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#3154790 - 02/07/13 09:16 AM Re: Wills. [Re: Wildcat]
RUGER Administrator
Mouse Killa
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Registered: 11/19/99
Posts: 4104337
Loc: TN

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 Originally Posted By: Wildcat
Once they all see it's 100% legal and there is no way to contest it your family will NOT GO TO WAR WITH EACH OTHER over it and the family will stay together like YOU WANTED IN THE FIRST PLACE.


That is a very nice thought, but in most cases (all I have seen personally) it don't happen.
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#3154907 - 02/07/13 11:01 AM Re: Wills. [Re: RUGER]
bowriter
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Registered: 08/31/02
Posts: 41519
Loc: Lebanon,TN USA

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I should mention, I wrote my own, then took it to my attorney and had it legaleesed, witnessed and notatrized.

You are right Hawk, the proper term is codicil. I just made it easier to understand.

I have a living will as part of my will. The power of attorney is to make access to bank accounts we hold jointly, unencumbered.
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Constipation has ruined many a good day. Not as many as stupidity, though.

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#3154913 - 02/07/13 11:10 AM Re: Wills. [Re: bowriter]
-DRM-
6 Point


Registered: 08/21/12
Posts: 768
Loc: Spring Hill, TN

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Another thing: don't "hide" your will, or the intentions of your will from the people who will be carrying out that will, or receiving the benefits of that will. Save that "nobody has seen the will until after they died" stuff for the movies and TV dramas. Hiding the contents of your will is pretty much a sure-fire way of guaranteeing that there WILL be fights over it's contents.

Compose your will, and let those involved in it's execution know what will happen. There should be no surprises. If you feel the need to hide what you are doing, you are probably doing something wrong.

Also, I generally recommend having the person in charge of executing your wishes meet the following 3 criteria:

1. They are not named as getting anything in the will
2. They are not part of your family
3. They are independently wealthy (or at least have no need to misappropriate YOUR money)

If you just want to get started, I know http://www.uslegalforms.com can provide a state specific will for less than $30 that you just fill in the blanks, and can modify as you see fit. It's not the best, but it will suffice for most normal situations without a large estate.
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#3155062 - 02/07/13 01:48 PM Re: Wills. [Re: Kevin]
JeepKuntry
16 Point


Registered: 01/20/04
Posts: 14290
Loc: Clinton, TN

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I have a will done. In Tennessee, it doesn't even need to be notorized. Just sign it. I update mine each year.
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#3155125 - 02/07/13 02:49 PM Re: Wills. [Re: JeepKuntry]
fairchaser
8 Point


Registered: 09/13/11
Posts: 1130
Loc: TN, USA

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My wife and I have had wills since our kids were born. You need a will especially when you have children unless you want the state deciding who will raise your kids and who will control the spending for their care. Both you and your wife need a will and unless you want it challenged, I suggest spending a few hundred to have an attorney write it up. Why take chances? My grandfather wanted his grandchildren to receive funds for college but didn't want to set up trusts because they were expensive. When he died, his younger wife, didn't see the need to grant his wishes and I was screwed. Fortunately I worked my own way through school but she made off with his millions having only been married 11 months. I don't think on my grandfather favorably because of his poor judgment which is ashamed. You can't fix it when your gone.
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#3155231 - 02/07/13 04:01 PM Re: Wills. [Re: Dbllunger]
turk870
6 Point


Registered: 09/07/08
Posts: 551
Loc: centerville

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everyone needs a will and life insurarnce(at least enough to put you in the ground.
)when my father in law past last year,the first night my wife was more worried that she wasnt going to be abel to give him what he wanted.we didnt have the 17k to pay for the stuff he wanted...he had let his main insurance pollicy lapce.luckly we found a prepaid one he had that was enough to pay for it..

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#3155389 - 02/07/13 06:30 PM Re: Wills. [Re: JeepKuntry]
pass-thru
10 Point


Registered: 10/10/04
Posts: 3478
Loc: va beach

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 Originally Posted By: JeepKuntry
I have a will done. In Tennessee, it doesn't even need to be notorized. Just sign it. I update mine each year.



This is not correct. A holographic will is only valid if handwritten by the tetator, hand dated, and signed.

Otherwise, a will must be properly executed in accordance with state law.

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#3155392 - 02/07/13 06:34 PM Re: Wills. [Re: pass-thru]
turk870
6 Point


Registered: 09/07/08
Posts: 551
Loc: centerville

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what pass-tru said
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#3155723 - 02/07/13 11:04 PM Re: Wills. [Re: turk870]
Gut Bucket
4 Point


Registered: 06/20/12
Posts: 132
Loc: Williamson County

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Although well meaning, there are so many inaccurate remarks in these posts that it scares me. The one that is true, however, is that everyone needs an estate plan. As a Certified Financial Planner specializing in financial and estate planning for retirees, I've seen it all. Just a few clarifications: only a fool writes his own will. Use an attorney, or at least some of the new software available, but only for the simplest of estates. In Tennessee, a will has to be witnnessed by two individuals and notarized.Do NOT gift your assetts to your children simply to avoid probate--a Revocable Living Trust can accomplish that. Gifting your assets can cause financial problems for you if your child is 1) in a law suit and loses, 2) files for bankruptcy and 3)gets divorced. In addition, you gift your child your cost basis and can create tax issues that would have been avoided with a will or trust since an inheritance receives a stepped-up cost basis for the beneficiary.It's not always good if the kids know what is in the will. If one kid gets something that another wants--you have a problem with fighting before you're even dead. Besides an estaste plan, everyone needs a power-of-attorney for finance and a POA for healthcare; which includes a living will. Rich or poor, young or old...everybody needs to have these documents AND they need to have help from an expert for many cases. Having a poor estate plan can often be worse than none at all. Get a review of your situation and have someone discuss the pros and cons of certain planning techniques.
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#3155828 - 02/08/13 06:51 AM Re: Wills. [Re: Gut Bucket]
Wildcat
Non-Typical


Registered: 06/10/00
Posts: 41305
Loc: Western Ky.

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 Originally Posted By: Gut Bucket
Although well meaning, there are so many inaccurate remarks in these posts that it scares me. The one that is true, however, is that everyone needs an estate plan. As a Certified Financial Planner specializing in financial and estate planning for retirees, I've seen it all. Just a few clarifications: only a fool writes his own will. Use an attorney, or at least some of the new software available, but only for the simplest of estates. In Tennessee, a will has to be witnnessed by two individuals and notarized.Do NOT gift your assetts to your children simply to avoid probate--a Revocable Living Trust can accomplish that. Gifting your assets can cause financial problems for you if your child is 1) in a law suit and loses, 2) files for bankruptcy and 3)gets divorced. In addition, you gift your child your cost basis and can create tax issues that would have been avoided with a will or trust since an inheritance receives a stepped-up cost basis for the beneficiary.It's not always good if the kids know what is in the will. If one kid gets something that another wants--you have a problem with fighting before you're even dead. Besides an estaste plan, everyone needs a power-of-attorney for finance and a POA for healthcare; which includes a living will. Rich or poor, young or old...everybody needs to have these documents AND they need to have help from an expert for many cases. Having a poor estate plan can often be worse than none at all. Get a review of your situation and have someone discuss the pros and cons of certain planning techniques.


I did everything you said 30 years ago and have never looked back. And like I said before any updates I let my lawyer write it in. I'm not married and have no childern but I still want all my stuff to go to certain places and people.
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A Government that does not trust its law abiding citizens to keep and bear arms, is itself unworthy of trust..... - James Madison





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