denoginnizer
Well-known member
I dont plan on kicking over anytime soon but I figure I should go ahead and make a will. Everybody else got theres made out?
making a will
- Thread starter denoginnizer
- Start date
I'm thinking that's a very smart move on your part, don't forget to make provisions for extended care if (God forbid) something should happen that renders you incapable of making your own decisions. I don't have to worry about it as I don't have anything except 3 dogs that are taken care of, are are my final wishes should that occasion arise.
Susie David
Well-known member
Oh yeah...have a friend thats a lawyer and she made them for us....I get one jump start then the lights are out. DMc
cypressfarms
Well-known member
Last year we lost my wife's father.
He went in to hospital on Friday with serious back pains, died Monday morning before he woke of massive internal bleeding. He was 58.
Makes you think real hard about wills and other "necessities".
He went in to hospital on Friday with serious back pains, died Monday morning before he woke of massive internal bleeding. He was 58.
Makes you think real hard about wills and other "necessities".
aplusmnt
Well-known member
I been putting it off, I can not decide which child to leave all my Bills to? 
In fact a will by itself is not enough. An entire estate plan must be completed to ensure all the money and effects go to the correct person, place or whatever.
By completing a will, there are serious holes in the final disposition of finances, personal goods and effects - why? - because the various government agencies and banks, lawyers and accountants get into the act - along with probate and so on.
Taxes, unpaid bills, mortgage calls, professional billing hours and so on. Plus the "hidden" stuff. It is amazing who and what comes out of the woodwork when the last person dies.
When a person states there is not enough here for an estate I tend to point out that a house, a few vehicles and some taxes will need to be taken care of before the money hits the street. It is usually not a small sum. Honoured son or daughter who is planning to take over the family farm may have to come up with some serious tax money before ownership is guaranteed.
Very often the "new" owner has to sell all or part of the estate due to monies required by some gov agency.
If you do not know someone who has experienced this difficulty, I will bet your neighbour does. More than one farm or ranch has departed from family hands due to poor planning by the once living owner.
So, when one speaks of a will, do NOT EVER think you have solved all of the potential problems - in fact you are ignoring some serious aspects that will / could have drastic consequences on your heirs.
To do the job properly one must visit an insurance agent, a lawyer and an accountant. Put it all together - because the puzzle is far more complex than just a will.
Do you TRULY know where your property and effects will go after death?
Does your lawyer know how to minimize your estate taxes? Did you ask?
Do you need to further examine this issue?
Can your lawyer guarantee your financials will be in order? Did you ask?
Does your life insurance cover estate costs? What about the "other bills?" Did you ask?
Does your accountant have estate planning credentials? Does your lawyer? Did you ask?
Can your accountant guarantee there will be funds available to cover estate costs? Did you ask?
Can your accountant guarantee your heirs will have enough money to pay final costs and still have enough money left over to keep the home place? Did you ask?
Have you enough insurance to cover costs without liquidating the estate? How do you know - did you ask an expert or your fishing buddy?
If your expert will give you a verbal answer but not give you the answer in writing, it is not - repeat - NOT a legal answer - it is simply opinion. Get it in writing or you may have nothing to stand on if it goes to court.
In other words one pro cannot do the job by him/herself. If they say they can you had better RUN from them - fast as possible.
Usually, lawyers do law, accountants do taxes, financial advisors put it all together using their estate planning experience.
Do your due diligence and do it soonest. Costs increase dramatically with increase in age.
Believe me it is not fun to learn this the hard way. I have this T-shirt - off my soap box.
Have a good one,
Bez!
By completing a will, there are serious holes in the final disposition of finances, personal goods and effects - why? - because the various government agencies and banks, lawyers and accountants get into the act - along with probate and so on.
Taxes, unpaid bills, mortgage calls, professional billing hours and so on. Plus the "hidden" stuff. It is amazing who and what comes out of the woodwork when the last person dies.
