For the love of god, get a will!!

[googily]

If you look for the New Yorker profile on Aretha a few years ago, it talks about how she watched so many black performers get ripped off by managers and promoters that in later years she insisted that she be paid in cash for every gig, and that purse that she always carried on stage was stuffed with hundred dollar bills.

So I'm actually not really surprised she didn't have a will.

 

[kcowan]

Crooked agents and crooked lawyers have made many performers gun shy about trusting anyone. Even our lawyer inserted 5% executor fee to be paid to them. If you do not read and understand what you are signing, beware.

Ours is simple. Half to charity and half to my two heirs. But we spend much time on POAs and end of life planning.

 

[JoeWras]

For the folks advocating the necessity of a will, how do you handle your beneficiary designations on your financial accounts (ie 401k/IRA/brokerage/bank etc.)?

Do you leave them blank? Do you explicitly mention that your estate is the beneficiary?

Beneficiary designations trump the will. Even though we are childless, we filled it out to specific family members. I think it ended up being a 10 way split for both DW and I.

Most of our other accounts in the will go to charity.

Which is what perplexes me about Aretha and Prince. With all that wealth, they have a chance to leave a legacy. Perhaps a legacy that would involve helping solve some of the exact problems that burned them. Maybe improve education. Maybe improve music education in disadvantaged school systems. Something.

 

[Bestwifeever]

Someone like Aretha Franklin who knew for many months that she was gravely ill seems to have decided not to leave a will, unlike the celebrities and others who suffered sudden death at a younger age. So I guess that’s what she wanted. Now her childen’s lawyers and the courts will take over.

When we had a lawyer draw up our first will for our simple estate, he actually said we probably didn't even need one as it pretty much restated our state’s law about who would get what if we died without a will. Sort of weird that he would say that!

 

[ER Eddie]

Question -- if I set up a Trust and name my brother as the trustee (the guy who takes over when I'm dead), what happens if he decides to distribute things differently than the Trust dictates? For instance, let's say I want to give 50% to charity. What happens if he decides, after I'm dead, that he wants to only give 25% to charity, and pocket the rest?

Who would know? (Assume I haven't notified the charities to expect anything.) Since it bypasses the court system, is there any sort of oversight or accountability? Or do you just have to have 100% trust in the person who you leave in charge? Is that why they call it a Trust?

I understand that the advantage of a Trust is that it avoids probate (court). But I'm trying to work out this angle. Is there any sort of oversight or accountability built in to a Trust, or is it just 100% up to the trustee to execute according to the plan? What happens if he decides to do it differently? I suspect he would have violated the law, but who would know? It's a private contract, and the other party (me) is dead.

Any help on this question?

 

[JoeWras]

Someone on this forum once said: "There are no trust police." That stuck with me.

It all ends up in civil court. I think your point was nobody is watching, so your trustee can do whatever, although they are legally bound to uphold their fiduciary duty. That may not matter if nobody complains.

The beneficiaries are the ones who push back and sue in these cases. One way would be to notify your beneficiary (charity) ahead of time, so when the day comes, they can ask the trustee for documentation that things were carried out per plan.

... I'm not a lawyer, so this advice worth not much... ... My siblings and I administered our parents' trusts and we got along so well there were no problems ...

 

[street]

I do have a will and everything would go to my wife then my son.

The one thing is iif something would happen to my son can there be a sequence of people in line to inherit if that person isn't alive?

 

[brett]

Both of my parents had up to date wills, POA's, etc. and had even arranged their own funerals. It was their final gift to us.

It made the entire process so easy for us in times of stress. We have done the same for our children. My perspective is that it is the last kind thing that I can do for my children.

We review our wills periodically and keep them up to date with our current wishes.

 

[lucky penny]

I do have a will and everything would go to my wife then my son. The one thing is iif something would happen to my son can there be a sequence of people in line to inherit if that person isn't alive?

State laws vary. Your estate can end up going to your son's heirs, or if none, to some very distant relatives. If no relatives can be located it can end up going into the state's general coffers. A will should include a provision for this - e.g., if your son predeceases you and has no children, your estate could go to another person or to a designated charity.

 

[ER Eddie]

Someone on this forum once said: "There are no trust police." That stuck with me.

It all ends up in civil court. I think your point was nobody is watching, so your trustee can do whatever, although they are legally bound to uphold their fiduciary duty. That may not matter if nobody complains.

