Karma: 945575

Is your estate/affairs in order?

That should read: IS your estate/ARE your affairs in order?

Some of you know there is much discord in the distribution of my parents' estate due to confusion of the trust and questionable amendments. My question to you is whether you have taken care of putting your wishes for YOUR estate in clear, unquestionable terms for your heirs?
I just talked with my youngest (23) today, advising him I'd be sitting down with all three of them to let them know exactly what my plans are for whatever is left when I'm dead. Hopefully, with a head's up, they will avoid the problems we are experiencing at this time. The attorney is going to be charged with providing clear terminology for those unquestionable wishes of mine.
Friends warned me, there's always an issue with somebody. What do you think?

Answer this

+7 Views: 1087 Answers: 6 Posted: 10 years ago

6 Answers

ROMOS

Karma: 2300335

None of my affairs are in order, I don't plan on dying in the near future, I wont even get one of the "really cheap" policies that some companies offer, once I'm gone I'm GONE!

10 years ago. Rating: 10
Comment this answer

Bob/PKB

I don't have a life insurance policy. I'm talking about what to do with your "stuff" after you're gone!!! Who gets/has to take what

commented 10 years ago

MILLIE333

Family will get houses..and pick of stuff...the rest to charities!

commented 10 years ago

ROMOS

STUFF?
Not a lot of that.
Not worth the bothering about.

commented 10 years ago

Bob/PKB

You'd be surprised, possibly dismayed. Even a collection of LPs is up for grabs. Maybe someone wants your Tupperware. People can be really unpleasant when they swarm an estate like vultures.

commented 10 years ago

MILLIE333

ROMOS..Yeah you`d be amazed at the greed of the vultures!...Besides what you see as not worth bothering with..well one man`s"junk"..IS ANO man`s treasure!!...and am not callin your stuff junk!!;-) XX

commented 10 years ago

sawali

No one plans dying but everyone has to die any moment. After that in absence of a WILL, mess ensues among family and friends. Think about it!

commented 10 years ago

Ducky

Karma: 1032535

I had everything in order a few years ago, but in the meantime, many things have changed and as a result, so will my will. I need to update and soon. (Thanks for the reminder.) Some will be happily surprised at the changes and some shocked and upset at the changes. Oh well...

10 years ago. Rating: 8
Comment this answer

digger

Will I still get your golf clubs?

commented 10 years ago

Ducky

No! You have been sarcastic with me and you KNOW how I hate sarcasm!

commented 10 years ago

ROMOS

Will I be getting them?

commented 10 years ago

Ducky

No! You have been sarcastic with me and you KNOW how I hate sarcasm!

commented 10 years ago

ROMOS

MEEEEE????
SARCASTIC?????

commented 10 years ago

Ducky

Sarcasm is not nice. I never use it myself.

commented 10 years ago

ROMOS

commented 10 years ago

Ducky

As you know, I CAN go on and on! Are you sure that's what you want?

commented 10 years ago

ROMOS

Feel free to say what you want, I've got thick skin, most things just go through or "over" my head, like water off a ducks back, so to speak. ;)

commented 10 years ago

Ducky

Okay, okay. I like you...anyway! LOL!!

commented 10 years ago

FISH-O

Just so that you know dear Ducky, I will not be asking for your golf clubs as I have the perfect set. I just don't use them.

I proudly carry the trophy for the Very Worst Golfer Any One Has Ever Golfed With ... with the exception of on hole in one... complete fluke.

commented 10 years ago

Ducky

A hole in one??? You must be better than you think. That is an experience that many would envy and accomplished by "a fish" no less. :)

commented 10 years ago

FISH-O

A complete fluke. The green was higher than the hole. I aimed, the wind obliged and presented the only good shot I have ever experienced.

I have only experience one amazing shot in the game of pool as well.

commented 10 years ago

Ducky

When those "great shots" are few and far between, it just feels that much better! I know that for sure!! :)

commented 10 years ago

FISH-O

Fleeting miracles :)

commented 10 years ago

Ducky

I just re-read my comment and corrected it. LOL! One would think that I'm not thinking too clearly! LOL!

commented 10 years ago

FISH-O

It's that time of year. LOL!

commented 10 years ago

MILLIE333

Karma: 142535

Yep..after being so sick last yr and before..planned for everything from funeral:-(...kids birthdays and Xmas`s..education...their holidays...weddings...and money in trust...wasn`t going to risk a thing!!!..The MOST organized I`ve ever been..or am ever likely to be!!!...It was the ONLY thing I had some control over!