When a person states there is not enough here for an estate I tend to point out that a house, a few vehicles and some taxes will need to be taken care of before the money hits the street. It is usually not a small sum. Honoured son or daughter who is planning to take over the family farm may have to come up with some serious tax money before ownership is guaranteed.
Very often the "new" owner has to sell all or part of the estate due to monies required by some gov agency.
If you do not know someone who has experienced this difficulty, I will bet your neighbour does. More than one farm or ranch has departed from family hands due to poor planning by the once living owner.
So, when one speaks of a will, do NOT EVER think you have solved all of the potential problems - in fact you are ignoring some serious aspects that will / could have drastic consequences on your heirs.
To do the job properly one must visit an insurance agent, a lawyer and an accountant. Put it all together - because the puzzle is far more complex than just a will.
Do you TRULY know where your property and effects will go after death?
Does your lawyer know how to minimize your estate taxes? Did you ask?
Do you need to further examine this issue?
Can your lawyer guarantee your financials will be in order? Did you ask?
Does your life insurance cover estate costs? What about the "other bills?" Did you ask?
Does your accountant have estate planning credentials? Does your lawyer? Did you ask?
Can your accountant guarantee there will be funds available to cover estate costs? Did you ask?
Can your accountant guarantee your heirs will have enough money to pay final costs and still have enough money left over to keep the home place? Did you ask?
Have you enough insurance to cover costs without liquidating the estate? How do you know - did you ask an expert or your fishing buddy?
If your expert will give you a verbal answer but not give you the answer in writing, it is not - repeat - NOT a legal answer - it is simply opinion. Get it in writing or you may have nothing to stand on if it goes to court.
In other words one pro cannot do the job by him/herself. If they say they can you had better RUN from them - fast as possible.
Usually, lawyers do law, accountants do taxes, financial advisors put it all together using their estate planning experience.
Do your due diligence and do it soonest. Costs increase dramatically with increase in age.
Believe me it is not fun to learn this the hard way. I have this T-shirt - off my soap box.
Have a good one,
Bez!
frenchie
Well-known member
The only thing more important than having a will, Is to revisit it occasionally and make sure its up to date.
preston39
Well-known member
Don't hesitate to look at a revocable/irrevocable living trust here in the US. There are tremendous advantages and should be considered/part of any estate planning. They are a little complex but well worth the time and effort to understand.
SPRINGER FARMS MURRAY GRE
Well-known member
Good info Bez! Personally I fully intend to live until the rapture,then come back and get the land again! ;-) :cboy:
semen demon
Well-known member
hell you got to have something somebody else wants before you need a will. I think I'm safe without one.LOL
semen demon":2nzm5wh4 said:
Sure hope that "LOL" was in real jest. even the smallest holding will be worth something more in the future - and there will be a fight if the ducks are not all in a row.
Been there, done that and it was not pretty.
Unfortunately some of us will go before our time. Sit down and look at the family. If you were to disappear from the scene tonight - WHAT WOULD HAPPEN TO THEM?
Schooling for the kids, anyone with a handicaqp in the family that needs your assistance today, life style for the family until kids are gone, able to buy food and pay the bills? Lots of questions that need to be asked and answered. I would bet some of you readers can come up with a thousand questions.
Worst thing is to ignore it - sometimes health turns over night. Then it may become impossible to complete the planning package.
Springer Farms - thanks for the compliment - this one is close to my heart and I would advise all to do their due dilligence no matter what the age - many of us do not die in our beds at the ripe old age we would like to live to.
Regards,
Bez!
I got a sample copy of a NY will off internet & typed my own. Real simple, we only have 1 daughter. Also have a living will.
dj":1grsfm66 said:
I am glad you are dealing with the estate issues now rather thasn later. Anyone who truly thinks all they need is a will usually does not know enough about what will happen when they are dead.
A will is a good thing - but by itself it is sadly lacking. The fact is a will does not protect your heirs from losing their inheritance / the things you have worked so hard to achieve and pass on to them should things go badly. It simply dictates where and how the assets are dispersed.
Stay well,
Bez!
