| Mar 22 @ 7:26 PM |
Who knows anything about making a last will and testamant?
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Jankia
Posts: 9,171
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While talking about the Easter celebration with my daughter today she asked me a good question that Ive been putting off.
What happens after you die dad,do you have a will? Ive found many places online that I can get the forms to make a will but is that good enough?
I was wondering if any of you knew about the legal ramifications and should I have an attorney do it.
Thanks 
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| Mar 22 @ 7:31 PM |
Who knows anything about making a last will and testamant? |
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Snappygoddess
Posts: 3,827
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That's a good question Jankia.. I would like the answer to that myself. I am thinking that it has to be notorized or filed by an attorney.. not sure.
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| Mar 22 @ 7:42 PM |
Who knows anything about making a last will and testamant?
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lazareth
Posts: 1,083
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I helped my parents make out their will, You do NOT need a lawyer to write your will, but is does have to be notarized, nor does it have to filed with the county. We had 2 witnesses sign it. My parents keep their notarized copy in their safety deposit box at the bank and I have my notarized copy with me.
Now a word of additional advise... If you are worth Millions, by all means, get a lawyer if you have SEVERAL beneficiaries, organizations, and so on you want to leave money to, If you think family members are gonna pitch a fit over their "share" maybe having a lawyer on hand is not a bad idea, but all in all, a lawyer is just taking money you would probably leave to your family
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| Mar 22 @ 7:57 PM |
Who knows anything about making a last will and testamant? |
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daisy315
Posts: 4,337
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when did mom and B do their will sis?.. Aren't you administrator?.. I told them I didn't want to be since I don't have the legal smarts that you do.. I hope you don't mind me bailing out on that little chore.
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| Mar 22 @ 8:23 PM |
Who knows anything about making a last will and testamant?
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Heaveninawildflower
Posts: 15,360
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If you're in the corporate world, you may find that's included in your benefits package - it is in mine. They provide advice on preparing the will and advise what you need to do. If you can, do it that way, but at least try to get it vetted by someone knowledgeable; laws vary by state. In Arizona, your heirs will take a beating on taxes if you don't shelter your estate properly.
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| Mar 22 @ 8:24 PM |
Who knows anything about making a last will and testamant? |
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mystery2u888
Posts: 6,262
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Yes.....I have my will and keep having to redo it........  do to certain situations...........yep you need it notarized.......don't need an attorney unless like Lazareth said.............there is lots of property ......money's involved...........and it wil be divided.......make sure if you have a safety box.........that it is in the will and one of you sisters have the extra key.........  otherwise you can't get in that box.......I have a safety box...and it is important that the bank has you on that list with that key or nobody can get into regardless of the will...........I have specifics in my will and what is involved.....very detailed............it's very important to keep those updated.......for everyone involved..........  
Hey Daisy.......Lazareth 
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| Mar 22 @ 9:11 PM |
Who knows anything about making a last will and testamant?
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lazareth
Posts: 1,083
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hey mystery
And sis, We did the will just before I moved up here, I am executor and POA of their affairs.
As far as taxes are concerned, (In NC anyway) if you are a class A or class B beneficiary you dont pay death taxes unless the benefit is a large amount of money. My dad left me 77k and as a class A beneficiary I paid no death taxes.
States may vary.
Class C beneficiaries are non-family members or very distant relatives. therefore they have to pay taxes, and since my dads land and house were sold BELOW tax value, I could also list my 77k as a capital gains LOSS, therefore lowering my taxable income for 3 years.
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| Mar 22 @ 9:13 PM |
Who knows anything about making a last will and testamant? |
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Loreli
Posts: 20,319
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Lazareth nailed it.
I made mine out after my divorce...if something happened to me-I wanted to have an executor that would watch out for the kids.
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| Mar 22 @ 9:37 PM |
Who knows anything about making a last will and testamant?
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RareQuestor
Posts: 1,519
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On a related note, how can one choose an executor who will be able to perform the role? I have heard that we can designate a lawyer to execute the will, for example, but what happens if the lawyer retires?
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| Mar 22 @ 9:50 PM |
Who knows anything about making a last will and testamant? |
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lazareth
Posts: 1,083
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Just because the lawyer may be retiring doesnt mean that he can't still be your executor, but if you feel iffy about the situation you can always assign a second executor in case something happens to the first one.
