Last Will

[JL Sargent]

Lots of good help here for sure. That said, if your wife's name is jointly on all your assets, then she is covered! Should you pass before her, she gets it all with proof in the form of a Death Certificate. No reason to go through the probate process because she really already owns everything. I don't have any idea what you would need a trust for unless you want something to happen out of the normal course of action by law in Alabama?

 

A link to some light Alabama Probate code reading.

http://law.justia.com/codes/alabama/2006/30792/130738.html

[Marvel]

11 hours ago, CECAA850 said:

If you start now.  Whatchu got?

I'll take the LS2s...  Maybe I could drive out to pick them up. We have other friends in Vegas we can stay with to lessen your burden.

 

btw, a lump sum payout on insurance is usually not taxable.

[Travis In Austin]

On 10/27/2016 at 11:22 AM, T2K said:

Like probably many of you I have come to the conclusion that I am not going to live forever. I have been married to the same mean old woman for 40-somethings years and we have no kids. Every tangible thing that I own is jointly owned by myself and my wife, including all financial type accounts. I'm wondering if anyone has any insight into my situation insofar as what type of Will that I need in my state to protect that which would belong to my wife upon my death. As far as I know there is no one that would contest or otherwise have claim to anything that we own. So to protect myself I need a document expressing my wishes.

 

If I remember correctly my neighborhood attorney charges around $600 & up for a simple will. I'm thinking about writing my own simple Will myself and having it witnessed and Notarized. Any comments or prior experiences anyone would care to relate?

 

Keith (still standing)

 

  

I agree with the comments already provided by Jeff, Tiger and Gill.

 

As a practical matter, a 40÷ year marriage  with no children in a community property state is all going to pass, without the need for a will, to the other spouse without the need to probate it.  HOWEVER, there are certain hitches and that isn't always true.  

 

It can be more expensive to fix a botched do it yourself will than if there had been no will at all.  There are very strict signature and witness requirements.  Some as simple as one witness leaving too soon can invalidate a will signing.

 

The big question really isn't what is going to happen when one of you predeceases the other, it is clearly going to go to the other spouse.   The big question is what you want to see happen if you should die in a common disaster,  And what happens after the surviving spouse passes, what do you want to see happen.  If it is going to relatives, children of relatives, the questions Jeff raised in his first response about knowing the difference between certain designations are vitally important.  If it is going to more than one person you are going to want to make sure it gets distributed how you want, and the recipients dont5end up in a fight over it.

 

If it is all going to charities then that is a separate thing entirely.

 

Some nonprofits, like all three schools I got a degree from, send out stuff saying that if you remember them in your Will/estate planning  (above a certain level they will pay for the Will).  If you were planning on a charity then you might look into that.  

 

By the way, the Klipsch Heritage Museum is a 501c3 Corp authorized by the IRS to accept bequests by Will or otherwise.  I will have to look into how thone services work at the universities, and see about starting a similar program for the Museum members when we get that far along.

 

In order to answer your original question the lawyer would need to know what happens with the estate after you both are gone.

 

 

[T2K]

Thanks for all the comments. Some good information there. I'll elaborate further tomorrow.

 

Thanks again everyone. Your time responding was helpful.

[Travis In Austin]

On 10/27/2016 at 10:24 PM, Wolfbane said:

Former Simpson attorney Robert Shapiro has an online sight to look at before you put wills in place. In the meantime make sure any real property, bank accounts, motor vehicle's that you own are joint with 'right of survivorship'. Designate your spouse as 'beneficiary' on any and all life insurance policies (i.e. not in your LW&T to keep probate costs as low as possible.

 

 

You have to be careful with titling a home as Joint Tenants with right of Survivorship.   It can adverse tax consequences, specifically, what tax basis the survivor receives.  You are trying to achieve a stepped up basis, which is usually the FMV at times of death, as opposed to what amount the decedent purchased the property for.  For example, if you paid $100,000  for a house, and it is worth $250,000 at the death of the decedent, you don't want to do anything that will interfere with the basis, all or one half, from. Being given stepped up to 250,000.  Switching from tenants in common to Joint Tennancy can cause a lowered basis.  You want to consult a tax professional or lawyer before doing that.

[Travis In Austin]

15 hours ago, Schu said:

Cant you give most everything away prior to death?

