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Author Topic: Do you have a will?  (Read 373 times)
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Canuck
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« on: July 10, 2013, 09:20:17 PM »

I've never listened to the Bombcast podcast and I rarely visited the site so fortunately I haven't been affected by the death of Ryan Davis like some people have but one thing I took away from it (as many people commented) was that he was only 34 and had just gotten married a few weeks earlier.
It made me realise that I'm also 34 and I'm also married (year and a half) and I have a baby on the way, due in September. And I have no will. Until now I've always thought, Will? What do I need one of those for? We're all immortal in our twenties right? smile
Now it's beginning to dawn on me that I ought to have my things in order just in case the unthinkable happens. For my child, I should have a will and I should probably have life insurance. Right? What does everyone else do?
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CeeKay
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« Reply #1 on: July 10, 2013, 09:23:20 PM »

mine says everyone has to fight in a specially constructed Thunderdome for my belongings and money.  Many candidates enter, one inheritor leaves.
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« Reply #2 on: July 10, 2013, 09:38:02 PM »

Yeah, a will is a pretty good thing to have. I had one made when I was still in the Air Force, and it's nice not to have to think about that any more.
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Canuck
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« Reply #3 on: July 10, 2013, 09:56:25 PM »

Does it need to have a lot of details? Or can it simply say, "My wife can have access to all my funds in all accounts after I've passed away under suspicious circumstances."  slywink
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« Reply #4 on: July 10, 2013, 10:06:50 PM »

Quote from: Canuck on July 10, 2013, 09:56:25 PM

Does it need to have a lot of details? Or can it simply say, "My wife can have access to all my funds in all accounts after I've passed away under suspicious circumstances."  slywink

I think it's pretty standard that if you go  your wife gets everything. Sticky part is if you both die together. Who gets what and who watches over your kid(s).

We still haven't figured it out.
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« Reply #5 on: July 10, 2013, 10:24:42 PM »

depending on the laws in your area an estate without a will may still have to go through probate even when there is no one contesting how the estate is broken up.  when my mother passed I was clearly the only one left to inherit anything, but since she did not leave a will I had to go through all the steps and wait about a year for everything to be resolved.  Luckily she worked for an attorney who agreed to help with the court filings and stuff while only charging me for court costs.

TL;DR:  get a will, it's cheap and will make everyone's life easier in the fortunate event of your passing biggrin
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« Reply #6 on: July 10, 2013, 10:30:19 PM »

I have a will that sets up a revocable trust. The will covers a whole variety of things..

What happens if I die.
What happens if the wife dies.
Who gets the money and when they get it.
Executors of the will.
Who gets the kids.
Power of attorney.
I forget what it's called but the info on when to "pull the plug" is their too.

My kids are older now but much of what is in the will applies for many more years. It also means your estate can avoid probate, which is a good thing.

Lawyers usually have set rates for doing wills. If you choose the trust route it will no doubt cost more as more work is required. Your assets are put into the trust and that takes some work. But it is work that would require doing by your survivors anyway so why not do it in advance.
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Ironrod
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« Reply #7 on: July 10, 2013, 10:40:10 PM »

I don't, and I really should. I assume that everything automatically passes to my wife (and vice versa), but if we should die together I fear that lawyers and the state would take what little we have...or, worse, it would go to my brother in law. My nephews and niece are beneficiaries to our retirement accounts, which are our only real assets, but our house and cars are worth at least something and there is no obvious heir to those.

So where do you get a legally binding will for free or dirt cheap, preferably without actually having to deal with a lawyer?
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Lee
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« Reply #8 on: July 10, 2013, 11:37:25 PM »

Quote from: Suitably Ironic Moniker on July 10, 2013, 09:38:02 PM

Yeah, a will is a pretty good thing to have. I had one made when I was still in the Air Force, and it's nice not to have to think about that any more.

Didn't realize you got out, congrats.
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ravenvii
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« Reply #9 on: July 11, 2013, 02:37:50 AM »

Quote from: Ironrod on July 10, 2013, 10:40:10 PM

I don't, and I really should. I assume that everything automatically passes to my wife (and vice versa), but if we should die together I fear that lawyers and the state would take what little we have...or, worse, it would go to my brother in law. My nephews and niece are beneficiaries to our retirement accounts, which are our only real assets, but our house and cars are worth at least something and there is no obvious heir to those.

So where do you get a legally binding will for free or dirt cheap, preferably without actually having to deal with a lawyer?

Depends on the state, but in California and New York, you can just write one yourself and sign it. Even better if you have a neutral witness sign it as well (make sure the witness is NOT mentioned in the will itself). Then put it in a safe, known, place.

There's templates online you can peruse for the language to use and so forth.

For a simple will (as your seems to be), there's no real reason to get an attorney to do it for you.

Source: I'm an attorney*.

