THE REMAINS*******

[Frankn]

OK, we are all going to die so have you thought about how you are going to devide the spoils of your life?
I know it is something no one wants to think about But if you don't designate the court will.

I have 5 kids. One has preceded me out of this life. That leaves 4. One was given 5 acres to build a house, she sold it. One helped me build my home. He was over here every day after work and worked to midnight. He gets the house and 6 ac. I have another 5 ac lot. It will be sold and the last two split it. That's how it stands now. Now if I find a big cache, things change.

 

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[spartacus53]

Now if I find a big cache, things change.

That, and you change your negotiationing skills. Then you may have a chance

 

[Frankn]

Hay Spart you missed a spot near the storm drain!

 

[Frankn]

Well, I can see that most of you have never given this subject much thought!
Most of you have a few years, but then you never know! Frank

 

[Frankn]

98 Have read this post and only 4 replies. I guess most are afraid to think about the end, but what about the children ? Or maybe there is nothing left to divide. With the economy today, this might be the case or perhaps you have helped out the kids so much that it is already divided.

 

[Chadeaux]

I only got one kid, and so it's all settled. Wife and I both leave everything (not so much, but do own my land) to her.

 

[stefen]

We are all faced with the ending ceremony and spreading the wealth...

I find that most people think that they will take care of this business tommorrow...and this is not good...

After spending 8 years unravelling my parents grim attempt to distribute their life accomplishments, I made sure that my wife and children won't witness this same frustration...

So years ago, I created an excel program that listed all my assetts and liabilities which included real estate, bank accounts, vehicles, guns, coin collection, retirement funds, and the like. After each listed item I placed the current value with a summation...In addition, the addresses, contact names, phone numbers, account numbers for all vendors, banks, etc, is also included on this form...

The bottom line of assett value less pending liabilities was a great suprise, to say the least...

This tool became the basis for my Last Will and Testament as an identifier for those that will inherit...

A copy of this document became an addendum attachment to my Will...

Each assett is listed and its disposition thoroughly described, including charitable disposals...

For instance, all liabilities including real estate, will be paid in full by the estate, and those that inherit will not be faced with attached debts...

 

[Moonrover]

Avoiding probate is, I assume, the intent. Some people are advised by lawyers to set up a trust. Surprise ... The advice comes from lawyers who specialize in trusts and trust management.

A simple and effective alternative is to have bank, investment, etc.. accounts listed as POD. Payable on death. Percentages of division can be specified. This POD thing may not be applicable for all state jurisdictions. Not sure.

Taxes are due no matter what. That is a given. The nicest gift we can give our heirs is the simplicity of a will that clearly states distribution wishes. Probate courts then have no choice but to honor the will and let the designated administrator do the paperwork.

Been there, done that. Both as a successor trustee designated by a trust and as the administrator of a will. Paperwork ... and all, but it sure would have been cleaner if all accounts were POD.

Other thoughts come to mind for my own distribution of assets. If only I could pin down my exact year of demise, the asset sheet would be ZERO.

 

[Rebel - KGC]

HA! Did that & wrote my own "funeral service" (before brain surgery); CREEPED da wife OUT! LOL! Was in a "locked in state" coma for 2 1/2 months... I/Me Consciousness survives "death"; we are transformed. I agree with POD if you can (states may differ). Get a WILL (have "updated" mine); think POD.