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I am planning to execute my last will.Can anybody help me to understand, please? I am planning to move out-of-state end of this year so I know I need to make changes after my move so I am planningto go with cheapest option legal zoom.
1.I have 2 young kids so can I add limit on withdrawal from bank account/Investment account per month? Can I do that with a last will? I don’t want them/guardian to take all the money and spend it in a day.
2. If both parents die, will the kids get social security benefit until they reach 18? My husband has over 40 quarters of payroll and I have only 20 quarters.
As The Annuity Lady on this forum, I can suggest that you consider something different re point #1. If you have a lump of cash, you can set up for yourself two annuities paying X amount per month for X number of years (sounds like your kids would need support for about 15 years). You can make each kid the beneficiary of one annuity. While the parents are alive, the money that the annuity pays out monthly would go on kid-related expenses. If parents die (which you guys hopefully won't :-), each kid receives a monthly annuity check as the beneficiary of one annuity account.
This is not possible to do with an investment account, but it would give a substantially better return on cash than any form of bank account, and would accomplish your goal of monthly income that cannot be taken as a lump sum.
Otherwise, I think the best way to leave anything to anyone is still by way of revocable trust, but if there is more than one beneficiary of the trust (as there is in your case), I wouldn't do it without a lawyer.
Really? For that one reason alone you wouldn't leave it to them? Are they responsible, hard working nieces with good values?
You really should do something as is being mentioned. My old neighbor who was like a grandfather to me thought he had a will but it wasn't accepted for some reason. His niece had to sell everything and give a portion to every niece and nephew even those he didn't like. It was a huge mess and a headache.
What upsets me both about my Trump loving nieces is they're not thinking at all about the fate of their children, who will have to deal with Trump's disastrous environmental record over the years. If Only Trump had an iota of an environmental conscience, I'd be more forgiving of my niece's.
as it's said no one ever met a will they didn't like .... as it never effects them , it effects the heirs ....so defects don't happen until after the fact ...
we had two issues .
first issue was my first wife inherited a house from her mother ...we were refinancing it ....
the title company was ready to give us the check when they asked to see the will ...
the will said TO MY CHILD BETH I LEAVE MY HOUSE AND POSSESSIONS .
looks fine to us layman right ? well the title company stopped the closing .... the word "only " was missing , as in ONLY CHILD
we had to get affidavits from family she was an only child . we had to pay the bank attorney , the title company people and the co-op attorney we were paying off , for the day plus lost our interest rate which jumped a lot by the time this was resolved .
the 2nd mistake was far more costly .....
the will and trust specifically omitted some estranged grand children from their grandpas estate ....
when he documents went through the court system the judge noticed the will was missing predeceasing terms if their dad died before his mother and nothing was dispersed ....
that missing sentence negated the entire will and gave these kids a claim to a business grandpa specifically did not want them to have .
the judge felt awful that he could not respect the deceased wish's , but the document was defective. judge said the said the deceased's wish's are quit clear , but the court cannot re-write history or add missing verbiage ..
he had to notify the kids of the defective document and that ended up a year long battle that cost us hundreds of thousands of dollars in a buyout and legal fees that should have never been .
one missing sentence created incredible havoc.
when we went looking for our own attorney we put him to the test .... i had him look at the two documents and asked what he thought ..
he immediately said he thought not stating the fact there was no other children in the first will could be an issue . in the 2nd he said he saw no predeceasing instructions as well as a few other potential issues ....
so there is no such thing as "easy " when problems arise in wording chosen .
as it's said no one ever met a will they didn't like .... as it never effects them , it effects the heirs ....so defects don't happen until after the fact ...
we had two issues .
first issue was my first wife inherited a house from her mother ...we were refinancing it ....
the title company was ready to give us the check when they asked to see the will ...
the will said TO MY CHILD BETH I LEAVE MY HOUSE AND POSSESSIONS .
looks fine to us layman right ? well the title company stopped the closing .... the word "only " was missing , as in ONLY CHILD
we had to get affidavits from family she was an only child . we had to pay the bank attorney , the title company people and the co-op attorney we were paying off , for the day plus lost our interest rate which jumped a lot by the time this was resolved .
the 2nd mistake was far more costly .....
the will and trust specifically omitted some estranged grand children from their grandpas estate ....
