to file a transfer on death (TOD) deed with the county register of deeds. This works like the other TOD on your bank account, etc., in that your heirs only need a copy of the death certificate, HOWEVER, after a quick web search it doesn't appear as though South Carolina is one of the states that allow such transfer on death deeds. The other option is to create a revocable trust and transfer the real estate into that trust. Doing so would then mean that any successor trustee (your son, or whoever else in the case your son dies first), can then transfer or distribute the real estate from the trust to the trust beneficiaries, without going through probate. For a trust, highly recommend you contact an attorney, but keep in mind that while much of the document is boilerplate, it will cost you some money, and it will cost some money to do the real estate transfer to the trust (e.g. deeds, deed filing, and other fees). Regardless of the trust, you'd also want a will, even though you won't need it. It's a good idea as a back up just in case an asset was missed somehow.



Good luck!
My sister lives in AZ and just filed a Transfer on Death Deed. I wish NC had this option. This state is so archaic.
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Old Today, 07:00 PM
 
Location: Rust'n in Tustin
2,431 posts, read 2,513,126 times
Reputation: 4613
Quote:
Originally Posted by organic_donna View Post
My sister lives in AZ and just filed a Transfer on Death Deed. I wish NC had this option. This state is so archaic.
Who does she have designated as her health care power of attorney?
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