#3154469 - 02/06/13 09:31 PM
Re: Wills.
[Re: Dbllunger]
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eweisner
8 Point
Registered: 07/03/11
Posts: 1115
Loc: Portland, TN
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My grandparents did not have wills. My grandfather developed Alzheimer's to the extent that he had to become a ward of the state because my grandmother could not handle a 5'-10" 185 lb man that could still work all day long. His children had to scramble and paid an attorney through the nose. To hear my dad tell it the state came within 24 hours of taking the 51 acre farm.
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"Courage is not the absence of fear, but rather the judgment that something else is more important than fear."
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#3154638 - 02/07/13 06:38 AM
Re: Wills.
[Re: eweisner]
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waynesworld
8 Point
Registered: 05/13/12
Posts: 1454
Loc: Mboro, Tennessee
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I have had to deal with wills a lot lately as this is a lot of great info put out so far. Wildcat is correct that if you have a large estate you must have a very careful strong will. But just to say go to a lawyer is not the best advice. The law is a lot like medicine everyone learns basic law in school and then specialize when they get out. Estate planning starts way before you die and should be done with a estate focused attorney. If you do not have a large estate a home made will is fine you can get some examples from your state and use those. The key is to preplan and not have very much go through your estate. The big error is life insurance. I can not emphasise this enough Have the people on your life insurance that you want the money to go to. Do not put your life insurance in the estate. If you have a house that is paid off you can look at a trust of some kind. If you have kids having where you want them to go is very important and who is responsible for the money to support them. That is why you should have a large amount of TERM life ins when you are young with kids and can get rid of it when you get older DO NOT GET FULL LIFE.
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#3154645 - 02/07/13 06:47 AM
Re: Wills.
[Re: Dbllunger]
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Coach
16 Point
Registered: 12/02/07
Posts: 10888
Loc: Pall Mall, TN and Dexter, MI
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A living trust will work too
_________________________
"Everybody has a plan until they get punched in the face." Mike Tyson Dean Business Supply, Llc http://www.adam4d.com
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#3154648 - 02/07/13 06:51 AM
Re: Wills.
[Re: bowriter]
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Hawk
TnDeer Old Timer
12 Point
Registered: 09/03/99
Posts: 6162
Loc: west tenn.
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I assume you mean a living will by giving a power of attorney to cease life support/pull the plug when quaity of life no longer exists.
In most case unless there is a living will there will be need for a will since most of the estate will be used up paying medical bills.
I think the correct usage is codicil rather than addendum.
I hope everyone has a will. I can't imagine not having one and more than likely creating problems for your family. They are not just for those of us in the fourth quarter, either.
Yesterday, I had mine updated with a simple addendum. Many of the special bequests I made no longer were valid as the people I had laft things to were dead. So, in a one page document, I updated everything making it much simpler. I worte it myself and just has it notarized and attached to my will.
if you donot have a will, no matter your age, I encourage you to do so. It is cheap, I wrote my own, and simplifies things a great deal. This is especially true if you have property and real estate. I also suggest getting a power of attorney.
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"Sometimes it's not enough to know what things mean, sometimes you have to know what things don't mean."
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#3154651 - 02/07/13 06:55 AM
Re: Wills.
[Re: Coach]
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waynesworld
8 Point
Registered: 05/13/12
Posts: 1454
Loc: Mboro, Tennessee
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Yes there are a lot of different trust to use for different situations. If you are married and want your wife to live in the house as long as she wants and then the house goes to a child that is all able to be done with a trust. The money spent before will be saved in the long run 10 times over for large estates. My dad had over a million dollar estate. Because of poor advice/choices he made in estate planning 600k went to a bank and probably 50k went to attorneys. The bank was for a business that should never have gotten the money but he put ins in his estate.
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#3154656 - 02/07/13 07:01 AM
Re: Wills.
[Re: waynesworld]
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GRAMPS
14 Point
Registered: 09/12/03
Posts: 8600
Loc: Mount Carmel, TN
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Very good info here. My Dad died without a will and he owned a business. This caused me a lot of headaches to take care of the problems. But even then, I did not bother to get a will for myself. I waited until the day before my heart surgery to do a will--pretty stupid for me, but now it is done.
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The older we get....the better we was.
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#3154742 - 02/07/13 08:34 AM
Re: Wills.
[Re: GRAMPS]
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Mossy Oak
8 Point
Registered: 01/03/05
Posts: 2188
Loc: Montgomery Co.
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I see people without a will all too often. If you have to, just handwrite your own. You don't even need any witnesses at the time of signing. Write it out, sign it and tuck it away.
Granted, that is not the way I would handle my own estate, but it is better than nothing.
_________________________
Mossy Oak ProStaff
Team Release and Catch Bowfishing
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#3154744 - 02/07/13 08:37 AM
Re: Wills.
[Re: GRAMPS]
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jb3
10 Point
Registered: 02/23/09
Posts: 3336
Loc: Burns, TN
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Very important to people with kids. Who would raise your children if you and your spouse simultaneously passed away? Also, if you have life insurance and you both pass, you need to be sure you have the right person handling that for the benefit of you children. Most people think that only one parent will pass and the other will be able to take control.
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#3154783 - 02/07/13 09:12 AM
Re: Wills.
[Re: Buckykm1]
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Brisco Darlin
8 Point
Registered: 04/24/12
Posts: 1047
Loc: East Tn.
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had one ever since i've been married. it's been updated about 3 times.
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