I have been thinking...

[highgrit]

Don't screw around if you want it done. Go talk to a lawyer and an accountant. It takes a while to find the right lawyer and accountant. Thank the Lord that my Dad is as sharp as they come, it still took him 20+ years to get it right, and 4 different lawyers and 3 accountants. Watch them lawyers they are crooks.

 

[skyhightree1]

They are definately crooks my thing is kids are small so I am not sure it would be beneficial to do that now. I have a will now that my other half gets my business and insurance policies if other half decides to auction off my farm equip and livestock tools whatever kids get 100% of proceeds to be put into a college fund and if they do not go to college can have the $ when they turn 25. The property I own goes to my mom and I advised her I want the kids to have it when they are 25. Every loan I have has the insurance if I die it pays the loan off so kids and there mom will be good. I need to revamp I think later and give specific items to each kid when they are older.

 

[Workinonit Farm]

All this schitte happens to the farms and families because the owners usually did not do any type of estate planning - because it is NOT cheap.

Do the plan - get a lawyer and an accountant and a life insurance agent (for equalization of money / land value after death) - and do not let any of those experts advise you on the other's specialty.

Because this was not done - the original owners may have been fine people - but they were extremely stupid when it comes to looking after their own affairs.

Spend the money and do it right and the problems are usually solved.

Do it wrong and the crapola will hit the fan almost every time - we have all seen it and we will continue to see it

:nod: :nod: Excellent advice right there. I have seen this done and it makes a world of difference.

Katherine

 

[snake67]

They are definately crooks my thing is kids are small so I am not sure it would be beneficial to do that now. I have a will now that my other half gets my business and insurance policies if other half decides to auction off my farm equip and livestock tools whatever kids get 100% of proceeds to be put into a college fund and if they do not go to college can have the $ when they turn 25. The property I own goes to my mom and I advised her I want the kids to have it when they are 25. Every loan I have has the insurance if I die it pays the loan off so kids and there mom will be good. I need to revamp I think later and give specific items to each kid when they are older.

You be sure those loans are truly insured OR are they loans that allow someone to gather all your documents together to see if you were insurable?

That matters because in Canada more than 30% of claims under this system are denied by the banks for technicalities

If you do not have an insurance contract you might not have real insurance - only the right to be insured at the time of signing.

It takes a bitchin' long time to gather all those documents and present them to the bank who in turn gives them to a company to see if you were "ok to be insured".

Do not wait - you could be killed tomorrow in a car accident

Saw that happen once as well - only it was a house fire

Kids are still farming because someone was smart

Highgrit and I are on the same page on this one.

Takes time and money - or it all goes down the tubes and developed into a bunch of houses.

Guess it all depends on what you want to do - best of luck on this one.

I will stay out of this one now - but everything I have written about I have experienced either directly or indirectly - read the fine print on those loan "insurances" - you might be surprized at what you find out.

Best to you

Bez

 

[skyhightree1]

I know the loans are insured I pay extra for that. Yea I have to get my lawyer to write up a few contracts for me so I am gonna ask him next week when we have our appt if he can do the writing of wills or is there a lawyer in his firm that does that.

 

[lavacarancher]

Don't know if this works everywhere but you could always put the kill clause in the will. "If anyone contests this will they get NOTHING".

 

[skyhightree1]

LOL I wonder if my state would allow that.

 

[snake67]

I know the loans are insured I pay extra for that. Yea I have to get my lawyer to write up a few contracts for me so I am gonna ask him next week when we have our appt if he can do the writing of wills or is there a lawyer in his firm that does that.

I would bet that you are paying the standard rates that all people pay for their "mortgage / loan insurance" from the bank - which is still not a contract - so unless you actually have an insurance contract in hand I am betting you are wrong - time to check that to be sure.

Go ask the questions and get the fine print details. I would like to be proven wrong but I am betting it is you that is wrong in this case.

Let us know.

Best to you and yours

Bez

 

[skyhightree1]

The only loan I currently have is an equip loan that I pay an extra fee in monthly payments to cover incase I pass but it is a policy in itself that the bank has sent me with all the data about the insurance in which i keep in safe deposit boxes with other important papers

 

[DavisBeefmasters]

Don't know if this works everywhere but you could always put the kill clause in the will. "If anyone contests this will they get NOTHING".

No... not legal in most states... $0.00 is less than $1.00

$1.00 is the minimum amount of legal "consideration" that can be allocated as a sane dispersal of your property to any individual party.

"Any party who contests this will shall receive $1.00 as their full and final inheritance of my estate. The other portion(s) that would have been distributed to the contesting party shall be distributed as follows..."

 

[Bigfoot]

Rich people leave a will. Poor people leave a bill.

 

[skyhightree1]

Bigfoot thats a good one.

 

[TexasBred]

Don't know about other states but here, even though you leave a will, the heirs do not necessarily have to have it probated. They may decide to simply allow the estate to be liquidated according to the laws of the state.