When should you write a will?

[Eppy99]

My wife and I wrote a very brief will before leaving the country on a short trip. This was probably 15 years ago. The will was centered on who would take custody of our children should something happen to us.

When should you write a will more centered on assets? I’m 51, should I have done this yesterday?

 

[All4You]

My wife and I wrote a very brief will before leaving the country on a short trip. This was probably 15 years ago. The will was centered on who would take custody of our children should something happen to us.

When should you write a will more centered on assets? I’m 51, should I have done this yesterday?

Yes, you should do it ASAP.

 

[Courtsensetwo]

My wife and I wrote a very brief will before leaving the country on a short trip. This was probably 15 years ago. The will was centered on who would take custody of our children should something happen to us.

When should you write a will more centered on assets? I’m 51, should I have done this yesterday?

...or the day before.

Also consider a living trust that the house, boats, plane and trump collectables are put in.

Helps with taxes and makes the post-Eppy distributions much more simple.

 

[Eppy99]

...or the day before.

Also consider a living trust that the house, boats, plane and trump collectables are put in.

Helps with taxes and makes the post-Eppy distributions much more simple.

We have a living trust already for each of the girls. It was intended to pay for their education and anything leftover could be for a house down payment. We have 529 plans as well but my advisor convinced us the growth in other assets would offset the tax benefits from the 529. So most of our money has gone into their trusts.

 

[Courtsensetwo]

We have a living trust already for each of the girls. It was intended to pay for their education and anything leftover could be for a house down payment. We have 529 plans as well but my advisor convinced us the growth in other assets would offset the tax benefits from the 529. So most of our money has gone into their trusts.

Get the house in an "Eppy Family Trust" as well.

 

[BradStevens]

We have a living trust already for each of the girls. It was intended to pay for their education and anything leftover could be for a house down payment. We have 529 plans as well but my advisor convinced us the growth in other assets would offset the tax benefits from the 529. So most of our money has gone into their trusts.

Talk to your dad. He might be able to do it or he'll give you a referral.

Any decent lawyer will be able to help you scope out what needs to be in there. Listen to them.

 

[BadWakeboarder]

My wife and I wrote a very brief will before leaving the country on a short trip. This was probably 15 years ago. The will was centered on who would take custody of our children should something happen to us.

When should you write a will more centered on assets? I’m 51, should I have done this yesterday?

Yes. You need two docs: an estate plan and a living will. A good law shop can do both and you want the estate plan to be formed at the nexus of least-taxes-to-be-paid with what’s practical.

My FIL the other day informed us that his lawyer set up a generation skipping trust for our kids and his other grandkids and I wasn’t happy about it. He told us it’s “for their college” and it results in less taxes. I told him we should have been consulted because we have already saved properly for their college and I don’t want them to have a trust that doesn’t come from us.

Thus, you need to seek practicality too and not just tax avoidance.

 

[twenty02]

Yes. You need two docs: an estate plan and a living will. A good law shop can do both and you want the estate plan to be formed at the nexus of least-taxes-to-be-paid with what’s practical.

My FIL the other day informed us that his lawyer set up a generation skipping trust for our kids and his other grandkids and I wasn’t happy about it. He told us it’s “for their college” and it results in less taxes. I told him we should have been consulted because we have already saved properly for their college and I don’t want them to have a trust that doesn’t come from us.

Thus, you need to seek practicality too and not just tax avoidance.

Less taxes? That seems questionable.

 

[twenty02]

Make sure you revisit the estate documents occasionally. Like every 5 years or so. Too often people set these up and then never look at them again. 20 years later a lot of things can change. Tax laws. Family situations, deaths, marriages, divorces, children are now adults, etc...

 

[mcmurtry66]

Yes. You need two docs: an estate plan and a living will. A good law shop can do both and you want the estate plan to be formed at the nexus of least-taxes-to-be-paid with what’s practical.

My FIL the other day informed us that his lawyer set up a generation skipping trust for our kids and his other grandkids and I wasn’t happy about it. He told us it’s “for their college” and it results in less taxes. I told him we should have been consulted because we have already saved properly for their college and I don’t want them to have a trust that doesn’t come from us.

Thus, you need to seek practicality too and not just tax avoidance.

