Affairs in order

[TheLastColdBeer]

Not a happy topic, and virtually no one is prepared for end of life. All I can say at the moment, if you actually have anything of value, property, accounts, IRAs or 401s, put a beneficiary's name on them. Title upon death for property/homes/land & names on accounts. You DO NOT want a court involved in transfer, and you definitely do not want anything trapped in Probate court.  A valid will is nice, but can be ignored by probate if monies exceed a certain value ($75k +) and they get involved. Direct transfer is the best method.

Why am I saying this? A valid will was recorded last December, and the Probate court has yet to schedule a hearing or issue papers declaring the estate open. Property standing empty for a year is a welcome mat for squatters, and the IRS & Social Security office is not understanding. You don't want your own accounts drained maintaining something that may never be yours. Courts & attorneys have no concept of time, & no concern for expenses created.

[major-mark63]

Strange that you you talking about that topic  @TheLastColdBeer, i was just  getting ready to redo my will .

Here in Quebec is the same no will , its the government (civil laws )whos gonna make the rules.

My mother passed away last october and her papers were messed up, same parts in will and some parts in handwriting, was very complicated to make these clear and cost a lot more money than having an up to date will.

Making a will and getting beneficiaries on all the stuff you need to is not gonna kill you...

[HarryWeezer]

Good advice. Please take it. When COVID emerged, we finally got our financial affairs in order. I can't imagine leaving my family in such a state.

[E-raser]

May want to consider a 'living trust' .. My dad had his estate in one, so when the 'time came' - it was a simple matter for my brother and I to access the estate without probate.  It actually went quite smooth for us.  What helped was we get along very well so there was no contesting of the assets. 50-50

[SparksHunter]

2 hours ago, E-raser said:

May want to consider a 'living trust' .. My dad had his estate in one, so when the 'time came' - it was a simple matter for my brother and I to access the estate without probate.  It actually went quite smooth for us.  What helped was we get along very well so there was no contesting of the assets. 50-50

My parents had one, and what a simple, no fuss way to take care of your survivors. The wife and I have a trust set up for our kid as well.

[tsw 8.5]

after my wife passed away in May . i put everything in my kids name so she won't have to go through what i did .

[Giggles]

Big ol facts here. I know most people think I'm young and have years before dealing with this but facts are it could happen to anyone at any time.