10 years ago. Rating: 6
Comment this answer

Bob/PKB

So glad you're here to tell us about it! :D Stay healthy!!

commented 10 years ago

MILLIE333

ahh TY Bob...am SO lucky and happy to be here!! XXSWEET OF YOU!!XXX

commented 10 years ago

pythonlover

Karma: 797301

Because I am not a home owner, it will be an open house, free for all. Everything will be up for grabs.

10 years ago. Rating: 5
Comment this answer

sawali

unfortunately things don't work that simply. In absence of a WILL, the government steps in depending on the size of the estate. Someone from the family has to pick up the pieces. what if 3 people like to grab your 'persian rug'- a fight? Unless you want that to happen, making a WILL is important. There is more to an Estate than home ownership.

commented 10 years ago

Bob/PKB

Owning a home is not a requirement for a will. If you have a car, dishes, furniture, clothing, any jewelry, a checking or savings account, etc. etc. etc...

commented 10 years ago

pythonlover

I have no need for a will as I have nothing of great value, not even a Persian rug.I'm sure the few family members I have will amicably be agreeable to any of the contents that they so may desire.Savings accounts are non existent.All in all when the time comes it will be a non eventful process.

commented 10 years ago

Bob/PKB

I hope you are right. It wouldn't hurt to write something yourself and have it notariZed. Avoid any conflict among the ones you care about.

commented 10 years ago

Ducky

I've witnessed at least three families in my lifetime, disintegrate after a death in the family. The person who died, "had nothing of value and all the close-knit family members got along great." No will was needed in his/her opinion. One family fought over a leather jacket, another over a 12 year old car, and another over some outdated electronic equipment! Very sad yet very true.

commented 10 years ago

Bob/PKB

My cousin thinks her mom doesn't need a will, either. She OWNS 2 homes, in joint tenancy, which means the other person(s) will automatically get the home(s) when she dies. Her bank account has at least one beneficiary, and "that's it". Yeah, we'll see. And then there is her car, her clothing, her furniture, her jewelry, her household items, her memorabilia....you know, her STUFF.

commented 10 years ago

sawali

@Bob, your cousin is in for a surprise. Joint tenancy unless with a spouse has tax implications. with ownership of 2 properties, she is well to do and her personal effects probably will have more claimants than cousin only - they come out of woodwork.I think your cousin should rethink her position to avoid a costly mess. AND without a named executor or trustee who will look after the administration- Government!

commented 10 years ago

bustieone

Karma: 250320

We are not yet there, but with passing of wife's mom, same thing. We are planning on taking care of the situation soon. We have already begun by decluttering, and giving photos, etc. to the kids.

10 years ago. Rating: 5
Comment this answer

Ducky

There sure is a lot of clutter, isn't there? You don't realize it until you start cleaning out a home...your own or one belonging to someone else. :(

commented 10 years ago

sawali

Karma: 49425

Good to think about Estate now. Unless you are distributing equally to all kids, stay away from a meeting. You may regret. My own thoughts are: 1. Have an up-to-date WILL 2. Prepare a memo to show a. Where the WILL is b. where and what your assets are including bank accounts c. addresses of real estate,if any. d. your attorney, if any. e. your accountant. f. your past Income Tax returns etc etc. I have written an unpublished article called, SO YOU KNOW......It is a check list for your survivors so they know what is where.

10 years ago. Rating: 5
Comment this answer

Bob/PKB

Really good idea. I'd like a copy of that article. Is it possible for you to email it to me?

commented 10 years ago

mycatsmom

a will still goes thru probate.A Living Trust does not. It goes directly to the descendants.We did a Living Trust back in the early 90s. It's a good thing, too, b/c Joe died before his time. My parents did a Living Trust back in the 80s. They decided who would get what before they died.My mom even gave some of it to me and my bro after my dad died in '85 and again when she moved into a retirment home in about '96.

commented 10 years ago

Bob/PKB

Living trust generally goes to the successor trustee. Also, not all living trusts in Florida avoid probate. An important thing to remember is that there is, most likely, an exception to every rule.

commented 10 years ago

sawali

@MCM a Living Trust is usually your Investments and will not cover anything beyond that Eg your properties and household effects. A LT document is prepared by an Attorney and appoints Trustees to direct the trust. I am not sure to what extent it covers handling ESTATE after the person is no longer LIVING. A WILL takes care of everything according to your wishes. If the estate is large, it has to be probated. BTW you still need a WILL.

commented 10 years ago

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