Healthcare directives. @Eppy99 simplest goal is avoiding probate to the extent possible

 

[Joe_Hoopsier]

Less Taxes? Do any of the people that are pro "Pay your fare share" try to steal from the government by setting up these tax shelters when they die? Seems, hypocritical.

 

[kurt cloverdales]

Yes. You need two docs: an estate plan and a living will. A good law shop can do both and you want the estate plan to be formed at the nexus of least-taxes-to-be-paid with what’s practical.

My FIL the other day informed us that his lawyer set up a generation skipping trust for our kids and his other grandkids and I wasn’t happy about it. He told us it’s “for their college” and it results in less taxes. I told him we should have been consulted because we have already saved properly for their college and I don’t want them to have a trust that doesn’t come from us.

Thus, you need to seek practicality too and not just tax avoidance.

sounds to me like your father-in-law doesn't like or trust you

 

[Eppy99]

sounds to me like your father-in-law doesn't like or trust you

Maybe he anonymously visits the WC.

 

[iuwclurker]

Yes. You need two docs: an estate plan and a living will. A good law shop can do both and you want the estate plan to be formed at the nexus of least-taxes-to-be-paid with what’s practical.

My FIL the other day informed us that his lawyer set up a generation skipping trust for our kids and his other grandkids and I wasn’t happy about it. He told us it’s “for their college” and it results in less taxes. I told him we should have been consulted because we have already saved properly for their college and I don’t want them to have a trust that doesn’t come from us.

Thus, you need to seek practicality too and not just tax avoidance.

It’s his money, not yours. None of your business.

Furthermore, you don’t own your children. You are stewarding them until they’re of age.

 

[UncleMark]

We don't have one. Everything we have (which ain't much) is either in both our names or have the other as the the beneficiary. In Indiana, if I die first, she gets all our shit, and vice versa.

 

[iuwclurker]

We don't have one. Everything we have (which ain't much) is either in both our names or have the other as the the beneficiary. In Indiana, if I die first, she gets all our shit, and vice versa.

A lot of deaths happen simultaneously, for instance, a car crash.

My parents had their will done in quite an intricate manner, including stipulations for one of their children, dying with their own children or not. In the first case their portion went to their children and then the second, it lapsed.

 

[UncleMark]

A lot of deaths happen simultaneously, for instance, a car crash.

No they don't. Not really.

 

[Joe_Hoopsier]

We don't have one. Everything we have (which ain't much) is either in both our names or have the other as the the beneficiary. In Indiana, if I die first, she gets all our shit, and vice versa.

And if you both go together?

 

[twenty02]

We don't have one. Everything we have (which ain't much) is either in both our names or have the other as the the beneficiary. In Indiana, if I die first, she gets all our shit, and vice versa.

What happens after that? Hoosier Huddle memorial Page?

 

[BradStevens]

Yes. You need two docs: an estate plan and a living will. A good law shop can do both and you want the estate plan to be formed at the nexus of least-taxes-to-be-paid with what’s practical.

My FIL the other day informed us that his lawyer set up a generation skipping trust for our kids and his other grandkids and I wasn’t happy about it. He told us it’s “for their college” and it results in less taxes. I told him we should have been consulted because we have already saved properly for their college and I don’t want them to have a trust that doesn’t come from us.

Thus, you need to seek practicality too and not just tax avoidance.

First world problems.

 

[kurt cloverdales]

We don't have one. Everything we have (which ain't much) is either in both our names or have the other as the the beneficiary. In Indiana, if I die first, she gets all our shit, and vice versa.

leave your shit to Lucy, someone who would enjoy it

 

[JamieDimonsBalls]

My FIL the other day informed us that his lawyer set up a generation skipping trust for our kids and his other grandkids and I wasn’t happy about it. He told us it’s “for their college” and it results in less taxes. I told him we should have been consulted because we have already saved properly for their college and I don’t want them to have a trust that doesn’t come from us.

There are two options here:

1) He hates you
2) You have more than he ever had and he's jealous about it

If #2, pretty fvcking dumb since it would be doubling up on a specific purpose.

 

[BadWakeboarder]

sounds to me like your father-in-law doesn't like or trust you

Quite the opposite, chief. He just lets his lawyer bully him.

