The Final Four Items To Consider in a Will

you can also hire Paralegals to do your will documents for way cheaper and you can make sure that it is done right.

It helped me break down the priorities of making a will and how importannt it is top have one

The specific details/sections to be considering in drafting the will.

When a relative died, I was the sole beneficiary and personal representative. He left everything to me, but since I was a sister and not a spouse, I had to go through the lengthy and aggravating probate court process, and I couldn't see a dime of the money he left me until all outstanding debts were paid. The six month period allowed any debtors to come forward during this time because once the six month period ended, the estate was closed. I paid all of his medical expenses and monies owed during the six months. But by the time the probate court and attorneys got their share, there was only half the money left. It's my understanding that all wills must go through probate. I'm not certain whether or not these laws vary according to locale. However, it probably is a better idea to enact a living trust instead of a will.

As a retired Trust Officer, who handled the affairs of many estates and trusts over a long period of time, I heartily agree with the comments posted by "anonymous". In my opinion, everyone who has any assets must have a will and preferably also have a revocable living trust which has title to his/her assets. This makes it very much less complicated when a death occurs, plus it drastically reduces the cost of administering the estate, as all the assets in the trust pas free of "probate". In my case, I have all my assets in my revocable trust, including my checking account, all real estate and stocks, bonds, etc. The trust is easily modified (changed) by me during my lifetime, so it's very flexible. I am the trustee and on my death, one of my daughters and one of my sons take my place and see to it that my wishes are carried out. One could also appoint a bank or trust company to be successor trustee. One last comment, and that regards forgiveness of debt when you pass on. I handled several estates that resulted in family ties being strained due to outstanding debt on the part of one of the heirs. It is my opinion that debts not be forgiven, but that the debtors share of his/her inheritance be reduced by the amount owing, thus treating all heirs equally. My caution here is that adequate, up to date information be maintained regarding loans to potential heirs, and that information is physically located with the will and trust agreement. Likewise with tax returns and other pertinent information.

ABSOLUTELY my husband and I just revised and update our living will, including assets, who is in charge, and those children that have outstanding debt with us. Those with outstnaind debt the amount they will receive will first be deducted from their inheritence and the loan paid off in full before they receive the rest of the money that is left.

If you want to give everything to a society that takes care of animals and not uthenize them, what is the procedure, taking into consideration there are alot of thieves out there??

I feel this article is a great disservice to your readers. Wills are very inexpensive documents to have professionally drafted by an attorney. Many things can go wrong in the drafting of a will and depending on the state the person resides there are formalities that must be followed. As they are inexpensive, it makes little sense for someone to spend money on a template etc. that may not even be effective. For example, our firm would charge a mere $100.00 for a single simple will or $160.00 total for a married couple's simple wills. The cost savings of having a will prepared by an attorney will almost always be worth the loss and/or frustration of having used a software or not having one. Additionally, your advice ignores Powers of Attorney and Living Wills. Your advice is woefully inadequate.

If you have all your bank accounts "payable on death" to a loved one, that property DOES NOT pass through a will: therefore, if that's the only way you've left money to a loved one, you wouldn't need a will, necessarily. Same goes for life insurance: your beneficiaries are paid through the proceeds of the life insurance policy and again, that is property that is NOT passed through a will. I don't know about comment from the person who claims that California law takes 25% of your estate if you die without a will, but I'd check with a will and estate attorney in that state. However, there are other reasons to have a will: you might want to leave money to charity. You might want to leave money to a loved one ONLY if that person met certain requirements: for example, they graduated from college, or didn't get convicted of a felony. But the most imporant reason to have a will is if there is more than one child who might inherit, or if there are step-children. Having a will in that case, could save the survivors a lot of heartache. And if you have small children, you would need a will to designate who will take care of your children, should you and your husband both die together.

I would like information of the will & how it ties in with the revocable living trust. Would like to change my will.

What are the last 6 things?

I'm up in age and have seen families torn apart and lawyers getting big fees just because someone didn't have a will or a proper one. People say "my kids get along fine". Wait, the fun begins when the will is read or if there is not a will. I have seen it in several families.

I have heard people say "my kids get along great" . But as I am up in years and have seen a lot - wait until the will is read or if there isn't one. Then the fun begins. I have seen several families torn apart and lawyers getting big fees just because someone didn't have a will.

It reminded me that I must take the time to prepare my will. Even though there is not much to leave, my husband has 3 daughters and I have one and this document will simplify things between them when the time comes. Thank you for the information.

I must have missed something - do not understand comment by GFrankG ???

