General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGonna make out my will/trust this week.
If our school district requires teachers to go back, it's just common sense. However, I'm pretty ignorant about this type of legal precedure. I'm single with no kids/dependents, so I'm unsure whether or not I need a trust, or if a will is fine. Any and all advice would be appreciated.
safeinOhio
(32,690 posts)You can always change it any time in the future.
Reader Rabbit
(2,624 posts)There are several great non-profits here in Portland that I figured I could divvy it up between.
Of course, my mom is my primary beneficiary, should I pre-decease her. Gotta take care of Mom!
KPN
(15,646 posts)mind as well as some others. We have a will, but did it ourselves. Were probably going to spend the money to make sure its legalLt clear-cut and efficient. Our questions are similar. .... Strange times we live in.
The Velveteen Ocelot
(115,741 posts)and how much you have, it can get complicated, especially if you want to set up a trust.
in2herbs
(2,945 posts)their days. Some states require a trust for this.
Reader Rabbit
(2,624 posts)As a crazy cat lady, I definitely want to make sure my fur babies are taken care of!
Phoenix61
(17,006 posts)upon your death without having to go through probate. A Will has to go through probate court which can take time and money. Setting up a revocable trust takes a lawyer but its a one and done. I know Florida is a little weird about a house in a trust. I dont know about other states.
Also, check you benefits package at work, you might have a benefit you can pick that provides some basic legal advice.
I got one through my work, eight dollars per month then it cost me $75 for trust. (Note to myself, cut off the $8.00 per month because I don't need it anymore)
Worst case you can spend $500 to $1,000 to get one written up. As stated by others, you can then bypass probate. All of your Assets will then be in the trust and you can direct the transfer of assets. So a niece, nephew, church, charity, who ever gets the assets.
PJMcK
(22,037 posts)Contact a local attorney. Maybe use Yelp to find someone decent.
Wills and trusts are complicated documents and you will need competent legal guidance.
handmade34
(22,756 posts)AJT
(5,240 posts)Reader Rabbit
(2,624 posts)You wouldn't inherit much except some home brew equipment, a couple of cats, and a shit ton of books!
AJT
(5,240 posts)but I own my home free and clear, and I have some cash so I need to do a will for my 2 children. It is a scary time to be single and in your 60s.
NameAlreadyTaken
(978 posts)Jarqui
(10,126 posts)There are drafts of basic wills online
You might take one of those, edit it and present that to the lawyer - it might save some time & money to articulate what you want
You're probably going to need to name a trustee/executor if you have a will. You should give that some thought.
Some financial instruments can have beneficiaries setup for them in the even of your death.
You might also consider a living will and a power of attorney - in case you're incapacitated.
Under The Radar
(3,404 posts)...and not end up in the hands of attorneys or parties that feel that they can claim it.
Renew Deal
(81,866 posts)Reader Rabbit
(2,624 posts)I've only been here a month longer than you have, and you have a shit-ton more posts than I do. I can't imagine it would be at all beneficial for you!
PoindexterOglethorpe
(25,862 posts)them without going through probate. You title everything to the trust, such as your house, car, investment accounts, and so on. They typically cost a great deal more than a simple will, which is probably all you need.
The most important thing to know is that each and every state has different laws and rules about wills and trusts, so you want to find out what the are in your state. You can probably do a simple Google search for wills and the name of your state. A simple will shouldn't cost very much, but you'd want to contact a couple of attorneys who handle them and found out what they charge.
A trust typically has fairly extensive language intended to cover every possible financial contingency. Again, this is something that people with lots of money and assets need. Not ordinary people.
You can start by making a simple list of what you own, and figuring out who you might want to leave it to. If you own a home, which is most people's largest asset, figure that out. Leave it to your brother? Direct the executors to sell it and give the money to your favorite charity? You get the idea here.
With or without a will, you might want to have a P.O.D. (Pay On Death) on your checking and savings accounts. That person can pretty much immediately gain access to those accounts as soon as they can let the bank or credit union know you've died. Meanwhile, they cannot lay their hands on those things while you are still alive.
Think long and hard about who you want to be the executor of your estate, such as it is. That needs to be someone you can trust to do the right thing.
Pretty much everyone should have a will, and too many people don't understand that. If you die without one, intestate is the legal term, the laws of your state determines where your assets go. And that may not be at all what you'd like.
I've seen people here, when this subject comes up say, "I don't need a will! Why do I care? I'll be dead anyway." Everyone who thinks that way should have the pleasure of handling things when someone dies. Even when the person has a will and everything is straightforward, it can take a shockingly long time to settle things.