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Reply to "How do you inherit money?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Does he have a will? A wife?[/quote] There's no wife. We are the only heirs. Yes, there's a will. One of us is the executor. Our names are on the bank accounts already. [/quote] Get an estate attorney. The documents are not complicated and very standard in the estate legal world. It will be probably $3-4k to draw it all up and register the trust. You create a trust, and put everything into the trust. You and siblings are beneficiaries. You will be the trustee, one of your siblings is the backup trustee. The will becomes a 2 page document which says (essentially) "anything not in the Trust already, goes into the Trust, when I die, disburse the Trust" The estate attorney should also create other docs, usually Medical Power of Attorney, Advanced Health Care Directive, HIPAA Authorization Form. You will have to take the steps to move all the assets into the Trust. That will probably be the most time consuming part. You can leave the primary bank account for basic bills and such out of the Trust, since you are already named on it. That way.you will have access to it immediately upon death to pay basic bills before the Trust is disbursed.[/quote] Ignore this and get some advice from an expert not a stranger. Unless the assets are considerable there is no need to create a trust.[/quote]
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