Thanks for the opportunity to ask a question regarding need of a will. I am 67 years old still working and in good health. My wife and I have been married for nearly 43 years and she is also still working. We only have the one daughter who is 42 years old. My question is do we need a will when we only have the one daughter? All of our bank accounts, savings and CD's have her listed as (P.O.D.) payable on the death of my wife and I. Our home, vehicles and personal belongings are all paid for. Our daughter is aware of our wishes and our assets. Everything we own will be hers when my wife and I die. I have never felt that we need a will when there is no question about who will receive our estate. Do we really need a will?

Don't ever try to write your own will. Leave it to the experts, attorneys. My friend use computer software to write one and now everything is all screwed up for her family. Senior can have one for free. Contact you Senior agencies to find the Senior Law program that does this.

everything should be written down in a will-especially if the person wriing the will doesn't want the executor/executrix to take the executor fee [3-5% of a minimal estate adds up real fast!] don;t ever go by verbal communicaions prior to death!!

more specific examples

I found this information very helpful not only for my will but for my parents will which was settled 30 years ago. It is also interesting when an asset is discovered 30 years after things were settled.

i love you

Never thought about canceling other peoples debts. And never thought about pets care .

Having a revocable trust for real estate is a good idea as well. It avoids major IRS bill for the recipient. One thing to remember is to obtain a property valuation at the time of death, so as not to have a potentially huge capital gains tax.

great hints to keep will updated

What do i do with an 80 year old father that moved a 55 year old friend into his house?He met her thru his next door neighbor that met her on the internet.Now started having seizures among other health problems since she moved in he has refused to listen to reason. He now supports her,put her name on checking account ect... She has 4 children that come and go from his house also.

Someone above said not to bother with a will. They might not know that, at least in California, the State gets 25% of the value of the deceased property if someone dies without a will.

I am helping a friend write her will in New Mexico and need to know if it is necessary to put her bank account numbers on her list of property.

My mother has 5 rental properties she owns. In her trust she has my brother & I as beneficiaries of the property. She wants us to sell the properties because they are in a different state than we live. My question is will my brother & I have to pay taxes on all these properties when we sell them since we attained them in a trust?

hope eevryone feels a whole lot better really soon ok.

Is it true that a person is preparing a will can have only the name or names in the will that they want on that will get everything that is named, I have been told that if a person's name is not listed in the will, they have nothing to say about getting some of the estate or money, is it true or false, I have a friend that needs to know this question. Please let legal counsel answer this one. Can they break that will if its specified that the will cannot be broken by anyone and that this is a part of further dis-qualification they try to break the will?, or if all other hairs are lef tone dollars? Thanks

Good article. Should be able to put on Facebook in total, not in three separate parts. Could not enter my opinion. Unfortunately, like many other good articles, it only preaches to the choir.

A friend's parents were put into a nursing home, her mother suffering from dementia, and her father soon to follow. An unscrupulous aide gained the mother's confidence and poisoned her mind against her daughter, so she wouldn't listen to anything the daughter said. Then the aide tried to get POA for the parents (removed the mother from the nursing home without permission and took her to a lawyer's office) and the whole thing wound up in court. My friend couldn't afford an attorney to represent her. The aide's plan backfired and the court appointed a lawyer to oversee the parents' money. He emptied the savings account and checking account and now says the family home must be sold to cover debts. The parents were wealthy and have money coming in, enough to cover any bills or debts. My friend can't understand where the money went. She can't get an answer from him. The state does not require the lawyer to account for the money he spent, to anyone, which sounds fishy to me. I Googled him and found out he makes a lot of money doing this, usually to people who don't have much money themselves, so they can't fight him, but who have wealthy family members who are in nursing homes. My friend gave up a good job because she loved her parents and wanted to help them, which she did for at lest twenty years before they went into a nursing home. She has tried to get a lawyer, but can't afford the kind who would go up against this guy, even if they could. The ones she called said he's too powerful. It seems a travesty of justice that this bottom feeding guy can get away with it. Can he?

To maryhorn,yes, your aunt does have eveything in a big mess.If I understand you correctly,,,fortunitly for you, you are not tied up in the mess as far as legal battles. Unless you stand to gain millions, I think that I would stay out of it and keep a smile on my face.I feel pretty possitive that the POA will be held accountable for miss use of your uncles checking account and not having used his money to pay his bills.When she became POA, she agreed to handle his affairs for his best interests. As for her signing for the funeral,,,oppppppssss,,,that's her bill now. So if I were you, I wouldn't want any responcibilities on your uncle,,,unless you want to be sued. Furhermore- you could spend thousands of dollors,,,for what???Just to have it on paper that your aunt was wrong in what she did?

