Legalites about Death
Jun 9, 2023 09:39:05 #
We had a guest speaker from the State Surrogate (Probate) Court speak to our senior group yesterday. As you might imagine, the after-death experience is very complicated for those left behind.
You will is available for anyone to read, so be careful what you say.
If it isn't worded correctly, according to the laws of your state, it will be turned over to probate.
Creditors can make a claim up to seven months after death(?). Not sure about the "after" part. If the executor distributes all the money before that time, the executor would be responsible for the payment.
There is a difference between an old person giving someone power of attorney to sign checks, and someone who is actually a joint owner of the account.
Where the money and property goes depends on how your will is worded and the laws of the state. Will children and grandchildren receive the same percentage, or will your children receive a larger percentage. As I said, it's complicated.
It's important to have all the necessary paperwork completed correctly before your death. I don't remember all the types of forms, but there are several. Naturally, laws and forms vary by state.
A retirement organization can often provide that kind of service for free or for a minimal cost. Hiring a lawyer would cost hundreds of dollars an hour.
This woman spoke for almost an hour, so I don't remember everything. You can find information about what forms you need online. If you know exactly when you're going to die, you might be able to wait a while to do this.
You will is available for anyone to read, so be careful what you say.
If it isn't worded correctly, according to the laws of your state, it will be turned over to probate.
Creditors can make a claim up to seven months after death(?). Not sure about the "after" part. If the executor distributes all the money before that time, the executor would be responsible for the payment.
There is a difference between an old person giving someone power of attorney to sign checks, and someone who is actually a joint owner of the account.
Where the money and property goes depends on how your will is worded and the laws of the state. Will children and grandchildren receive the same percentage, or will your children receive a larger percentage. As I said, it's complicated.
It's important to have all the necessary paperwork completed correctly before your death. I don't remember all the types of forms, but there are several. Naturally, laws and forms vary by state.
A retirement organization can often provide that kind of service for free or for a minimal cost. Hiring a lawyer would cost hundreds of dollars an hour.
This woman spoke for almost an hour, so I don't remember everything. You can find information about what forms you need online. If you know exactly when you're going to die, you might be able to wait a while to do this.
Jun 9, 2023 10:58:45 #
That's the main reason for having a Living Trust, with a Pour-Over Will. A plain old Last Will and Testament is not as good. When you die, thanks to the Pour-Over will, anything outside the trust becomes part of the Living Trust. The Living Trust does not go through probate, and having to pay expensive lawyers. A Living Trust is a legal document that stays alive, even though the trustor (the one who created the trust) has died. The surviving trustee(s), primary and 2nd and 3rd, etc., handle the assets of the trust and distribute as indicated in the Trust.
It likely costs about $1,500 to a lawyer to draw up a Living Trust and its associated documents, but well worth it to the surviving beneficiaries.
It likely costs about $1,500 to a lawyer to draw up a Living Trust and its associated documents, but well worth it to the surviving beneficiaries.
Jun 9, 2023 11:46:17 #
jerryc41 wrote:
We had a guest speaker from the State Surrogate (P... (show quote)
I was the executor of my dad's estate when he passed away. For me, having a probate attorney to navigate all the legal issues, file all the necessary court documents and run interference with feuding heirs was a life-saver. In California, a will does not prevent probate. Probate provide creditors a 90 day window to file claims against the estate. After 90 days, the attorney filed documents with the court to close probate and then his assets were distributed. If a creditor failed to file a claim within the probate window, they lost the ability to claim later. While a living trust avoids probate, it doesn't protect the estate from creditors.
It sounds like the laws around wills, probate and trusts vary from state to state.
Jun 10, 2023 08:31:49 #
Tigger1
Loc: Surrey, BC Canada
SalvageDiver wrote:
I was the executor of my dad's estate when he pass... (show quote)
Add the complication if the person who dies has no will, then the complications really pile up! Or, the deceased was not living in the same country when the deceased died as the country where the deceased had his/her will and related documents legally prepared and filed.
Jun 10, 2023 09:07:51 #
Tigger1 wrote:
Add the complication if the person who dies has no will, then the complications really pile up! Or, the deceased was not living in the same country when the deceased died as the country where the deceased had his/her will and related documents legally prepared and filed.
Yes, lots of complications.
Jun 10, 2023 11:37:31 #
bobbyjohn wrote:
That's the main reason for having a Living Trust, ... (show quote)
Legal zoom does a good job with a LT for not much money and allows updating for almost nothing but printing and mailing costs.
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