Do you have a will? Lots of questions about wills....

[traces7]

Someone I work with lost a 45 yr. old son-in-law recently, he was very wealthy, but had no will. Won't his wife automatically get everything?? I'm confused, some people say that it will have to go to probate, etc, etc. It will end up costing a lot for the family for lawyers, etc. But, I've never known anyone that has had to do this, and I've know lots of people that passed away without wills.

I wonder, and started to worry, because DH and I do not have a will. Of course we're not wealthy either. We still have a mortgage on our home, but it will be paid off in about 5 yrs., that's the only thing we have worth anything. We do have small life insurance policies and 401ks. We both have each other as 1st beneficiary and our DD as secondary beneficiary. So, if one of us passed away, wouldn't the other just automatically get everything??? We wouldn't have to go through probate etc.??? How does that work? We're in Wisconsin by the way.

Now if something happened to both of us, I think that's another story, since DD is only 12.

I would like to get a will made though.
Thanks for any help!!

 

[mrsbornkuntry]

I was always told that it depends what state you're in, different states have different laws so it's always a good idea to have a will. Especially if you have a child so you can specify who cares for them.

 

[Hook326]

Yes, my husband & I each have a will. It's important to spell out where you want your assets to go, legally document who should raise your child(ren), etc. Even with wills though (at least in IL from what I've seen) it will go into probate. My (very limited) understanding of this is so those that may be owed money by the deceased can make their claim to the estate. After that, then yes the spouse does inherit. Not a lawyer at all but just how I've understood it. Very possible it varies from state to state, too.

They really aren't that expensive so I hope you're able to get one soon!

 

[Ciao Mickey]

Someone I work with lost a 45 yr. old son-in-law recently, he was very wealthy, but had no will. Won't his wife automatically get everything?? I'm confused, some people say that it will have to go to probate, etc, etc. It will end up costing a lot for the family for lawyers, etc. But, I've never known anyone that has had to do this, and I've know lots of people that passed away without wills.

I wonder, and started to worry, because DH and I do not have a will. Of course we're not wealthy either. We still have a mortgage on our home, but it will be paid off in about 5 yrs., that's the only thing we have worth anything. We do have small life insurance policies and 401ks. We both have each other as 1st beneficiary and our DD as secondary beneficiary. So, if one of us passed away, wouldn't the other just automatically get everything??? We wouldn't have to go through probate etc.??? How does that work? We're in Wisconsin by the way.

Now if something happened to both of us, I think that's another story, since DD is only 12.

I would like to get a will made though.
Thanks for any help!!

My advice is to get a will made ASAP.

I can't believe that the man was wealthy and didn't have a will. That seems very strange.

We have wills. We got them as soon as we had our kids. We updated them about 2 years ago. We really need to put everything in a trust.

Each state has different laws. In NJ (and I would think in all states) any property *jointly* held by a husband and wife automatically passes without having to go through probate.

It's important to have a will once you have children because children cannot inherit property. Also, who will care for your child if something happens to you and your husband?

Even though most everything we have is jointly owned we each have stock that is in our individual name and cars, so we want to make sure all bases are covered if something happens.

Another thing people forget to do is update their will if a beneficiary dies.

 

[RestaurantsCan]

It is important for you to make a will whether or not you consider you have many possessions or much money. It is important to make a will because:-

if you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed
unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner
if you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die
it may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made
if your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.

 

[Mom2apirate&princess]

We had a will made immediately after our son was born mainly just to insure he would go to who we wanted him to go to.

4 years ago dh was getting ready to deploy to Iraq and we had to do some legal paperwork, we ended up doing a new will, changing the kids guardianship. We also did our medical power of attorneys at that time. The kids were originally going to my parents, but they are getting up there in age and we felt better about naming my sister as their guardian.

Everything goes to the kids, in a trust. The kids go to my sister. If we all die together, everything goes to my sister and her family.

