A question about having a will or trust.

Discussion in 'The Okie Corral' started by nsl, Mar 29, 2010.

  1. nsl

    nsl

    Messages:
    692
    Likes Received:
    17
    Joined:
    Mar 10, 2009
    I'm 33, single and have no kids. I don't plan on dieing soon, but say I get killed in a wreck going to or from work, who would get my house, cars, guns, money, etc? Will my parents and brother get these things, or is it a "free for all", for any aunt, uncle, cousin, etc that can get their hands on things?
     
  2. Easterbrook

    Easterbrook Wagon Burner

    Messages:
    9,369
    Likes Received:
    0
    Joined:
    Jan 21, 2007
    Location:
    In my teepee.
    Each state has its own rules for intestacy (basically, dying without a will).

    For you, it's generally parents in equal shares. If your parents are both dead, then all to your brother. The only chance cousins/aunts/uncles could get any is if your parents, grandparents and siblings are all dead.
     
    Last edited: Mar 29, 2010

  3. 2c5s

    2c5s

    Messages:
    250
    Likes Received:
    1
    Joined:
    Apr 7, 2008
    Location:
    S. Ca.
    Probate and a judge will decide.
     
  4. harleyfx69

    harleyfx69

    Messages:
    5,463
    Likes Received:
    0
    Joined:
    Jan 25, 2007
    Location:
    in a desert
    also a candidate for the state in a few areas i would imagine ..

    never hurts to at least get a notarized request letter of what you want to happen with your things
     
  5. Easterbrook

    Easterbrook Wagon Burner

    Messages:
    9,369
    Likes Received:
    0
    Joined:
    Jan 21, 2007
    Location:
    In my teepee.
    Nah, states have specific rules.

    People die without heirs all the time. The Judge really does not have discretion-- there are clear and specific rules.

    Here's an example, though I'm not sure which or if any states have adopted this. I think some have, but I already passed the bar and don't have to study this crap anymore: http://www.law.upenn.edu/bll/archives/ulc/intestacy/upcintestacy_provisions.pdf
     
    Last edited: Mar 29, 2010
  6. larry_minn

    larry_minn Silver Member Millennium Member

    Messages:
    13,748
    Likes Received:
    4,601
    Joined:
    Dec 16, 1999
    Location:
    Minnesota
    If you don't have a will don't worry. The state will take care of it all for you. IF anyone objects the lawyers will get it all.

    A will is cheap/simple. If you have assets YOU can get to decide who gets what. (then set up percentage of any $$$ to each person if you have any $$$ left) That way it works if you have $30 or $300,000
     
  7. NorthCarolinaLiberty

    NorthCarolinaLiberty MentalDefective

    Messages:
    5,145
    Likes Received:
    4
    Joined:
    Jun 5, 2009
    Location:
    Tax Funded Mental Institution

    I agree with this. There are a lot of simple will/trust books at the library or a book store. My only cost was for a notary. You'll also need someone to execute your will, such as a trusted relative or friend.

    I once lived in Michigan and had to make a somewhat emergency trip overseas. I had dogs and was concerned what might happen to them if the plane went down.

    I learned that Michigan was one of the states where you could simply handwrite your wishes on a plain piece of paper. I reviewed the statute carefully so I had no worries when I left. I don't even think that piece of paper had to be notarized, but I did send it to a friend.
     
  8. Dennis in MA

    Dennis in MA Get off my lawn

    Messages:
    42,700
    Likes Received:
    2,844
    Joined:
    Aug 16, 2001
    Location:
    Taunton, MA
    According to the other thread, Hitler died in half intestacy. :rofl:


    Dude - get a will. Takes a bit of time and money. Worth it for your fam if you get hit by a comet or something.
     
  9. Jack_Pine

    Jack_Pine CLM

    Messages:
    2,194
    Likes Received:
    657
    Joined:
    Feb 3, 2009
    Location:
    Wisconsin
    Do a trust. It avoids probate.
     
  10. Easterbrook

    Easterbrook Wagon Burner

    Messages:
    9,369
    Likes Received:
    0
    Joined:
    Jan 21, 2007
    Location:
    In my teepee.
    I haven't read that thread, though I am interested to know how a thread purported to be about some Hitler genetic defect turned into a wills, trust & estates thread.

    But sometimes lawyers do speak in terms of half intestacy or part intestate or something similar.

    Say, for example, your will says "I give my house and all my land to my wife Marge." You die, Marge gets your house/land, but your state's rules of intestacy will govern the disposition of the rest of your property (i.e., your Ferrari, your 1911 collection, your million shares of Google, and your other crap).

    Or how about this: "I give all my possessions and property to my Wife Marge and my son Billy in equal shares."

    But both your wife Marge and your son Billy predecease you. Dead people can't inherit your crap. So, your state's laws of intestacy will govern the disposition of your property.


    I do agree with your recommendation (Dude, get a will). In Massachusetts, it's pretty simple. You simply need to have something written, you sign it and have two disinterested and competent witnesses sign it in your presence. There ya go, a bon a fide will.
     
  11. JohnBT

    JohnBT NRA Benefactor

    Messages:
    6,083
    Likes Received:
    1,015
    Joined:
    Feb 24, 2000
    Location:
    Richmond, Virginia
    "Do a trust. It avoids probate. "

    If you're like most people, you don't own enough to bother with a trust, even a simple one. And a simple probate isn't a big deal to do yourself.

    I see how substantial the fees are every quarter when the trust company sends me the statement packages on the trusts that my aunt and uncle left for the care of my mother and her sisters.

    John
     
  12. MrKandiyohi

    MrKandiyohi Millennium Member

    Messages:
    2,308
    Likes Received:
    41
    Joined:
    Feb 9, 1999
    Location:
    Minnesota
    I'm single, and my will took about an hour and $50. That was 10 years ago or so.

    Get a will. Figure out now to whom you want to give your stuff.
     
  13. schild

    schild

    Messages:
    2,490
    Likes Received:
    2
    Joined:
    Mar 1, 2001
    I've used LegalZoom.com several times lately, I think they have a good product. The most important thing is the witnesses and the notary.
     
  14. Easterbrook

    Easterbrook Wagon Burner

    Messages:
    9,369
    Likes Received:
    0
    Joined:
    Jan 21, 2007
    Location:
    In my teepee.

    From what I understand, LegalZoom is a great option for your average will. Laws differ by state, but from what I hear LegalZoom will cater your will to your state and give you instructions on any witness/notary requirements for your state. This all for like $70.

    If you have millions in assets and want some generation skipping tax-sheltered trust, then go to an attorney. But for your average Joe, I think LegalZoom would work well.
     
  15. Cody Jarrett

    Cody Jarrett

    Messages:
    3,647
    Likes Received:
    0
    Joined:
    Sep 14, 2006
    Your situation may change. A trust can be a great way to protect your assets from recapture should you become extremely disabled or need a nursing home. You may want to pass those assets somewhere besides the government or to medical bills. Check with an elder law attorney in your state (and I don't mean an OLD attorney). :supergrin: