CloverKnollFarms
Elite Member
We will be able to pay living expenses from SSI, the returns from investments will be fun money and generational wealth.
Investment account back up!
- Thread starter RSKY
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ponytug
Super Member
Here is another plug for doing your executor and heirs a huge favor and set up a trust. Then make sure you keep it up to date.
All the best, Peter
Torvy
Super Member
Really depends on the state. We spoke with two trust attorneys with plans to do the same here in Texas. For the vast majority of people, a trust is not worth it in Texas. A will is plenty. (We were happily surprised)
Here is another plug for doing your executor and heirs a huge favor and set up a trust. Then make sure you keep it up to date.
All the best, Peter
We take more of a Warren Buffet approach to 'generational wealth'. Give the kids the knowledge and values to keep themselves on track and use your money to enjoy your retirement. (However you define enjoy)
They will get the 'farm' and any remaining cash and sentimental 'stuff'. So far, they are all on track to not need wealth from us.
jyoutz
Super Member
I agree. My father passed earlier this year in Arizona. I was the executor. Since he had a will and my brother and I were the sole beneficiaries, I handled informal probate myself without an attorney. I filed the papers for appointment as personal representative with the court, set up an estate account and sold/distributed the real estate and other assets. I opened probate in May and closed it in September by filing the required forms with the court (all of which are online). But as a disclaimer, he had almost no debts, so that simplified matters considerably.
No. We have a will. Both girls names will be put on our checking accounts next year when my wife and I turn 70. We also have living wills and when my wife turns 70 we will have medical power of attorney papers drawn up naming our daughters.
We had a chance before our last parent passed to go to a meeting on "elder law" held by a young lady who is a lawyer in the only firm in Kentucky specializing in legal issues concerning the elderly. Notes were made and a timeline set out for what we need to do and when. Not going to post anything about that here because each state is different. And I might post something wrong based on a three year old memory.
In Kentucky the estate must be over six million before you pay an inheritance tax. That number may be wrong, working from memory here. Ours will not be that large.
We are trying to set everything up so our daughters can settle our estate without using lawyers.
When my father in law passed my wife and her sister were both named executors in the will and worked together to take care of everything. They used no lawyers. Sister in law was still working so my wife did most of the running around involved. There were no issues and no conflicts.
When my mother passed my two sisters and I (all retired) were all three named executors in the will and we divided up tasks as to who was best able to get it done. We did not use a lawyer either. We had no conflicts and really had a good time working with each other. I would have trusted either one to handle the division of assets with no concern for them being fair. They did get upset with me because I mowed mom's yard for nearly a year and didn't charge the estate for gas. But I know they both bought mom clothes and other things out of their pocket the last couple years of her life. And I am pretty sure they spent more on her than I did on gas.
LOL, oldest sister gave me an envelope last week with $0.42 in it. When I asked her what it was for she said some costume jewelry of mom's that had been put in consignment had sold and that was my share. Nearly two years after the estate was settled!! She spent more on gas to get the check from the store than that.
Point I am trying to make is that we all worked together and probably have a closer relationship now than at any time since we became adults.
RSKY
two_bit_score
Super Star Member
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My Wells Fargo Advisor gave me a packet of forms to expedite transfer of assets in event of death. A lot of it is simple. Better to do it early as you are acquiring assets than later after you have a few.
jyoutz
Super Member
The assets you’re referring to must be something different than accounts and stock shares? All I had to do as a personal representative was to present my representation letter and death certificate to the bank. Then all assets were transferred to an estate account with me as signatory. It took only about 30 minutes.
ponytug
Super Member
I'm glad it worked for you!
From experience, not every bank is so helpful...
All the best, Peter
jyoutz
Super Member
I think that state laws are the determining factors.