when he documents went through the court system the judge noticed the will was missing predeceasing terms if their dad died before his mother and nothing was dispersed ....
that missing sentence negated the entire will and gave these kids a claim to a business grandpa specifically did not want them to have .
the judge felt awful that he could not respect the deceased wish's , but the document was defective. judge said the said the deceased's wish's are quit clear , but the court cannot re-write history or add missing verbiage ..
he had to notify the kids of the defective document and that ended up a year long battle that cost us hundreds of thousands of dollars in a buyout and legal fees that should have never been .
one missing sentence created incredible havoc.
when we went looking for our own attorney we put him to the test .... i had him look at the two documents and asked what he thought ..
he immediately said he thought not stating the fact there was no other children in the first will could be an issue . in the 2nd he said he saw no predeceasing instructions as well as a few other potential issues ....
so there is no such thing as "easy " when problems arise in wording chosen .
Did he have a trust in addition to the will? In a trust document, you specifically name (first, middle, last name and last 4 digits of SSN) the beneficiaries, and you don't have to indicate your relationship with them (ie, you don't have to even state that the beneficiary is your child, let alone the only child). There is still a paragraph for exclusions, but even if you leave that blank, there is no chance that your property will go to anyone other than the named beneficiary or beneficiaries.
as it's said no one ever met a will they didn't like .... as it never effects them , it effects the heirs ....so defects don't happen until after the fact ...
we had two issues .
first issue was my first wife inherited a house from her mother ...we were refinancing it ....
the title company was ready to give us the check when they asked to see the will ...
the will said TO MY CHILD BETH I LEAVE MY HOUSE AND POSSESSIONS .
looks fine to us layman right ? well the title company stopped the closing .... the word "only " was missing , as in ONLY CHILD
we had to get affidavits from family she was an only child . we had to pay the bank attorney , the title company people and the co-op attorney we were paying off , for the day plus lost our interest rate which jumped a lot by the time this was resolved .
the 2nd mistake was far more costly .....
the will and trust specifically omitted some estranged grand children from their grandpas estate ....
when he documents went through the court system the judge noticed the will was missing predeceasing terms if their dad died before his mother and nothing was dispersed ....
that missing sentence negated the entire will and gave these kids a claim to a business grandpa specifically did not want them to have .
the judge felt awful that he could not respect the deceased wish's , but the document was defective. judge said the said the deceased's wish's are quit clear , but the court cannot re-write history or add missing verbiage ..
he had to notify the kids of the defective document and that ended up a year long battle that cost us hundreds of thousands of dollars in a buyout and legal fees that should have never been .
one missing sentence created incredible havoc.
when we went looking for our own attorney we put him to the test .... i had him look at the two documents and asked what he thought ..
he immediately said he thought not stating the fact there was no other children in the first will could be an issue . in the 2nd he said he saw no predeceasing instructions as well as a few other potential issues ....
so there is no such thing as "easy " when problems arise in wording chosen .
Is that issue particular to the state law where the house is located? I've been involved in several wills and several property financings in different states, but never had a title company or a lender ask to see someone's will.
Is that issue particular to the state law where the house is located? I've been involved in several wills and several property financings in different states, but never had a title company or a lender ask to see someone's will.
well if they are smart they should since they have to insure against future claims
well if they are smart they should since they have to insure against future claims
Title insurance is retrospective, insuring the property title against claims that may have arose prior to the transfer of ownership. In the scenario you discussed, the lender would continue to have a lien on the property which would survive borrower's death regardless of who inherits the property, and that lien would have to be resolved by whoever becomes owner. Anyone inheriting the property takes title subject to the lien.
I agree that if an heir is disinherited, or receives less than other heirs, that it is better to include language as to why or acknowledge that there is a difference. I suspect it was an anomaly of that particular lender, and I would say no to any lender who wanted to see my will.
So has the OP started the process with an Attorney? If so I would be curious what the charge is? Be it will/trust. Of course I will not post the alternative option also by way of an Attorney.
Thanks, everyone.I just talked with a lawyer and got the quote, but he said I need to come and meet him in person to start the process. In my county Covid-19 cases are rapidly increasing so I am just waiting.Thanks
So has the OP started the process with an Attorney? If so I would be curious what the charge is? Be it will/trust. Of course I will not post the alternative option also by way of an Attorney.
He said he charges $1250 for a living trust.
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