U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-17-2007, 10:11 PM
 
Location: Pikeville, Ky.
13,577 posts, read 21,738,535 times
Reputation: 18152

Advertisements

Quote:
Originally Posted by CarolinaWoman View Post
We had our wills prepared when our children were small. Everyone with small children needs to have a will with instructions on who is to raise their children if something should happen to both parents. We updated the wills when the children were grown.

I have bank account numbers and other information written down in a safe. We have considered and even talked about prepaying funeral expenses. But what if the funeral home is gone when we die? What happens then?

We are doing our darn best to spend everything too!!
In Ky. the money you give to the funeral home is to be deposited in a State trust. Each year, we get a letter telling us how much interest our prepaid expenses have earned. This interest will also go to the funeral home when we die. This State Trust was set up in order to limit fraud. Be sure to ask your funeral home how your money is protected. I also have written down acct . numbers and passwords that would be needed in case both me and hubby pass at the same time. Another thing. There is a network of funeral homes that honor your prepaid account if your funeral home goes out of business. Each State probably has their own laws.
Reply With Quote Quick reply to this message

 
Old 06-18-2007, 02:45 AM
HDL
 
Location: Seek Jesus while He can still be found!
3,141 posts, read 6,026,495 times
Reputation: 8244
Unhappy I'm not sure about Sunny, but I'm still available for ADOPTION - Go Figure:-0

Please get your applications in soon as time is running out and I am coming of age.

(Hmmmm??! Maybe if I use MORE EMOTICONS???)
ME



Staying OT though, I really do need to get me a WILL done soon !

Quote:
Originally Posted by Wisteria View Post
And Happydawglady and Sunny, I am sure you would make lovely children! I know you deserve a two-parent home (which I'm not). I am sure a lovely, wealthy couple will be delighted to take the "two for one" deal you are offering!! Let us know when you find your new adoptive parents, and we can have a C-D party and celebrate your adoption!!
Reply With Quote Quick reply to this message
 
Old 06-18-2007, 06:36 AM
 
Location: Sunny Florida
7,136 posts, read 11,029,216 times
Reputation: 9461
I would definitely go to a lawyer and get a will, durable power of attorney, medical power of attorney, and living will drawn up. It only costs a couple of hundred bucks and it's worth every penny especially if you have kids. If something were to happen to you without these documents your kids could end up in foster care, you could be on life support indefinitely, the state could get your money, etc. I never even thought much about any of this because my life was going along great then in one instant everything changed. It was quite scary. It's much better to be prepared for the worst when it rears its ugly head.
Reply With Quote Quick reply to this message
 
Old 06-18-2007, 03:03 PM
 
13,346 posts, read 25,607,620 times
Reputation: 20610
Anyone with any assets should have a will. As for people with kids, I don't know that a will has anything to do with kids not ending up in foster care- I think the parents have to designate a legal guardian if need be (and ask the person first!).

I've listed several charitable organizations for my assets, which are growing. I have no kin to leave it to (rather, no kin I want to leave it to). I don't get the idea that one must leaves one's assets to some relative, no matter how distant.
Reply With Quote Quick reply to this message
 
Old 06-18-2007, 03:22 PM
 
Location: Pikeville, Ky.
13,577 posts, read 21,738,535 times
Reputation: 18152
HDL has asked me to adopt her and I have given it much thought and have reread about 1000 of her posts, so for the good of mankind, I will adopt her and seek immediate mental health for her, also in order to stay on topic I will definitely include her in our very humble wills..
Reply With Quote Quick reply to this message
 
Old 07-22-2007, 05:43 PM
 
4,948 posts, read 16,542,879 times
Reputation: 2866
I did a will, in fact 2- a MA one, then changed in when I relocated. Since I am single, I did go to an attorney. I paid, and he did ask how huch I did wish to pay him! I paid 500.00 I did not think that was too bad. I have pets, therefore set up a pet trust which is legal, in my state, that I did think, and picked out charities which help people. He was impressed with how I did my wishes. I did most of the work, by printing out on the net. etc., anyway,
a will does depend on how much you will have, and children etc. I feel mostly it is best to find a good attorney you do trust. Also have what you wish to do in your notes etc. most lawyers will give you a free 30 min. visit. also the lawyer set up a living trust, and POA either durable or not, however durable is best. I would rather have the peace of mind than playing lawyer. like the terry S case, here what a mess. also if you have treasures your children wish it is way easier to get their input, and give to a lawyer, in what you are leaving. have them give you a list of want they wish- even junk is a treasure. my advise-get an estate attorney you like and do trust.