*This is unsolicited advice, no client-attorney relationship in any shape or form was created with this post. slywink
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Ironrod
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« Reply #10 on: July 11, 2013, 03:02:11 AM »

Thanks, I always wondered if those DIY wills have any force. I'm much more likely to actually make one if I can do it myself. Our assets are pretty straightforward and we just want to split everything equally among my nephews and niece (although ideally we'll die about two minutes after we spend our last penny!).
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« Reply #11 on: July 11, 2013, 03:25:07 AM »

Quote from: Lee on July 10, 2013, 11:37:25 PM

Quote from: Suitably Ironic Moniker on July 10, 2013, 09:38:02 PM

Yeah, a will is a pretty good thing to have. I had one made when I was still in the Air Force, and it's nice not to have to think about that any more.

Didn't realize you got out, congrats.
Thanks, I separated after 11 years to be closer to my folks, since my dad has been having continuing health issues.
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« Reply #12 on: July 11, 2013, 12:23:17 PM »

We did ours through Legalzoom - probably not as good as going through a lawyer face to face, but our will isn't complicated.  It basically states who will take over our children's guardianship if we were to both die and what happens to the assets (trusts, who controls them, at what age the children have full access, etc).

Though it needs to be updated since the addition of child #2 last year.
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« Reply #13 on: July 11, 2013, 12:54:07 PM »

Quote from: ravenvii on July 11, 2013, 02:37:50 AM

Quote from: Ironrod on July 10, 2013, 10:40:10 PM

I don't, and I really should. I assume that everything automatically passes to my wife (and vice versa), but if we should die together I fear that lawyers and the state would take what little we have...or, worse, it would go to my brother in law. My nephews and niece are beneficiaries to our retirement accounts, which are our only real assets, but our house and cars are worth at least something and there is no obvious heir to those.

So where do you get a legally binding will for free or dirt cheap, preferably without actually having to deal with a lawyer?

Depends on the state, but in California and New York, you can just write one yourself and sign it. Even better if you have a neutral witness sign it as well (make sure the witness is NOT mentioned in the will itself). Then put it in a safe, known, place.

There's templates online you can peruse for the language to use and so forth.

For a simple will (as your seems to be), there's no real reason to get an attorney to do it for you.

Source: I'm an attorney*.

*This is unsolicited advice, no client-attorney relationship in any shape or form was created with this post. slywink

Different states have different rules. In Ohio the above would not work. It needs to at least be signed by two independent witnesses in order to be effective.
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« Reply #14 on: July 11, 2013, 02:50:01 PM »

Without a will, the government gets a shocking amount of money.  As it is, the idea of a tax after death is offensive, to say the least.  Taxing money that has already been taxed is pretty awful.

We got wills almost as soon as our kid was born.

It's not all about the money, either.  You have to think about where you want your kid to go in the (unthinkable, awful) event that you both should die.

Find a lawyer to write one up.  It's not crazy expensive, but it is worth it. 

No one wants to think about this stuff, but it's better to get it over with and then not think about it.
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« Reply #15 on: July 11, 2013, 02:54:52 PM »

I need to get one, thanks for the reminder.
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« Reply #16 on: July 11, 2013, 03:09:56 PM »

I'm leaving everything to Ceekay.  I figure if anyone can protect the legacy of my massive porn collection, it's that guy.
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« Reply #17 on: July 11, 2013, 03:56:40 PM »

I am leaving my Steam account to GT to be auctioned off as a fund raiser for the site upkeep.
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« Reply #18 on: July 11, 2013, 04:01:30 PM »

Quote from: hepcat on July 11, 2013, 03:09:56 PM

I'm leaving everything to Ceekay.  I figure if anyone can protect the legacy of my massive porn collection, it's that guy.

I'm not sure if I should be honored or terrified... or both.
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« Reply #19 on: July 11, 2013, 04:33:23 PM »

Quote from: CeeKay on July 11, 2013, 04:01:30 PM

Quote from: hepcat on July 11, 2013, 03:09:56 PM

I'm leaving everything to Ceekay.  I figure if anyone can protect the legacy of my massive porn collection, it's that guy.

I'm not sure if I should be honored or terrified... or both.

I see a potential future CeeKay sale were he has to unload all of the doubles. Which amounts to about 1000 DVDs and 500 VHS tapes. Beta \max might be in there too.  Da Freakin' Pope!
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« Reply #20 on: July 12, 2013, 02:05:59 AM »

I don't have one and it's a huge failing on my part.  Should something happen to me I want some say over who watches my daughter.

If I keeled over tomorrow I'm pretty sure it would turn into an ugly tug-of-war between my family and her maternal grandparents.
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« Reply #21 on: July 12, 2013, 04:40:42 PM »

Quote from: Exodor on July 12, 2013, 02:05:59 AM

I don't have one and it's a huge failing on my part.  Should something happen to me I want some say over who watches my daughter.

If I keeled over tomorrow I'm pretty sure it would turn into an ugly tug-of-war between my family and her maternal grandparents.

It would also be nice to see that any assets you have eventually go to her. Having a will with an executor you trust would insure that.
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« Reply #22 on: July 13, 2013, 04:27:48 AM »

If I just post mine in this thread, will you guys witness it, or are you going to give me grief over the "sound mind" business?
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