 

[traces7]

Thanks everyone for your replies! I would like to get a will made mainly for my DD, if something happened to both DH and I, I'd like to make sure she is taken care of. The reason we haven't done one before now, is that we have no one that we'd want to take care of her. We'd probably choose grandma, even though she's 78. DD is 13 now and that is what she wants too. We wouldn't want her with anyone else in either of our families! And I'm sure no one else would take her anyway.

Now, do you think I could just do one of those online wills? How much for a lawyer to do one?

Thanks Again!!

 

[dhardawa]

I have a living trust which is much more encompassing than just a will. I have a three inch binder packed with legal documents that go with it. In my state, if your estate value is more than $50,000, it goes to probate and there are huge legal fees and taxes involved that will eat up a big percentage of the estate. I'm also a single mom with two kids. Everything is spelled out for them.

Here is an example of what you want to avoid. Say you and your husband die and your 12 year old is the beneficiary for everything. That money will sit in an account and she'll get a lump sum on her 18th birthday. Is an 18 year old really mature enough to handle that? Or, here is a true story, a friend of mine was 16 when her mother died. There was a lot of property involved and, even though the property was now legally hers, she couldn't do anything with it because she was a minor. There was farmland that was leased, land she wanted to sell, etc., but she couldn't enter into a contract. It was a huge mess until she turned 18.

 

[brymolmom]

I can't really answer your questions - but PLEASE get a will. Not having anyone to designate as a guardian for your dd is not going to make it so you or dh are invincible - it still could happen, and then how would your dd feel if she doesn't even know who will care for her or, worse, if there's a battle in court over who should get her (and even though you think it won't happen - death and after death decisions make family members do strange things and fight a lot).

My dh is the executor of his late sister's will....she had it done 20 years ago and had since remarried. She wanted her adult daughters to get 'everything' - at least according to her in the hospital at the end, but unfortunately the old will was all that they had and the only thing mentioned in it specifically was the house (that had a 2nd mortgage and a lot of work to be done on it). All of her retirement and life insurance automatically went to the second husband.

While your situation might not be like this OP, this whole thing has opened my eyes to the fact that you might envsion things going the way you want if you are not around anymore - but that isn't necessarily how it will happen unless you write it down in a will. For example - let's say grandma does end up with dd....Since she is under-age I don't think she is able to get your life insurance or any other money directly....So my guess is that it would end up in some sort of trust to wait for her to turn 18. Now, what if grandma NEEDS some of that money to take care of her? My guess is that she would need to go to court to argue to get a chunk of that money allotted to her prior to your dd becoming of age. That's a guess though but it's an example of what needs to be spelled out. Who's going to get DD and WHO is going to get the money are the big points for someone like you.

Please - EVERYONE PLEASE get a will. It is a huge headache in many cases if you don't and it's a headache you are forcing on those you leave behind.

 

[klineyqueen]

Get a will. Go to a lawyer and have one done there. Not expensive. I think my hubby and I paid under $500 for both a will and living will each. They are simple, but if something were to happen to both of us we have it set for our kids. It is so important.

 

[Praying Colonel]

If you don't have will, good news: you still have an estate plan in place. It's called your state's intestate statute(s).

The bad news: it may not be the plan you want.

If it's not (or if you don't know how your state's intestate statute works), see an estate planning attorney in your state.

 

[lost*in*cyberspace]

You have a minor child; you absolutely need a will. I am concerned that you have made a minor child a beneficiary of your life insurance policy in the event you and your spouse die. I can assure you from personal experience that this is a huge mistake. Never make a minor a beneficiary of an insurance policy unless you have something like a trust in place to manage this money. If you don't, the court will appoint a guardian for the money to manage this for your child.

I urge you to consult with a good estate planning attorney to take care of these issues; it will be money well spent. You never know what is going to happen and you need to protect your child.