Last edited by maggiekate; 07-22-2007 at 06:41 PM..
Reply With Quote Quick reply to this message
 
Old 07-22-2007, 06:22 PM
 
4,948 posts, read 16,542,879 times
Reputation: 2866
Quote:
Originally Posted by sunsprit View Post
If your potential estate and bequest wishes are simple, then standard forms for your state (available on-line or at a lot of office supply stores, or CD Kits), are probably quite adequate for you. You simply need to fill in the blanks, get it witnessed, and store in a place where it's known and accessible when the time comes by a trusted person to bring it forward to close out your estate.

However, if you have a larger estate (watch out here ... your home equity alone may put you into that category) and material assets, then you'd best get a lawyer and your accountant involved. If you have any complex bequest issues, then it's essential that you consult with estate planners who know about the laws in your state and how best to accomplish your desires.

In our case, our children will not be receiving any inheiritance from me or my wife. Instead, we have made provisions for my bank's trust department to liquidate our real property holdings in due course and disburse a very modest amount to any legitimate grandchildren for educational purposes. Absent grandchildren with educational needs, the balance of the estate will be used in trust to fund a few of our favorite charities and a number of scholarships for young people going into the trade in which I made my money (automotive tech).

We've set up the trust so that the scholarships can be funded (virtually) indefinitely through the earnings of our estate.

Our intent is clear. As it turns out, the details of making the scholarships available and selecting eligible recipients is very tricky. Fortunately, we've chosen a couple of schools with selection committees to do that for our bank's trust department, and will hope that they can make good selections in our name.

Oh, and don't worry about my children ... they've already achieved a greater deal of financial success than my small estate would have an impact on. Plus, they've married into far wealthier families than you could imagine and they already receive substantial trust monies, gifts, and travel, cars, houses, etc., from their in-laws. My stuff has virtually no meaning to them ... no sentimental value, etc. I live a rather frugal life on the ranch and there's nothing here that measures up in the rarified world of their finances.
yikes, I also am trying to leave what little I have to people, and charity.

Also, I am being darn sure any pet I have to does not go to a dog pound. why I did a pet trust. the rest, goes to charity's that help people. Anyway, I have no kids to fight. One thought a next door person had over 1 million, single, 2 kids, could care less. he had a friend died at age 52, and that was when I did decide to do a will, I did speak to him, and, he also did a will, and a trust, with the attorney I had. It was good, why one year later, I called 911, he died. The only positive was, he did what he wanted with the money he had. and yes the kids came crying wolf! I do not know the end of the story, however, it was great he set up when he was able his wishes.

Last edited by maggiekate; 07-22-2007 at 06:49 PM..
Reply With Quote Quick reply to this message
 
Old 07-25-2007, 01:51 PM
 
Location: california
452 posts, read 1,015,714 times
Reputation: 644
Default do it yourself living trust

Quote:
Originally Posted by Waterlily View Post
Most of us here are getting up there in age. Something that needs to be done is making a will. Do you think going to a lawyer to get a will made is worth the price?
I read a book at the library and did a living trust on my own.

Nola Books has some great books about how to do this. I read their books, copied the forms, then retyped them on computer to suit for me personally. Then I made a holographic will as a back up. You don't need any witnesses when the will is entirely in your own writing. If I didn't have the living trust then I'd make the will more formally, but I feel the LT is much better.

After filling out the living trust, I went to a notary and got the seal for two signatures ($20), took the papers to the county and had them recorded ($6). The total cost for my living trust was 26 bucks.

Before I did this I had called several places that do living trusts and their costs were $900 to $1500. Then I went to "We The People" whose cost was $99 for a will and a living trust was $400. Their forms were no different than the ones that I got free from a book.

I'm sure anyone can do the same that I have. Hope this helps.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top