I have had a horrific experience with my Mom's estate in 2008. Now, again with my Uncle's estate in 2009. The Uncle's sister-in-law,my aunt was P.O.A. on his checking account. She has not paid the bills. She had power of attorney before Uncle died. She gave away his car,all his home furnishings. Now there are no assests to sell to pay utilities or taxes on his home. She sold his house for 1/5 the city's appraisal. The sale didn't close, Uncle died before the closing date. Now Auntie says she gave all the money to her son. I went to see a lawyer to open a small estate. He stated, "this is the biggest mess he has ever heard of." He doesn't even what me to get involved. There are so many possible lawsuits to come. He said if I become the executor or personal representative, I will be the one that is sued. The funeral bill has not been paid. Uncle wanted to be creamated but Auntie wanted the open casket funeral costing $4,200. She signed for the funeral, I think she should pay for it. I had told her Uncle wanted to be creamated. I had spent the last two months of his life at his side caring for him. I could write a book, horror story, of all that has happened in the last two years. Uncle had a friend and my Auntie telling him what to do. My biggest mistake was thinking they knew what they were doing. The friend thought I was trying to get all of Uncle's estate and change the beneficiaries. He and his wife wrote checks from his checking account. They wanted to make sure that they got their share before any one did. The friend and Auntie wanted to get rid of the assests before he died so that the heirs would not get anything. I guess the next step is Judge Judy. I don't have the money to pay lawyers to defend me.

No, not in Arizona or California. If you want the deed transferred upon the death of the legal owner, that would need to be addressed in a will, which as we all know can be altered, changed, or revoked by ANYONE (even a care giver) who has control over the Elder, without any legal consequences, since elder care is NOT regulated. At present there is no way to protect an Elder's assets excepting by a will, which if there is confusion or dementia present, and the Elder is left in the care (control) of care givers or "friends", can be easily swayed. A valid signature revoking the will is not only possible, but more than likely probable. By the time you take the perpetrator to court the assets are long gone, the money is spend, and the perp is once again penniless, leaving nothing to sue for. America needs to wake up, Elder care is NOT regulated and is mostly a Predatory industry!!

I know jenaette is right about using "OR" on the ownership of land property. And in most states the time frame is five years. I also will add that in the event of a vehicle ownership,,, a paid in full vehicle with no lien on the title can be taken care of very easily. The owner of said vehicle, (preferably). or the owners' power of attorney can have a new title made out to T.O.D.,(Transfer On Death), to the person they want to have that vehicle. The cost is very little,,,some places less than $15.00. Then at the time of death,,,the person of whom is to have that vehicle needs a Death Certificate and take the vehicle title and have it transferred into their name. No probate court and no waiting. The costs is about $15.00. So, my question to jenaette would be, Can this be done on a clean and free land title?

Speaking as a Real Estate Broker with over 24 years of experience, it is not legal to title a real estate property in a name as "either - or". The neme(s) of ownership may be a sole person or a group of persons, but can not be titled to "either or". Sorry, you may either add your children's names to the title of real property or deed it to them entirely prior to your death; however should you need state assistance prior to your death,this act would exempt you from receiving state funded care, until a certain time period had passed, usually 5 years. This being said, you would need to add your children's name to your property prior to any illness or sudden onset of a medical crises. Should the state step in, due to fraud, exploitation, or abuse of a Senior, as was my case, they will prohibit the Senior from making changes to the name on title.

Mother2 that is the best idea but, just in case of a catastrophe it would be wiser to put "their names OR your names" just so you do not wind up in the worst event scenerio. If your children pass away before you do you may lose everything. Having "their names OR your names" has it so whomever outlives whomever has the ownership rights. By using "OR" instead of "AND" either party will be designated as the owner of any properties. (For example John Doe or John Doe Jr. Instead of John Doe and John Doe.)

Thank you for the compliment, beenderedonedat! And sorry for using the wrong word. Just really glad someone is/was paying attention. Oh, and I also agree with LOMONO. If you got it, get rid of it! One comment on that though. If the owner is or has been on welfare, you need to check the rules that apply. There are limitations and years set forth.

Why leave any of this up to lawyers and the courts? We sat down with our kids after we retired and put the assets in the children's names, discussed where to be buried and listed debts and funds to cover them. We expressed our living will wishes and then had an atty package it up nicely for the executor. We've been giving the kids and grandkids monetary gifts for years now. By the time we go, there will be nothing left. You can't take it with you folks!

Gone through a mess re property and will over 45 years ago. The"mess" broke up a family of 9; so make sure you have all your papers in proper order and I do mean proper!

for the lady that her father who remarried,I would of never done what you did he knew how to date and marry someone,he got took ,he was a young man at one time and should of knowen better,and you just should of been aware that these things happen and made sure your parents had there paper work in order. as for hospice thats what they do again you were not in tune to what are world does to old people hope you have insurance medical if you end in hospital with none they will let you die in a way you wont see it coming. what a joke this world is . my advice if you have property sell it a sell it before something happens, better yet if you own a house never put it into your name ,there are ways to take care of you before our good goverment gets to you stop thinking someone will care its all about money not life wake up america

unspoiltbrat- errors,, as in mistakes? heirs is more like it but, you put it all into words that are easy to understand. very well written.

