Finally got a will and trust drawn up. (single, benefit, family)

[Wile E. Coyote]

Originally Posted by JJAF

I read this whole thread and didn't see my question discussed. I have a will and POD (Payable of Death) beneficiary on my accounts. However, I am concerned about my house with no mortgage held up in probate. I am looking into putting it into a revocable trust. But I may also sell and move within 3 years. If I spend the 1,000-1,500$ putting this house in the trust, will I have to do that all over again and spend the money with the next house?

So what if someone receiving a house has to deal with probate? They are getting a house. Let them deal with it.

[mathjak107]

Originally Posted by JJAF

I read this whole thread and didn't see my question discussed. I have a will and POD (Payable of Death) beneficiary on my accounts. However, I am concerned about my house with no mortgage held up in probate. I am looking into putting it into a revocable trust. But I may also sell and move within 3 years. If I spend the 1,000-1,500$ putting this house in the trust, will I have to do that all over again and spend the money with the next house?

keep in mind , in most states homes are a protected asset and not counted in the spend down under a certain value if medicaid nursing care is needed .

many states unprotect a home in a revocable trust ..it then has to be sold and spent down to qualify for medicaid

[mathjak107]

Originally Posted by Wile E. Coyote

So what if someone receiving a house has to deal with probate? They are getting a house. Let them deal with it.

the problem is many times heirs can’t take on the expenses associated with keeping a house going that they need to sell .

some probate courts can take months to clear.

my son walked from a deal where a house was being sold that he wanted to buy when after 3 months it was still in probate

in the mean time heirs are laying out a lot of money .

no problem if you can afford it , but many can’t and short of the house the estate has little cash

[WRM20]

Originally Posted by JJAF

I read this whole thread and didn't see my question discussed. I have a will and POD (Payable of Death) beneficiary on my accounts. However, I am concerned about my house with no mortgage held up in probate. I am looking into putting it into a revocable trust. But I may also sell and move within 3 years. If I spend the 1,000-1,500$ putting this house in the trust, will I have to do that all over again and spend the money with the next house?

If you live in a state where ladybird deeds are available, that's a good option to avoid probate of a house. Summary here, but talk to an attorney https://www.nerdwallet.com/article/i...lady-bird-deed

[JJAF]

Originally Posted by mathjak107

the problem is many times heirs can’t take on the expenses associated with keeping a house going that they need to sell .

some probate courts can take months to clear.

my son walked from a deal where a house was being sold that he wanted to buy when after 3 months it was still in probate

in the mean time heirs are laying out a lot of money .

no problem if you can afford it , but many can’t and short of the house the estate has little cash

exactly this. thank you

[JJAF]

Originally Posted by WRM20

If you live in a state where ladybird deeds are available, that's a good option to avoid probate of a house. Summary here, but talk to an attorney https://www.nerdwallet.com/article/i...lady-bird-deed

Tennessee.. no ladybird here

[GrandmaChris]

We need to set up a trust and current will - we have multiple rentals - 5 in AZ 1 in TN and 2 in TX - we are in TX now. The TN rental is with our middle daughter - our portion will go to her - Not sure what to do with all the others LOL.

[mustangman66]

I need to do this as well but the more I read up and talk to others, the more I dont understand why anyone would have a will vs a living trust.

[Mightyqueen801]

Originally Posted by mustangman66

I need to do this as well but the more I read up and talk to others, the more I dont understand why anyone would have a will vs a living trust.

Hmm. Well some of us don't even know what a living trust is or why it is better! So we had a will made.

I could Google, I reckon, while I sit here waiting for my thyroid biopsy.

OK, I did. Doesn't really sound as if it's something I need. Expensive to set up, has to be updated whenever property is acquired or disposed of. There are no estate taxes anyway in my state so that advantage is moot. I guess if I move to another state, which is the plan, I would have to check that out. No probate costs, but how much is probate anyway?

I was co-exec on my mother's will, which had issues because she died in 2020 when the courts were closed so eventually we got a lawyer to help us, but normally we would have done it ourselves.

For people wealthier than I and with multiple heirs, it might be advantageous, but I have one child, a small condo, and a minimum of savings and investments, so I don't see it. My pension ends when I die.

[TNSLPPTSO13]

Anybody has had any experience with Online will services...like Freewill.com?..Legal Zoom?
I have reached a point in my life where I truly feel my death is emiment...too many health issues and too much anxiety/depression.

I will die in oppressive debt,due to newly incurred and future incurred medical debt;plus previous debt for which I was making a lot of progress on but won't be able to keep at it due to soon-to-happen job loss and inability to work and living only on SS.

My total assetts will be appx less than $40K..which include my 2020 car and a physical media collection.Not much more...My debt will be in the $100K's.

I started filling out a form online...but got scared when specific questions were being asked,like bank account #'s,Etc. and I stopped.