|
Toppingfrmbottom -> RE: I was thinking I should have a will even though I am only 27 (6/17/2010 1:29:09 PM)
|
No offense taken, You're right it's small, at this point it's a bank account, and personal belonging, most stuff people would just think bah big deal lol.
My parents atterny guy is really expensive, he wanted like 4 thougsand dollars to update their trust and stuff, and he wanted it right then and there. There's people out there that'll do stuff like trusts and wills and stuff for you for less, or have payment plans so I wouldn't recommend that guy lol.
Yes, my parents and my partner get along really well, and should Daddy still be in my life when I pass, they'd work together to make sure my wishes were respected and the right thing was done. In fact my parents would probably step aside and allow Daddy to manage things, since at that point he'd be my husband, and the spouse takes care of those kind of things.
Yes your post was helpful, thank you. This is all very good information to present to Daddy and he'll help me digest it all and really understand it.
quote:
ORIGINAL: LafayetteLady
Every state has their own laws regarding the requirements to make a will valid. What you want done with your body does not need to be part of your will. Most wills are not read until AFTER the burial (or cremation or whatever). I did, however, have the experience of having a will needing to be reviewed to determine what was to become of the remains because the children could not agree on what they all "knew" the deceased wanted.
If your parents have an attorney, unless they need him/her for some corporate/business purposes, he is likely a "General Practice" type who can draw up a simple will for you, probably at a discounted rate due to his working relationship with your parents. If he doesn't do wills, he can refer to you someone who does.
Downloading off the internet or even purchasing a simple will from an office supply store is always an option, however, they typically are not very thorough. As your estate at this time is probably rather small (no offense intended), those wills will likely suffice and should include instructions for your state as to what is required to make the will valid.
Advance Directives, Living Wills, Durable Power of Attorney and Medical Power of Attorney do NOT constitute a will. Advance Directives and Living Wills are used for medical purposes and most hospitals nowadays will ask you if you have or want them when they admit you for any type of surgical procedure. It is better to have one prior to that in case of an accident. Otherwise your next of kin (in your case your parents) will automatically be called upon to make those decisions. Your doctor does NOT want a copy of it for their files. The person who is named to make those decisions should have a copy as well as one or two other people. Power of Attorney is someone who can handle business matters for you while you are not able to (as in mentally incompetent or in a coma for example).
NEVER name just one executor/trix, or administrator. Always have an alternate named in case for any reason the "primary" choice is unable to take on the responsibility.
Insurance policies are NOT subject to distribution in a will. When you take out an insurancrnate secondary beneficiary). The insurance policy is Ne policy, you name a beneficiary (and should also name an alteOT part of your residuary estate. For example, if Gary Coleman had a life insurance policy naming that Gray woman as sole beneficiary, Shannon Price can not look for any distribution from that policy as part of his estate.
If you don't have a will and you have assets, your assets will go to your next of kin, whether that be your parents or your children or your siblings (then moving on to grandparents, aunts uncles cousins and so on). Someone can disagree, but not really do anything about it. Yes, they could apply to the court for relief, but they would need to have very compelling evidence to prove they had rights to your estate. Saying "she said she wanted me to have" won't go far. As I understand it, your "daddy" and your parents get along, and without a will, I suspect your parents and he would act appropriately upon your passing.
As for bank accounts, they become part of your estate to be distributed through your will. While you have indicated to your bank what you would like done, it is not like the beneficiary of an insurance policy.
Because you are young, it is advisable that you review your will regularly. Should you have children someday, you would want to add them to your will, or if you and your partner split, you would want your will to reflect those life changes. You could also (if you were lucky) win the lottery and then want to change your will. As a general rule of thumb you should review and make any necessary changes any time you have a major life change (like those mentioned above).
Whoever you name as the executor of your estate (which by the way, you need to ask them, don't make it a surprise, lol) should have a copy of your will along with the alternate executor. You should have one that you keep in a safe place and make sure that the executors and your parents or other responsible person knows where the document is kept. If you have an attorney draw up your will, many will keep the original in a safe for you. An ORIGINAL will is necessary for probate, a copy can not be used.
The same review and retention should be given to an Advance Directive, Living Will or Power of Attorney. You should be able to find an attorney that will do these documents for you for around $500 since you have what would be considered a simple estate.
I hope that was helpful.
|
|
|
|