Before anyone gets too excited and think you can leave things,(such as property),to your errors through a will or even through a trust,,,please let me tell you a couple of things. First off,,,all your dept must be paid first. So be sure you have enough cash to do so or the property must be sold to pay your dept. Most importantly,,,if there is one other person besides the executor of your will,,,and they agree with each other,,,they can change any part of your wishes in your will as long as your dept is paid. So think hard about how much money to spend on a will if you have more than one error to gain from you. I would also like to add,,,with or without a will,,,your estate WILL GO THROUGH PROBATE COURT. If you have any value, the court will get their money and see that your dept is paid before anything else is handed out.So if you have only one error, no need in wasting your time and money on a will. And as a reminder for those who had no choice but to get help from welfare so you could get medical help, etc.,they will come after their share as well. Fortunately,they will settle for less, and sometimes even only half of their claim. And maybe the best advice of all,,,If you gain from a will, save it for at least a minimum of two years before you rid of it, cause you never know who will come after you and prove they should have gotten part or all that you thought you had gained.

Attorneys are often asked "who needs a living trust?" and the answer is simple: Anyone who has assets that they want to easily pass on to their loved ones, without all of the hassle, delays, and costs of having their estate go through a complicated court system. To learn more about the services offered by Flahive Law Corporation Contact Us online or call us at (800) 250-5971.

Very basic information. The advise for Pets left behind is totally insufficient. You can't rely on family members to take the pet (maybe till the money is gone) I have seen it too many times and the helpless pets are ending up in a shelter. Most times they are too old to be adopted, and after being miserable, lonely, sick and confused, they die or are being euthanized. The only way to insure your wishes for your pet are followed, is by setting up a proper Pet Trust.

My parents had a trust, which was revoked by the stroke of a pen, only 30 days following my Mother's death. Dad remarried, and the new wife and her adult son became his instant beneficiaries. Dad had beginnng Alzheimer's disease, which had not yet been diagnosed. I was called three years later to take over Dad's care, after the 2nd wife and her son had abscounded with his assets. The care giver I then hired to care for Dad became engaged to marry Dad and a new POA was drafted, voiding the legal paperwork Dad and I had just drafted to replace the original will. Dad was then poisoned with morphine, at the direction of Hospice, and I was told I was interferring with his care. I was then ordered to apply for Conservatorship due to the "family dynamics". One year, one year of my personal earnings, and $25,000 of my personal cash assets later, I was awarded the conservatorship. Next step, move Dad from CA to AZ. I was ordered by CA to file for a guardianship in AZ before relocating him, on my nickel. Dad had no cash, but did not qualifiy for ALTCS due to the property he owned. I was advised by my AZ attorney to take out a loan in my name to cover his expenses until I got the property released from the state. I did that, $250K in a personal loan against my name, since Dad only had his SS income. It is now 4 years later, His property sold for 25% of appraised value, I was left in debt over $100K, and the loss of 3 years of earnings from the time it took to fly back and forth to CA for court hearing, to intervene with care givers, and from having to move Dad, hospital bed and all into my home on myltiple occassions. My home is in foreclosure, I am now financially bankrupt. Show me a trust that can not be revoked by someone with Dementia or Alzheimer's disease. Unfortunately it is a process to have a person deemed incompetent, and that only occurs AFTER multiple bad choices have been made, like revoking a family trust of 10 years. What recourse do adult children like me have, who enters this arena with no knowledge of the system? I apparently was given bad legal advice and have witnessed by share of unscrupulous care providers. What good is a trust if it can be revoked at any time?

i need to know if a handwritten willl is legal in texas. i lived in california many years where a holographic will is legal. but i am unsure about texas.

I have a will prepared by an estate attorney. We are in the same state, but in different counties and I had recently called him about another matter. During the conversation he bacame aware of some major changes in the makeup of my assets. He advised me to update the distribution of said assets, especially redefining the disbribution. I had assumed that my will as it stood, was sufficient. But after reading the article, I understand now what he meant and why he is stressing it. I will be taking the steps he has recommended.

As an estate and end-of-life planning attorney, I find sites like this one amusing. I make lots of money trying to straighten out estates when folks use "do-it-yourself" programs such as this one. Next time you have a toothache, just search the web for a good place to buy some pliers - makes as much sense as this material does.

The article makes good suggestions and guidelines. Unfortunately so many humans feel this will be only needed by "other folks". They have not accepted the real truth - nobody gets out alive.