There are two options here:

1) He hates you
2) You have more than he ever had and he's jealous about it

If #2, pretty fvcking dumb since it would be doubling up on a specific purpose.

He has more than me. He just lets his lawyer prioritize tax breaks over common sense. At the end of the day it doesn’t matter. I just would’ve liked to have known then I wouldn’t have saved for their college.

 

[sweetsilence]

My wife and I wrote a very brief will before leaving the country on a short trip. This was probably 15 years ago. The will was centered on who would take custody of our children should something happen to us.

When should you write a will more centered on assets? I’m 51, should I have done this yesterday?

Yes.

My mom is 62. Still doesn't have one. Ive experienced a lot of death in the family

A will is a necessary

 

[UncleMark]

I just would’ve liked to have known then I wouldn’t have saved for their college.

What can you do with 529s if they aren't used for college expenses?

 

[BadWakeboarder]

What can you do with 529s if they aren't used for college expenses?

Convert to Roth IRA, use on technical education, in other words, lousy options. I don’t like seeding kids with money. I like generational wealth building and seeding kids with love and experiences and letting them later be a part of building generational wealth. Knowing there is a trust - to me - creates moral hazard.

 

[The Original Happy Goat]

We don't have one. Everything we have (which ain't much) is either in both our names or have the other as the the beneficiary. In Indiana, if I die first, she gets all our shit, and vice versa.

For the vast majority of us, a will has limited financial benefits. If you're worth less than about $14 million ($28 million for a married couple), you don't really need to worry about taxes, unless you live in some state with its own punitive inheritance tax (which I'm not sure even exists). One non-financial benefit most states offer, however, is the ability to express a desire for a form of expedited probate. In Indiana, for example, if your will is crafted properly, your estate can be probated with just a couple of simple filings. In some counties, your executor won't even have to step into a courtroom.

You're doing what one of my old professors used to call "self-help probate." Same thing happened when my dad passed. No one ever filed. Everything was already in my mom's name, or had her as a beneficiary, except for his personal vehicle, and Indiana allows you to transfer one personal vehicle to a surviving spouse with only a death certificate, so she just had to take a copy to the BMV and it was done.

 

[UncleMark]

You're doing what one of my old professors used to call "self-help probate." Same thing happened when my dad passed. No one ever filed. Everything was already in my mom's name, or had her as a beneficiary, except for his personal vehicle, and Indiana allows you to transfer one personal vehicle to a surviving spouse with only a death certificate, so she just had to take a copy to the BMV and it was done.

We made sure before my dad died that everything went to my mom, and then by the time mom died we had liquidated everything except the investments, and me and my brothers were already set up as the beneficiaries. There was no filing at all.

Some time back I had a health scare, and the wife started making noise about needing wills. I tried to explain it wasn't necessary in our circumstances, but she still wanted to do it. But what I actually found out was she didn't want to deal with all the inevitable inconveniences that would come once I croak, no matter how minor. I've since told my brother he's going to have to help her out, and have told her to give him a chunk of money when the time comes for his trouble.

 

[VanPastorMan]

Less Taxes? Do any of the people that are pro "Pay your fare share" try to steal from the government by setting up these tax shelters when they die? Seems, hypocritical.

Years ago you found out that the Clintons donated underwear and then wrote it off their taxes. Everybody pays the least amount of taxes they can.

 

[UncleMark]

Years ago you found out that the Clintons donated underwear and then wrote it off their taxes. Everybody pays the least amount of taxes they can.

Boxers or briefs?

 

[Joe_Hoopsier]

My wife and I went to a psychic once. After she came out, I went in. He took my hand and said "your wife is nuts".

I knew instantly, Oh my god this guy is good !

 

[VanPastorMan]

Boxers or briefs?

Whichever brought the most deduction.

 

[StollCpaGoat]

...or the day before.

Also consider a living trust that the house, boats, plane and trump collectables are put in.

Helps with taxes and makes the post-Eppy distributions much more simple.

What taxes does a living trust help with?

 

[The Original Happy Goat]

What taxes does a living trust help with?

It generally doesn't. But it possible to lock in current tax rates if you think they will increase before you die. The trust will (usually) be taxed at the rates that were active when the trust was created.

