Online Will and Trust Software

[Sunset]

.....
2) The author of the will should mark household items that should go to a particular person with that person's name on a piece of tape on the bottom. (Forestalls "Grandma always said I should have this ... " claims.)

3) Have a meeting of the heirs and draw straws to select the first person, then take turns selecting available items without regard to value, until everything that people want is taken. (It is keeping score with uncertain valuations that gets people into trouble.)

+1
This worked well in my DM's case:
Marked items with tape on the back , and then take turns picking what was wanted.

 

[ychuck46]

How do you deal with "stuff" that isn't titled? Valuable antiques, coin collection, furniture, computers, etc. How are such things passed (or disposed of for cash) upon death?

OldShooter already responded with a very good answer so I will not repeat his points. Just remember that a trust is intended to contain the really important "things" such as financial accounts, housing, vehicles, etc. The other items can be tagged as an addendum to the will, since your trust does still contain a will. Good luck.

 

[CRLLS]

DW, who spent many years in the trusts & estates business has a standard recommendation.

1) Items of financial or emotional significance like jewelry, pets, possibly cars, should be dealt with in a letter supplement to the will. The attorney should always be given the latest version as supplementary letters often get revised.

2) The author of the will should mark household items that should go to a particular person with that person's name on a piece of tape on the bottom. (Forestalls "Grandma always said I should have this ... " claims.)

3) Have a meeting of the heirs and draw straws to select the first person, then take turns selecting available items without regard to value, until everything that people want is taken. (It is keeping score with uncertain valuations that gets people into trouble.)

4) Donate where appropriate and arrange for a liquidation firm to take the rest of the "stuff." Attorneys will know names of reliable firms.

#2 doesn't always work out. In my case, DB was executor of DF's estate. I know that Mom and Dad had kept a book with a list of who get what. In addition, there were tags on some items with the intended recipient's names on them. I know this as a fact as I had seen both examples. When the dust settled, I know some items that were promised to me were missing. I was told that some others were given to DB's wife as a gift before Dad passed.

Being over 1,000 miles away, #3 was difficult to enact as one of us was not capable of travelling.

The best of plans falls apart when the executor is less than diligent in his/her duties. IMO, this is why the most important part of a Will, whether a DIY or attorney written, is to choose wisely for your executor.

 

[OldShooter]

#2 doesn't always work out. ...

True. It's not uncommon for an heir to gain unsupervised access to the decedent's home and things go missing. When DW and her team were in charge of an estate the first thing they did was to have all the locks changed. But dishonesty is clever and prevention doesn't always work out.

 

[Koolau]

DW, who spent many years in the trusts & estates business has a standard recommendation.

1) Items of financial or emotional significance like jewelry, pets, possibly cars, should be dealt with in a letter supplement to the will. The attorney should always be given the latest version as supplementary letters often get revised.

2) The author of the will should mark household items that should go to a particular person with that person's name on a piece of tape on the bottom. (Forestalls "Grandma always said I should have this ... " claims.)

3) Have a meeting of the heirs and draw straws to select the first person, then take turns selecting available items without regard to value, until everything that people want is taken. (It is keeping score with uncertain valuations that gets people into trouble.)

4) Donate where appropriate and arrange for a liquidation firm to take the rest of the "stuff." Attorneys will know names of reliable firms.

Thank you.

Probably our stickiest issue is that we plan most of our "wealth" to go to our charities. The kids will receive a tidy sum, but I'm sure we have nothing sentimental to them - so it's just "stuff" to them (with value) that they won't receive as inheritance. They will just get a check.

I like the idea of the attorney providing a reliable firm to get rid of stuff. Not sure how that works on, say coin a collection but I'll ask.

 

[Koolau]

OldShooter already responded with a very good answer so I will not repeat his points. Just remember that a trust is intended to contain the really important "things" such as financial accounts, housing, vehicles, etc. The other items can be tagged as an addendum to the will, since your trust does still contain a will. Good luck.

Thanks so much!

 

[OldShooter]

... I like the idea of the attorney providing a reliable firm to get rid of stuff. Not sure how that works on, say coin a collection but I'll ask.

This is very common. Even a small firm will probably have a list of reliable coin and precious metal firms that they trust. Other specialist firms, too, like for antiques, boats, cars, etc.

Coincidentally, I just got a coin dealer recommendation from our estate attorney's firm. I have a box of old inherited coins that is just wasting space in my gun safe. Need to get it down the road.

 

[PatrickA5]

We're doing our best to get rid of anything of "real" value before the time comes. Having said that, I doubt we have much of anything the kids want. Apparently, the younger generation doesn't like our "brown, ie. stained" furniture. I basically couldn't give away some of my dad's furniture and a lot of it was fairly nice.

 

[brett]

I am known for having deep pockets and short arms according to my long suffering spouse.

There are some things that I do believe in paying for. Two of them are good legal advice and good accounting/tax advice. I don't know what I don't know. The advice that I secure from friends may or may not be accurate despite their best intentions. In both instances I tend to focus on the benefits or the cost of getting it wrong.

I guess it depends on your estate, your wishes, etc. It seems to me that spending a few dollars and getting it right could pale with the cost, challenges etc. of making some mistakes relevant to your wishes and to the jurisdiction where you live.

 

[ychuck46]

We're doing our best to get rid of anything of "real" value before the time comes. Having said that, I doubt we have much of anything the kids want. Apparently, the younger generation doesn't like our "brown, ie. stained" furniture. I basically couldn't give away some of my dad's furniture and a lot of it was fairly nice.

One of the guest bedrooms in our house is all Stickley furniture - bed, nightstands, dressers. Anyone who know furniture knows Stickley quality. Not sure our daughter/SIL will want it when we are gone since it doesn't fit their look or lifestyle. The last one of the two of us left standing will probably have to get rid of such stuff one way or the other.

 

[Sunset]

True. It's not uncommon for an heir to gain unsupervised access to the decedent's home and things go missing. When DW and her team were in charge of an estate the first thing they did was to have all the locks changed. But dishonesty is clever and prevention doesn't always work out.

The dirty secrets in life.

I was actually thinking the name on tape thing could cause heirs to make frequent visits to the aging person, switch tape or changing names when alone.

At least the person would get visits