Wolfbane Posted April 27, 2016 Share Posted April 27, 2016 Hard to believe for someone 57 with the means to get the best legal advice anywhere, anytime! Quote Link to comment Share on other sites More sharing options...
Woofers and Tweeters Posted April 27, 2016 Share Posted April 27, 2016 (edited) <edit> A lot of bickering from this. Edited April 27, 2016 by jweber Quote Link to comment Share on other sites More sharing options...
CECAA850 Posted April 27, 2016 Share Posted April 27, 2016 I hadn't read that yet but if so is a real shame. Quote Link to comment Share on other sites More sharing options...
richieb Posted April 27, 2016 Share Posted April 27, 2016 One would think with his management and legal team(s) someone would have not only the foresight but the common sense to have such a vital part of his estate legally bound. Ironically our attorney phoned today for us to pick up our recently amended will/trust documents. We are not of Princes' means. And an FYI for those who think a legal will is the means to keep your estate from probate that is a mistake. Team that with a family trust for peace of mind against government/probate intrusion. Quote Link to comment Share on other sites More sharing options...
oldtimer Posted April 27, 2016 Share Posted April 27, 2016 The government is the least of it. The real problems are with the surviving family. 1 Quote Link to comment Share on other sites More sharing options...
Wolfbane Posted April 27, 2016 Author Share Posted April 27, 2016 The government is the least of it. The real problems are with the surviving family. Yup. Quote Link to comment Share on other sites More sharing options...
Marvel Posted April 27, 2016 Share Posted April 27, 2016 The government is the least of it. The real problems are with the surviving family. Yup. Absolutely! Quote Link to comment Share on other sites More sharing options...
richieb Posted April 27, 2016 Share Posted April 27, 2016 For me and I guess I was redundant is government = probate. Probate courts are of the government. And the surviving family problems will stem from probate decisions caused by inadequate after life preparations. Quote Link to comment Share on other sites More sharing options...
oldtimer Posted April 27, 2016 Share Posted April 27, 2016 (edited) For me and I guess I was redundant is government = probate. Probate courts are of the government. And the surviving family problems will stem from probate decisions caused by inadequate after life preparations. None of you got my post. I am in a situation where probate has been avoided through a revocable trust. It is the surviving family that is the problem. Quite frankly, probate would have been better. When it comes down to it, the government is the least of it. Edited April 27, 2016 by oldtimer Quote Link to comment Share on other sites More sharing options...
richieb Posted April 27, 2016 Share Posted April 27, 2016 Gotcha - Quote Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted April 27, 2016 Moderators Share Posted April 27, 2016 The government is the least of it. The real problems are with the surviving family. Aint that the truth, sometimes you want it in probate for that very reason. Also, with young children it is sometimes better to go with probate than living trust. Even with a family trist/living trust, most folks forget to get every asset into the name of the trustnand you end up having to probate part of it anyway which is why a pour over will is done just in case. Quote Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted April 27, 2016 Moderators Share Posted April 27, 2016 Picking an independent, knowageable and sophisticated trustee is the real key. If you have a family member who is accountant, business owner or lawywr that will do, but if the trustee is your wife's sister, who might be great mom if she has to yake over, but no business or financial experience, you are dooned. 1 Quote Link to comment Share on other sites More sharing options...
JL Sargent Posted April 27, 2016 Share Posted April 27, 2016 (edited) * Set up POD "payable on death" on all financial accounts * Transfer title to real properly to others (with survivorship if needed) while everybody is still alive If a person has done the above, the probate process have been avoided. Edited April 27, 2016 by JL Sargent Quote Link to comment Share on other sites More sharing options...
Woofers and Tweeters Posted April 27, 2016 Share Posted April 27, 2016 Lawyers will get rich and the only ones who will be happy by this. Quote Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted April 27, 2016 Moderators Share Posted April 27, 2016 * Set up POD "payable on death" on all financial accounts * Transfer title to real properly to others (with survivorship if needed) while everybody is still alive If a person has done the above, the probate process have been avoided. Not necessarily. While that will eliminate a lot of it, it may not be how you wish to distribute your estate. Minor children? Power of appointment? The main problem for Prince's heir is federal estate tax. Planning could have reduced that significantly. Quote Link to comment Share on other sites More sharing options...
Tarheel Posted April 27, 2016 Share Posted April 27, 2016 I googled it and can't find Interstate 57. Where it be? Quote Link to comment Share on other sites More sharing options...
akdave Posted April 27, 2016 Share Posted April 27, 2016 It's a divided highway just east of Broke. 2 Quote Link to comment Share on other sites More sharing options...
CECAA850 Posted April 27, 2016 Share Posted April 27, 2016 It's a divided highway just east of Broke. I thought it was a dead end. 2 Quote Link to comment Share on other sites More sharing options...
babadono Posted April 27, 2016 Share Posted April 27, 2016 I am ignorant of Prince's personal life. Did he have children? If not who gives a rat's azz. where your assets go after your dead. Sorry, googled it, he had a son but the child died. Hmmm... maybe that is partially why he did not care about having a will. 1 Quote Link to comment Share on other sites More sharing options...
JL Sargent Posted April 27, 2016 Share Posted April 27, 2016 Guess I should have clarified "for most people". "power of appointment" seems like rare fish indeed. Much like Prince himself. My mom passed a few years ago and the above advice had been given to me by Coytee before hand. It worked like a charm. Quote Link to comment Share on other sites More sharing options...
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