The beneficiaries are the ones who push back and sue in these cases. One way would be to notify your beneficiary (charity) ahead of time, so when the day comes, they can ask the trustee for documentation that things were carried out per plan.

... I'm not a lawyer, so this advice worth not much... ... My siblings and I administered our parents' trusts and we got along so well there were no problems ...

Thanks for the input. That was what I was worried about -- no accountability, no oversight (unless someone complains/questions). I trust my brother to do the right thing, but I just want to be clear about the risks.

 

[JoeWras]

Thanks for the input. That was what I was worried about -- no accountability, no oversight (unless someone complains/questions). I trust my brother to do the right thing, but I just want to be clear about the risks.

Good luck, Eddie. I tried to get you a google link and failed.

Try searching on: "failing to follow the terms of a trust"

Lots of good info there. Remember, state laws apply.

 

[Chuckanut]

{Sad but True Story - On}

My class in Business Law was taught by a practicing attorney who told us this sad story about one of his clients.

Mr. and Mrs. Jones started a small business. Over the years the business grew into a great success and made them wealthy. They also had a daughter - Jane. Alas, Mr. Jones died leaving his share of everything to Mrs. Jones. A few years later Mrs. Jones married a widower with three kids of his own. Mrs. Jones never updated her will which left everything to her husband, whomever that was. Alas, Mrs. Jones was killed in a car crash. Everything went to her 2nd husband. Jane got nothing. When Jane turned 18 her step-father kicked her out of the house and kept everything Jane's parents had worked so hard to build for himself and his kids. That's when Jane consulted my professor.

I have no idea how this turned out, but it shows again the need to have a will, make sure one understands all the unexpected stuff that can happen, and keep it updated.

{Sad but True Story- off}

About a year ago I looked at my will, which was less than 10 years old. I was amazed at how out-of-date it was. Among the problems, one daughter had got divorced and changed her name, my grandchildren had been born, the executor had died, and my 2nd choice for executor was no longer a person I wanted to handle the job.

 

[mystang52]

What timely thread for me! I was going to post a question about wills and trusts, but instead took a couple of books on the subject from the library. DW and I have wills, but they were drawn up when my 2 children were still legally children.
The wills, as drawn, are OK in the event we both die but they clearly need updating. And, frankly I'm not sure yet if I need to set up some sort of trust. After I do my reading, I will likely see an estate attorney.

 

[ncbill]

{Sad but True Story - On}

My class in Business Law was taught by a practicing attorney who told us this sad story about one of his clients.

Mr. and Mrs. Jones started a small business. Over the years the business grew into a great success and made them wealthy. They also had a daughter - Jane. Alas, Mr. Jones died leaving his share of everything to Mrs. Jones. A few years later Mrs. Jones married a widower with three kids of his own. Mrs. Jones never updated her will which left everything to her husband, whomever that was. Alas, Mrs. Jones was killed in a car crash. Everything went to her 2nd husband. Jane got nothing. When Jane turned 18 her step-father kicked her out of the house and kept everything Jane's parents had worked so hard to build for himself and his kids. That's when Jane consulted my professor.

I have no idea how this turned out, but it shows again the need to have a will, make sure one understands all the unexpected stuff that can happen, and keep it updated.

{Sad but True Story- off}

About a year ago I looked at my will, which was less than 10 years old. I was amazed at how out-of-date it was. Among the problems, one daughter had got divorced and changed her name, my grandchildren had been born, the executor had died, and my 2nd choice for executor was no longer a person I wanted to handle the job.

Also, please make sure BOTH members of a couple have a will:

Wife's aunt/uncle were childless, with the wife needing nursing care in her later years, while the husband remained at home.

Everyone assumed she would die first, but of course her husband dropped dead instead.

And then everyone discovered that while he had a will, etc. she had nothing.

By this time she's also developed cognitive problems, & here come her out-of-state relatives (who literally have not laid eyes on her in 30 years) to take her back "home."

Given their prior behavior, IIRC some documented in court proceedings, nobody here trusts any of them not to kill her off ASAP ("gee, she wandered off one winter evening")

So there's a big (and expensive) fight which fortunately culminates in the appointment of a professional guardian.

So instead of receiving the personal items promised to her long ago my wife gets to go to auction & bid for those against strangers.