Obviously, that's just based on past practices. Any new tax law could always change that entirely, anyway.

For the vast majority of us, estate planning is about making the probate process easier, quicker, and less painful for the family. Tax implications are usually nil.

 

[StollCpaGoat]

It generally doesn't. But it possible to lock in current tax rates if you think they will increase before you die. The trust will (usually) be taxed at the rates that were active when the trust was created.

Obviously, that's just based on past practices. Any new tax law could always change that entirely, anyway.

For the vast majority of us, estate planning is about making the probate process easier, quicker, and less painful for the family. Tax implications are usually nil.

I would think most people would not want a living trust to covert to irrevocable and hold earning assets. I think most use the Trust in the place of a will to distribute their assets at death.

Trusts pay the highest individual income tax rates at a very low threshold.

 

[abraxis]

Boxers or briefs?

Bill’s thong collection, mementoes of his affairs.

 

[Noodle]

What can you do with 529s if they aren't used for college expenses?

You can finally take that crocheting class at the community college. Or, how about this apprenticeship program?:

Home | James B. Beam Institute for Kentucky Spirits

beaminstitute.ca.uky.edu

 

[abraxis]

You can finally take that crocheting class at the community college. Or, how about this apprenticeship program?:

Home | James B. Beam Institute for Kentucky Spirits

beaminstitute.ca.uky.edu

I remember a popular “pud” pass-fail course I took while at IU…a GPA builder. It was a coarse in Law Enforcement but was more commonly referred to as simply “Cops and Robbers.” I wonder if UK/UL students refer to the Beam Institute Apprenticeship as simply “Pickled Liver 101.”

 

[CO. Hoosier]

My wife and I wrote a very brief will before leaving the country on a short trip. This was probably 15 years ago. The will was centered on who would take custody of our children should something happen to us.

When should you write a will more centered on assets? I’m 51, should I have done this yesterday?

Unless you are filthy rich, a will isn’t that important. (See goat’s post)

You should put together a folder of important information about what your survivors and loved ones should don when you are dead, or dying.

There is a book for that (maybe an app too).

I'm Dead, Now What? Planner - Important Information about My Belongings, Business Affairs, and Wishes: Peter Pauper Press: 9781441317995: Amazon.com: Office Products

I'm Dead, Now What? Planner - Important Information about My Belongings, Business Affairs, and Wishes [Peter Pauper Press] on Amazon.com. *FREE* shipping on qualifying offers. I'm Dead, Now What? Planner - Important Information about My Belongings, Business Affairs, and Wishes

www.amazon.com

Every financial institution will allow an account holder to direct what happens upon death. Make sure that is done.

Colorado allows a statutory beneficiary deed for property, see if your state has that and do that.

Also think about powers of attorney for medical care and finances.

Important names and phone numbers,

My stoker knows nothing about home maintenance issues (changing furnace filter for example) so I wrote specific instructions, phone calls, names, etc.

 

[twenty02]

Unless you are filthy rich, a will isn’t that important. (See goat’s post)

You should put together a folder of important information about what your survivors and loved ones should don when you are dead, or dying.

There is a book for that (maybe an app too).

I'm Dead, Now What? Planner - Important Information about My Belongings, Business Affairs, and Wishes: Peter Pauper Press: 9781441317995: Amazon.com: Office Products

I'm Dead, Now What? Planner - Important Information about My Belongings, Business Affairs, and Wishes [Peter Pauper Press] on Amazon.com. *FREE* shipping on qualifying offers. I'm Dead, Now What? Planner - Important Information about My Belongings, Business Affairs, and Wishes

www.amazon.com

Every financial institution will allow an account holder to direct what happens upon death. Make sure that is done.

Colorado allows a statutory beneficiary deed for property, see if your state has that and do that.

Also think about powers of attorney for medical care and finances.

Important names and phone numbers,

My stoker knows nothing about home maintenance issues (changing furnace filter for example) so I wrote specific instructions, phone calls, names, etc.

Eppy still has minor children. I think it's pretty important to spell out your wishes for them, including guardianship and possibly trusts to provide for them.

An estate with no will can quickly become a hot mess if there are real estate holdings and multiple heirs. Not like it's that difficult to get a will done. Not really a good excuse to not do so.