Do you have a will?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm 50 with older teenagers and we never got around to making a will. We don't have much in the way of assets but the big mental block was we never could think of who would take care of the kids if we both died.

This seems like the most important part of the will when you have kids...

and that's why we never got a will done.

Sometimes being a parent means making hard decisions. Even though your teenagers are older now, you should still do this.

[Anonymous]

We’ve been married a long time and every 7-8 years we do a thorough review of our wills and trusts to make sure they reflect our current thinking especially now that our children are all married with their own children.

[Anonymous]

OP, we have a will, and, have had one since the kids popped onto the scene. Our will addresses primarily two things: whom gets the kids if we both croak, and, the disposition of all our assets. Deciding on whom gets your kids is a very interesting process - you will quickly learn that most of your closest relatives all have issues that may really impact your decision. The other part is, the money issues. We have a mortgage, but, no other debt. Lots of equity in the home, and, lots of financial assets. Who gets what - within the will, we created an estate. It is essentially a 3rd person that will objectively first pay off your debts, then, distribute assets/cash after they have been sold. A very simplified answer!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm 50 with older teenagers and we never got around to making a will. We don't have much in the way of assets but the big mental block was we never could think of who would take care of the kids if we both died.

This seems like the most important part of the will when you have kids...

and that's why we never got a will done.

Sometimes being a parent means making hard decisions. Even though your teenagers are older now, you should still do this.

Even now, we don't have a good answer to that question.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm 50 with older teenagers and we never got around to making a will. We don't have much in the way of assets but the big mental block was we never could think of who would take care of the kids if we both died.

This seems like the most important part of the will when you have kids...

and that's why we never got a will done.

Sometimes being a parent means making hard decisions. Even though your teenagers are older now, you should still do this.

Even now, we don't have a good answer to that question.

So you're leaving them to the mercy of a court-appointed guardian? If your family is that unsuitable, you don't have a friend that would be a better choice?

You should also be aware that, in some jurisdictions, in the absence of a will, the court will appoint a guardian for minor children, even if there is a surviving spouse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have an old, outdated will.

We are in process of setting up a trust. Go one step further and do a trust, OP.

Hoping that we will inspire my ILs who insist they will simply have "the kids handle all that stuff" (and it's just DH and his recently divorced sister, embroiled in a custody battle and always skating on the edge of joblessness and financial ruin).

My parents set up a trust and we've already experienced the simplicity and easy transition that occurs with a trust after my parent died.

The additional expense and hassle of setting up a trust is worth it in some jurisdictions, but not others. Please don't take legal advice on this forum. Talk to a a estate planning attorney in your jurisdiction for advice.

Curious where this wouldn't be worth it or under what circumstances.

Dealt with a huge headache and years-long issue with elderly, never married relative who lived at subsistence level in Maryland.

I'm the pp that mentioned that trusts can have drawbacks -- I've been through probate 4 times in different jurisdictions, and I'm a lawyer, but -- seriously -- don't take legal advice from this forum. There are several different types of trusts, and they have different legal and tax consequences. We have testamentary trusts that are triggered in certain situations when we die, but would not avoid probate. Probate is not a big deal where we live. There are states where probate should be avoided at all costs. Some people have non-revocable trusts that were set up when the estate exclusion amount was much lower that are actually not advantageous from an overall tax standpoint now (although that could change). Setting up a trust costs $$, and putting your house in a trust can be a hassle if you want to refinance (some banks don't want to lend to a trust). Also, trusts don't necessarily avoid litigation, and a probate attorney in a state where trusts are popular told me that, in contested situations, it is sometimes better to be in probate court rather than fighting over a trust. This is a long way of saying that each jurisdiction and situation is different, so, if you have an estate worth fighting over, you need a really good attorney who will give you good advice based on YOUR situation and jurisdiction.

[Anonymous]

How do you go about finding an attorney to help with wills? Not sure where to start. We are in NoVa.

[Anonymous]

I have a will. I am single with no kids, siblings or living parents. I have left one property to an animal charity and the other to a cousin, but she is about to be married with no pre-nup. I am changing the will to leave the house I was going to leave to her to a different animal charity. Bank accounts/ investments will go to the person who inherits my animals.

[Anonymous]

Anonymous wrote:I have a will. I am single with no kids, siblings or living parents. I have left one property to an animal charity and the other to a cousin, but she is about to be married with no pre-nup. I am changing the will to leave the house I was going to leave to her to a different animal charity. Bank accounts/ investments will go to the person who inherits my animals.

Wow really? just because she is getting married? or you don't like her future husband? I hope you hadn't told her you were living her anything.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have a will. I am single with no kids, siblings or living parents. I have left one property to an animal charity and the other to a cousin, but she is about to be married with no pre-nup. I am changing the will to leave the house I was going to leave to her to a different animal charity. Bank accounts/ investments will go to the person who inherits my animals.

Wow really? just because she is getting married? or you don't like her future husband? I hope you hadn't told her you were living her anything.

No, because she has no protection for her own assets in the marriage. If I die and she has the house, and they divorce/ she dies, he would get half or all of the house. I see no reason for that. I told her the other day when I asked about the prenup.

[Anonymous]

Anonymous wrote:Yes, of course. After I got pregnant.

And a living will, power of attorney and medical power of attorney.

]

This. You are seriously not being a responsible parent if you don't have all these things and life insurance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm 50 with older teenagers and we never got around to making a will. We don't have much in the way of assets but the big mental block was we never could think of who would take care of the kids if we both died.

This seems like the most important part of the will when you have kids...

and that's why we never got a will done.

This borders on negligence. Shame on you. Time to grow up.

[Anonymous]

In Virginia what's an economical way to do this?

[Anonymous]

Of course. Especially with little kids involved. Who gets your kids if you both die? that was my main concern.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm 50 with older teenagers and we never got around to making a will. We don't have much in the way of assets but the big mental block was we never could think of who would take care of the kids if we both died.

This seems like the most important part of the will when you have kids...

and that's why we never got a will done.

This borders on negligence. Shame on you. Time to grow up.

shush up judge judy.