Yes, to your spouse without tax consequences.  Either at death, or prior to death.  If it is prior to death your spouse takes at basis you purchased property for, not a stepped up basis like at time of death.  It is known as the US

N limited Gift Marital Deduction.

 

A gift to a Non- spouse the donor pays gift tax on amounts to an individual in excess of $14,000 ($28,000 for married couple to each individual).  So a married couple could give 28,000 to each of five grandchildren per year and not have to pay any gift tax.

[Seadoc]

HMMM.  A will is always a must have document !!!  Whether you go through a lawyer or do it your self (legal zoom).  SPELL out CLEARLY everything you want to take place and when.  DO NOT HIDE the will, and place it in a very obvious accessible location.  If you have pets allow for them as well in the will.

    Another form you might want is your prolonged health care - D.N.R.  Do Not Resuscitate or perform life saving measures, sad but necessary.  Decide  before the need mandates.

Appoint a Power of Attorney legally.  Husband=Wife, Wife=Husband or whomever.  Make sure your Beneficiary is also spelled out AND CURRENT in all financial and any land/trust holdings. If everything is spelled out it will not go to probate - meaning the State Judicial system decides  what happens (BAD, something to avoid).  I am by no means an expert just had to find out these things out the hard way.  Congrats on the 40 something and avoiding the dirt nap.

[Travis In Austin]

4 hours ago, Seadoc said:

HMMM.  A will is always a must have document !!!  Whether you go through a lawyer or do it your self (legal zoom).  SPELL out CLEARLY everything you want to take place and when.  DO NOT HIDE the will, and place it in a very obvious accessible location.  If you have pets allow for them as well in the will.

    Another form you might want is your prolonged health care - D.N.R.  Do Not Resuscitate or perform life saving measures, sad but necessary.  Decide  before the need mandates.

Appoint a Power of Attorney legally.  Husband=Wife, Wife=Husband or whomever.  Make sure your Beneficiary is also spelled out AND CURRENT in all financial and any land/trust holdings. If everything is spelled out it will not go to probate - meaning the State Judicial system decides  what happens (BAD, something to avoid).  I am by no means an expert just had to find out these things out the hard way.  Congrats on the 40 something and avoiding the dirt nap.

If you have pets . . . .  GOOD STUFF

 

Under    the    laws    of    all    50    states,    a    pet    owner    cannot    leave    any    part    of    his    or    
her    estate    outright    to    an    animal.    However,    the    owner    may    leave    a    sum    of    money    to the    person    designated    to    care    for    the    pet,    along    with    a    request    (not    a    direction)    that    the    money    be    used    for    the    pet's    care.    It    is    important for    the    pet    owner    to    select    a    Caretaker    he    or    she trusts    and    who    will    be    devoted    to    the    pet,  because    the  Caretaker   has    no    legal    obligation    under    such    a provision    to    use    the    money    for    the    purpose    specified.    
The    owner    should    leave    only    a    reasonable    amount    of    money    for    the    care    of    any    pet.    A    large    sum    of money    may    prompt    relatives    to    challenge    the Will    and    the    court    may    invalidate    the    bequest    for    pet    care.    The    attorney    may    want    to    include    an    in    terrorem clause    in    the    pet    owner's    Will    to    reduce    the    chance    of    a    challenge    to    the    
Will.    This    clause    provides    that   if   a   person  unsuccessfullychallenges    a    provision    in    
the    Will,    he    or    she    cannot    then    receive    property    under    any    provision    of    the    Will.

 

http://www.americanbar.org/content/newsletter/publications/gp_solo_magazine_home/gp_solo_magazine_index/petestateplanning.html

[WMcD]

One of my relatives had all the lawyer power needed and also somehow let it be known she wanted to be cremated.  Fine.  But there was no word on what to do with the ashes.  So we had to figure that out while in mourning. 

 

A young friend of mine told his family he wanted to be buried wearing his favorite baseball shirt. 

 

This sounds trivial but the executor - administrator is dealing with intense grief and it helps if they can say, we put our loved one to rest just as requested. A final labor of love.

 

 Therefore, let such stuff be known.  Funerals are not for the benefit of the dead but, rather, for the benefit of the living.  Take care of your survivors.

 

WMcD