Do you have plans for your place when you pass away?

[Walkin Horse]

Blood is thicker than water.

Until they read the will.

 

[kcflhrc]

I'll have to say after 2 years on our 10 acres an a house built in 1970 it is definitely a lot of work and a huge money pit. It is worth probably close to $75k more than I paid for it 2 years ago. At age 54 I'm wondering if I made a wise choice. The days of coming home and knowing all I might have to do is mow the yard and take a leisurely motorcycle ride are starting to look pretty good. At some point I need to decide how much money to put into this place. It has already drained my bank account and I just hope nothing else major happens anytime soon.

 

[Citydude]

I am 51 but have been thinking of starting estate planning, Am I understanding that a revocable living trust is the perfered document? Married with one child, 3 properties, investments, and stuff. What is the typical cost to set up a revocable trust?

We paid $850.00 a couple of years ago for two. My wife's revocable trust and my revocable trust.

 

[Country Geek]

If she goes first, I'm selling the house on one acre, building a shack and a pole barn on the 20 acres and living like a hermit the rest of my days, with a wood burner and an old orange cat.

I like the way you think!

 

[MossRoad]

I like the way you think!

So does the cat.

 

[Turbys_1700]

Years ago my dad who is now 85 set up a trust. It does ease the mind knowing that things are in order. I think that he paid $1500. It involved multiple properties. I am now going on 56 and need to do the same thing. When you get older things change and you outlook and health issues take precedent over most everything else.

 

[teejk]

Just a few thoughts to chew on...with the federal estate tax exemption now exceeding $5million per person, most of the planning now depends on your state. You can probably find your state's details on the internet...like does your state impose a "death tax"? Without a will, how does property pass (guessing most states pass automatically to the surviving spouse and then to surviving children but it varies). I think the biggest thing is avoiding probate but many states now have rules to get around that without a full-blown revocable trust arrangement (e.g. "transfer on death" deeds for real estate and similar types of things for other assets but again it depends on your state).