 

[mrsbornkuntry]

Thanks everyone for your replies! I would like to get a will made mainly for my DD, if something happened to both DH and I, I'd like to make sure she is taken care of. The reason we haven't done one before now, is that we have no one that we'd want to take care of her. We'd probably choose grandma, even though she's 78. DD is 13 now and that is what she wants too. We wouldn't want her with anyone else in either of our families! And I'm sure no one else would take her anyway.

Now, do you think I could just do one of those online wills? How much for a lawyer to do one?

Thanks Again!!

Keep in mind that the guardian for your child does not have to be a family member. If DH and I both die the people we have asked (and willed) to care for the children are close friends, not family members.

 

[mrsklamc]

You would think it always goes to the spouse, but it doesn't necessarily. In Nebraska if the estate is enough money to go through probate, and the married couple doesn't have any children, 1/2 of the estate goes back to the decedent's family of origin. Everyone should have a will. If you don't, state laws determine where the money goes...do you trust the government to do that?

 

[*pixie*dust*]

Thanks everyone for your replies! I would like to get a will made mainly for my DD, if something happened to both DH and I, I'd like to make sure she is taken care of. The reason we haven't done one before now, is that we have no one that we'd want to take care of her. We'd probably choose grandma, even though she's 78. DD is 13 now and that is what she wants too. We wouldn't want her with anyone else in either of our families! And I'm sure no one else would take her anyway.

Now, do you think I could just do one of those online wills? How much for a lawyer to do one?

Thanks Again!!

Do not opt for an online will. Law changes regularly and differs greatly from state to state. A do-it-yourself will has no guarentee of legality and no one to consult if you have questions. This matter is too important to do yourself!
With a minor child, I would strongly encourage you have a trust drawn up. They are not just for the wealthy. If you own a home, have life insurance, have minor children, want a POA, or medical directive a Trust is what you need. A will is better than nothing, but in many states, a will still needs to go through probate and still can be contested. A trust has much more strength.

 

[lost*in*cyberspace]

Keep in mind that the guardian for your child does not have to be a family member. If DH and I both die the people we have asked (and willed) to care for the children are close friends, not family members.

Yes, but also keep in mind that guardianship can be contested and that the guardian for your child may not be the person you chose. Try and select someone that your family members approve of.

 

[Green Tea]

You would think it always goes to the spouse, but it doesn't necessarily. In Nebraska if the estate is enough money to go through probate, and the married couple doesn't have any children, 1/2 of the estate goes back to the decedent's family of origin. Everyone should have a will. If you don't, state laws determine where the money goes...do you trust the government to do that?

And I think in some states it is split evenly among the spouse and the children. So its possible, say in a family with 4 children, a wife could end up with a fifth of an estate, the 4 kids each getting the same, yet the wife couldn't use any of the children's funds to maintain their household.

 

[Gigi22]

Agreed with the PP. If your area is like mine, the govt. will levy a charge on the estate for the cost of administering it. You can figure that it will be a couple of percentage points of the estate's value.

I have to wonder why people who don't have wills are so anxious to give more money to the government.

 

[Swimalie]

Go get a will done, now. My father in law died without one (and yet he had access for 39 year to get a free one through the military). When he died my husband was heading off for 3 months of training. I had to handle so much since his wife, my mother in law, can't do anything herself. It dragged the process out for a long, long time and it yet was a simple probate (everything went to the wife). A few years later, my father in law's mom died without a will. Another huge mess that took the heirs (grandkids) over 2 years to settle. Again, simple estate of no kids and only property. Don't do this to your family. Get a will now, please.

 

[bedogged]

And I think in some states it is split evenly among the spouse and the children. So its possible, say in a family with 4 children, a wife could end up with a fifth of an estate, the 4 kids each getting the same, yet the wife couldn't use any of the children's funds to maintain their household.

I live in Colorado and I have had quite a bit of experience recently dealing with really large estates without a will. In Colorado everything goes to the spouse assuming there is one. It used to be shared with the children, but that is no longer the case in all the states I know of. You need to know what the current law is in your state.