 

[imoldernu]

I have a suggestion for those who have not made out a will yet.
Make out your own free will on line. Many websites to do this... Either Google "Free Willmaker" or go here to suggestions by AARP.

https://www.aarp.org/money/investing/info-04-2012/create-your-will-for-free.html

We used a free willmaker about fifteen years ago, and recently showed it to a lawyer friend of one of my sons who is also a lawyer. Very minor changes, and he suggested we could wait for changes in our status to make any changes or to have the will redone by an estate lawyer.

I think that it will help in understanding the finer points, and bring to light those things that could cause problems later on.

Not as easy as it might seem, but definitely a confidence booster.

 

[lucky penny]

I'm a lawyer who previously did my own will but decided last year it was time to use an expert. I saw a lawyer who specializes in trusts & estates, met with her twice and now have a new will. I thought I knew a lot about the subject, but she knows more about "minor" issues that can lead to problems. Small "tweaks" can be significant. It cost me $2000 but I think it's money well spent, even if only for my peace of mind.

One-size-fits-all wills that you find on the internet aren't for everyone.

 

[kcowan]

Our lawyer announced his retirement so we are using that event to use a new lawyer to update our wills. It is amazing how the details change. Need a younger executor. No more cats to be looked after. Heirs are older and more financially secure. Also need a simple Mexican will for our condo, furnishings, bank accounts and 2 cars.

 

[mf15]

In the process of a re-do since laws have changed for PA and living wills, since 02 when we
first did them. Plus now have grand children.
Oldmike

 

[Circles]

Really no reason not to have one. Not long ago I bought 2019 Quicken Will Maker + for about $40. Down load it and create all the documents you need to manage your estate as well as get many other legal forms you might need or use between now and when you bite the dust. I did quite a bit of research on the best and easiest software before I bought this one. It was well worth the money.

 

[CaliKid]

The funny thing is merely having a "will" doesn't do much in a lot of cases. That is, if you want your assets to go to your legal "next of kin" then no will is probably fine. Likewise, at least in my state, there is a pretty logical order for who should be the administrator of an estate (spouse, kids, etc...). For that second point I should make clear had Aretha died a resident of Cali her niece would be way down the list of priority to serve as administrator so her kids would just need to file and they would trump the niece. However, my main point is that in many states the key is having a funded living trust. A will does not avoid probate at death and does not avoid a conservatorship at incapacity. A trust should avoid both. Having a will is fine but the trust is the key. Also, don't lose the documents and make it easy for your loved ones to find them after you die!

 

[ncbill]

The funny thing is merely having a "will" doesn't do much in a lot of cases. That is, if you want your assets to go to your legal "next of kin" then no will is probably fine. Likewise, at least in my state, there is a pretty logical order for who should be the administrator of an estate (spouse, kids, etc...). For that second point I should make clear had Aretha died a resident of Cali her niece would be way down the list of priority to serve as administrator so her kids would just need to file and they would trump the niece. However, my main point is that in many states the key is having a funded living trust. A will does not avoid probate at death and does not avoid a conservatorship at incapacity. A trust should avoid both. Having a will is fine but the trust is the key. Also, don't lose the documents and make it easy for your loved ones to find them after you die!

Even with a revocable living trust you'd need a "pour-over" will to dump anything you didn't manage to re-title before your death into the trust.

 

[joeea]

Both of my parents had up to date wills, POA's, etc. and had even arranged their own funerals. It was their final gift to us.

It made the entire process so easy for us in times of stress. We have done the same for our children. My perspective is that it is the last kind thing that I can do for my children.

We review our wills periodically and keep them up to date with our current wishes.

Lucky children. You are giving them a great gift that they will appreciate.

IMHO, not leaving a will is just laziness.

 

[MarieIG]

I'm going to have to update our wills. Another thing on the pre-retirement to-do list.

 

[jazz4cash]

I procrastinated for years even though I knew my employer offered a will for no charge to all employees. After I submitted my retirement form I realized I had a few weeks to get it done for free while I was still on the payroll. I finished on the last day possible. The process was very constructive as I had not given much thought to the medical directives and our heirs got to review the paperwork.

 

[Beer-man]

You can make one free online. You can also set up a POD(payable on death) account at your local bank if you are worried about heirs needing immediate assets.
Probate is a pain but it’s law. We had a relative set up a POD account and it was a huge surprise and blessing at the time. The timing was so timely I shed tears