Reply to Estate Planning 101

Forum Index » Money and Finances

Reply to "Estate Planning 101"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]OK I'm curious about this all. DH and I are youngish with no kids. Is it a bad thing that we don't have a will? I figure if I die, it all goes to him and vice versa. If we both die, our parents would split it equally. [/quote]

Not necessarily.  So, lets say, for instance, you and DH are in a car crash.  You die immediately.  DH hangs on for a little while but ultimately dies.  Depending on your state law, a couple of things could happen.  When you die, DH would immediately inherit your money.  If he died within a certain time frame, your money would be split between your parents like you said above, but if he lives for your states statutory period.. as little as 5 days, everything would go to his parents and your family would get nothing.

Another scenario.  Lets say DH makes a much larger salary than you.  But lets say you brought a large inheritance to the marriage.  You both die.  Depending on the state you are in, it may or may not be an equal split. And it may or may not cause your respective parents to fight over the split.

Finally, lets say you have siblings.  Do you want your parents to have the money or do you want a sibling to have the money instead?

Ultimately, yes the courts can work out the split for you.  It could take several months for this to play out.  Final expenses would have to be paid immediately by someone.

Also, Final decisions would have to be made. How many life saving measures do you and your DH want taken?

So many variables you have to think about.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics