Will

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FarmerShell

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Do ya'll have wills for when you pass on? Is this something ya'll have planned or planned on doing? What about funeral arrangements? Just curious.
My mother has gotten in a world of a mess without having a will when my step dad passed.... Makes me think more about stuff to prevent something like that from happening.
 

Dsth

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if you have any amount of valuable assets, you need a will. If you have more than one person to divide your assets to, you need to specify who gets what. trust me when I tell you that families do not always see eye to eye when anything of value is to be divided among them. my wife and I had our wills drafted shortly after our first child was born because you need to appoint whoever you want to care for your child in case both parents are gone. we updated as our children grew and assets changed. We encouraged our kids to do the same.
 

Lee VanRoss

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Shell, I am sorry for your loss and the situation your mother is in. There are better methods of avoiding the aforementioned
situation than a will and the accompanying probate. Hopefully you will receive some practical advice on how to proceed from
knowledgeable people on these pages. A lawyer, will and probate can take more time and resources than one can imagine.
Good Luck!
 

sstterry

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Shell,
At your age and with young kids you and your husband need a Will. If for nothing else than your peace of mind and to make sure that the kids are taken care of according to your wishes. Ignore the advice about other methods. You are too young and too many things may change for you to use those types of things. A Will is a cheap Insurance given your age and circumstance. They do not have to be expensive. Shoot me a CT email and we can talk about it privately.
 

skyhightree1

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Shell,
At your age and with young kids you and your husband need a Will. If for nothing else than your peace of mind and to make sure that the kids are taken care of according to your wishes. Ignore the advice about other methods. You are too young and too many things may change for you to use those types of things. A Will is a cheap Insurance given your age and circumstance. They do not have to be expensive. Shoot me a CT email and we can talk about it privately.
You sound like my lawyer.... I gotta watch her she's a slick one... got me into a lifetime of losing $$$$.
 

sstterry

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Best advice I was given is give your kids or whoever you are giving stuff too while you are alive and give yourself lifetime rights to said property.... NO BS TO LEAVE BEHIND... When money, property or assets are up for grabs people change.
But not when they are young, I know her kid's approximate ages and they are way too young for that type of planning. At a much older age, sometimes yes. But they still need Wills as a fall-back for things left behind that have not been gifted. Also, if someone chooses the gift-planning route, they need to talk to a tax professional regarding gift limitations, taxes, and also the benefit of the "basis reset for tax purposes for inherited property."
 
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FarmerShell

FarmerShell

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Main thing is we want the children to be appointed to somebody if we both died, not left in foster or nicely putting some of the least liked family. 😬 Also to continue education at their school. What material stuff we have including the farm we want to go to our children. Don't have a lot but what we have we want to go to our children.
You are right people act a fool over material stuff and things and money. 🙄 I don't know what is correct. Some people may think this or that is right but to me the most important things are time with your love ones and teaching them things you know. 🤷🏽‍♀️
My wonderful adult step siblings have my mother in court wanting everything my step dad and her owned together and separate. When you think you have seen how foolish people can act you haven't saw nothing. They had a old barrel on their list of stuff they wanted my mom to pay for or sell. 🤦🏽‍♀️ The second my step dad died my wonderful step siblings were trying to figure out how much money they got. 🤢🤮 and how life changing it would be. My step sister is money hungry and my step brother been in prison off and on for 20+ years for meth. If your family never been touch by anybody on drugs your very blessed. As sad as it is prison is the safety place for drug addicts at least you know where they are.... Out of respect I'm not going to say much about it. My name Bennett and I ain't in it!
 
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FarmerShell

FarmerShell

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Hey that's a good ideal...Like I said before my husband and I have a cemetery we both like and a local funeral home it could do the job. We both are organ donor.... after overthinking that recently not sure how I feel about that but guess it's good. I know when my best friend died at 17, they donated her organs. They went to several different people. Her sister told me the details of which but that was many years ago. I wish I did remember.
 

TCRanch

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A will can be contested by your next door neighbor. If you truly want to secure your assets and have your wishes carried out, put it in a trust. That said, personal documentation on which child gets which piece of jewelry, vehicle, etc. is valuable.
 

C-Ranch

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A will can be contested by your next door neighbor. If you truly want to secure your assets and have your wishes carried out, put it in a trust. That said, personal documentation on which child gets which piece of jewelry, vehicle, etc. is valuable.
A trust can be undone too if there is a sole survivor (husband or wife). My father pasted away and everything was in a trust with explicit detail on where things went and to whom. When he passed, the other siblings threw a fit (even though they knew his wishes and had read the trust documents). Long story short my mom went back to the attorney that did the original trust and had it all changed. It's a mess, bottom line is when people smell $$$ their true side comes out.
 

sstterry

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A will can be contested by your next door neighbor.
Why would a neighbor have any standing to contest a Will?

As I said above, I am not a big fan of trusts for Estate Planning, but I am not an estate planning attorney or a tax specialist. For most people, trusts are not needed.

I had a neighbor that was very wealthy (just an old dirt farmer that created a way to purify ceramics in his barn...we are talking lots of millions in assets). Great salt-of-the-earth guy, but he listened to too many people and got all of his assets tied up in Trusts. Instead of his farm going to his kids, it was sold at a Federal Tax Auction because his lawyers and accountants tried to be too cute with tax avoidance using trusts.
 

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