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| Mar 22 @ 9:59 PM |
Who knows anything about making a last will and testamant?
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signme
Posts: 9,605
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My mom didn't have a will. While she was in the hospital, we put her house into my name. I've already put my sister's name on the house title now. I had access to her bank accounts and that was all there was. There was no problem. If you have a lot to leave, with bequests, etc, then a will is a good idea. Otherwise be sure you have a relative's name on your house title with yours and on bank accounts. Of course, too, it may be different in other states. There was no problem when my mom passed away here in Texas as my name was already on everything with hers.
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| Mar 22 @ 10:41 PM |
Who knows anything about making a last will and testamant? |
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RareQuestor
Posts: 1,519
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Just because the lawyer may be retiring doesnt mean that he can't still be your executor, but if you feel iffy about the situation you can always assign a second executor in case something happens to the first one.
Thank you. In that case, who would be an ideal executor? There is not much point in naming a family member, for example, if one happens to be the youngest child and expects to outlive his or her siblings.
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| Mar 22 @ 10:54 PM |
Who knows anything about making a last will and testamant?
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Jankia
Posts: 9,171
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Thanks for all the info Looks like all I need to do is write up a will,get it notarised and put both of my kids names on my safety deposit box because I dont keep the key,the only things I have in it are a few family items and documents in case my home ever burned.
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| Mar 22 @ 10:56 PM |
Who knows anything about making a last will and testamant? |
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lazareth
Posts: 1,083
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do you have a trusted friend, cousin, anybody that you trust to follow through with your wishes? Do you have children of legal age?
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| Mar 22 @ 11:07 PM |
Who knows anything about making a last will and testamant?
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robodad
Posts: 5,876
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Our Military has the basic form for a will. You put down how much each person gets (I did 25% each for four people). Two witnesses sign it, then an officer notarizes it.
If we want to itemize a bunch of items, then we have to make our own will.
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| Mar 22 @ 11:12 PM |
Who knows anything about making a last will and testamant? |
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lazareth
Posts: 1,083
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rare, you can have any/all siblings listed as executor at once. That way nothing can be done without any/all executors signatures/approval, whatever. Thats how my in laws have theirs set up, 2 of their children are executors, not just one, that way if one dies or becomes unable to handle the affairs of my in laws, the other one can.
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| Mar 22 @ 11:13 PM |
Who knows anything about making a last will and testamant?
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Jankia
Posts: 9,171
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My children are both of legal age and my oldest brother Ive given the power of attorney to in the case of my right to die a natural death deal.You seem quite knowledgeable Lazareth,should I change that to my kids having it or should that be just one person instead of two? 
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| Mar 22 @ 11:18 PM |
Who knows anything about making a last will and testamant? |
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robodad
Posts: 5,876
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You'd be dead, so it wouldn't really matter to you.
You know your children...if you think that you have to change it, then do so. (it's good to have a backup plan, though)
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| Mar 22 @ 11:19 PM |
Who knows anything about making a last will and testamant?
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katydid438
Posts: 6,787
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My sister-in-law is my executrix and has power of attorney. Although my son knows my wishes, I am making a living will in case of life-threatening illness or accident.
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| Mar 22 @ 11:22 PM |
Who knows anything about making a last will and testamant? |
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redhairNfreckles
Posts: 2,834
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My late baby sister passed away in Jan.'06 after a 4 week battle with colon/liver cancer. She was a high school teacher who never married nor had children and I was her only sibling. She also died "Will-less", who would have thought that someone only 54 years old, who took great care of herself, had her routine tests (including a colonoscopy) done faithfully would be gone in just 4 weeks after a diagnosis. Of course she would have put off making a Will and why not. But then she became ill and things moved too quickly for her to even realize that she left important things undone. Anyway, I have inherited her retirement, home, bank accounts, cds, etc. even though I wasn't listed as beneficiary on all of it. My lawyer used a term that explained the process whenever next of kin passes without having made a will but you are beneficiary because of being the only living relative but I forgot what it was. Because she didn't have a will, probate is still ongoing (but the end is very close), it's already been over 2 years. My point is, if you have any sizeable assests, do your heirs a favor and get that Will done. It will save them a lot of headaches later. To answer the OP's question....I had a lawyer do mine.
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