A sensible thing to do; I need to have mine updated.
And since nobody has asked yet....
Can I have your vCash?
And since nobody has asked yet....
Can I have your vCash?
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OK, so I'll need you to survive until that's settled.
Hold it, you'll just need to include 'all outstanding vBets' in the will. Then you can expire at any time.
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gbearbuck
Herbie for President
Unless your estate is the beneficiary (if you didn't name a bene., then your estate is the bene.), none of those assets are directed by a will.
Wills can only direct probateable assets. If you name the bene's for life insurance, retirement accounts, pensions, trusts (can become complicated, depending on the structure of the trust... long story short, assume it is non-probateable... there can be exceptions depending on it's setup),etc. the assets will move along as directed by law. Remember Probate is public record, and is thus open for all to see (not private whether you like it or not).
Proper estate planning can leave nothing in the probateable portion of the estate... this will save money, due to the fact a judge/probate court doesn't need to get involved (expenses associated with probate are avoided)... also, assets directed by law are very difficult to contest... that's not the case with probateable assets (wills are contested all the time).
I'm not an attorney, and this post isn't intended to be the practice of law... it's an fyi to talk to a good attorney specializing in these matters (another fyi, a good attorney can "freeze" a lot of assets in a variety of ways, saving estate taxes... I'm not going to list the many, many ways this can be done... many folks don't care if their stuff is "public knowledge" nor do they have enough assets to care about "shrinking the estate"... with that said, most folks need advice and don't know they need it...)
The short story is to talk to an attorney and have a plan in place... I happen to work with "high net worth" individuals, and this is a subject I run into often. I'm amazed that there are so many folks out there that really don't know they could be passing more assets to chosen destinations (read, anywhere other than the gov.) and keep everything private...
Edit: As an example Bill Gates will not pay a nickel in estate taxes... there isn't a single asset (down to his socks) that is probateable...
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BuckBackHome
Wolverine is largest member of weasel family
We spent about $250 five years ago doing a will and setting up a trust. Found an attorney who specializes in them and just churns them in and out.
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kinch
Wash me
You might want to think about a living will as well.
Choose whoever you think most understands your wishes and is unlikely to be swayed by pressure.
For example, my sister-in-law is naming me, and I am not nearly as close to her as many of her blood relatives and immediate family. However, she knows that I know how she would choose in unfortunate medical circumstances, and she knows I would choose the best option per her wishes, not per her family's.
Choose whoever you think most understands your wishes and is unlikely to be swayed by pressure.
For example, my sister-in-law is naming me, and I am not nearly as close to her as many of her blood relatives and immediate family. However, she knows that I know how she would choose in unfortunate medical circumstances, and she knows I would choose the best option per her wishes, not per her family's.
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gbearbuck
Herbie for President
A good attorney will ask about all the "other" stuff ie. living wills, power of attorney's (limited, general, springing, etc.), verifying bene's, establishing trusts (at a min. an A/B), etc., etc. (basically review the entire situation, and advise if a more efficient "plan" could be put in place).
QTIP's can be used in second marriage situations, QPRT's are a good estate freeze mechanisim, ILIT's can be used to move assets out of the estate (as well as CRUT's, CRAT's, CLUT's, CLAT's), the use of crummy powers can be very helpful, there are special rules that can be used for closely owned businesses, as well as special rules for those that own farms, etc., etc... there are all kinds of fun ways to help manage an estate (might be a reduction of some type, might be a control issue of some type, might be limiting taxes, etc.)... you don't have to be Gates to take advantage of a lot of these strategies...
QTIP's can be used in second marriage situations, QPRT's are a good estate freeze mechanisim, ILIT's can be used to move assets out of the estate (as well as CRUT's, CRAT's, CLUT's, CLAT's), the use of crummy powers can be very helpful, there are special rules that can be used for closely owned businesses, as well as special rules for those that own farms, etc., etc... there are all kinds of fun ways to help manage an estate (might be a reduction of some type, might be a control issue of some type, might be limiting taxes, etc.)... you don't have to be Gates to take advantage of a lot of these strategies...
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ScriptOhio
Everybody is somebody else's weirdo.
I got a free copy of "Kiplinger's Will Power" with a tax program a couple years ago. It had step by step instructions. Also, it is has "living wills" and is customized by state (i.e. supposedly the needed language to make it legal in a specific state). I completed them and had them notarized at the bank. ALL FOR FREE - no attorney fees.
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