Last Will

[Magicfloat]

I'm in Alabama,have an elderly first cousin who never married. My brother and I are probrably closest to her personally,but there are a bunch more first cousins that she rarely sees,as well as some very close friends that she sees a lot. She does not have a will.We have tried to explain the importance of a will,but she says she can't decide how to divide everything. She is of modest means,a small home,some river property,a few bucks(not much) in the bank. MY lawyer buddy,an SOS member,offered to do a simple will for almost nothing, would even come to her house to do it.He told me if she dies with no will,it will be a nightmare for everyone. I don't want to push it,I don't really want her property,but don't want her to misconstrue my motives.I just don't want to be in the middle of a hassle over a small estate,but I will probrably be the one on the firing line after her death because we are close,and I am fairly local,while my brother is out of state.Suggestions?

 

[Offshoredrillin]

That's tough, I had to help my mom write hers as she was succumbing to cancer. I would just try to explain to her that without one the county government gets everything and that even if she writes one, she can change things a little later, the important thing is to make sure one is in place a wrong will is better than no will. Also, that while living she has the chance to make sure that her wishes are followed through on when she passes and gives her the opportunity to not include anyone that may make fraudulent claims. protection of her assets is the key.

 

[JupiterSunsation]

"in testate" is when someone dies without a will. In Mass. the estate goes spouse, if none then to siblings and the surviving heirs to any deceased siblings.

My Uncle died last month and the headaches have started. His business is running but no one legally owns it currently, big fiasco that could have been solved with a single piece of paper.

 

[t500hps]

I agree with Rob (ofshoredrillin). Some lawyer will end up with a big chunk of her estate with no will. She may wish some of her close friends to be included while distant relatives may be left out......she needs to put that in writing so the remaining LIVING cousins don't go through hell trying to deal with her ASSUMED wishes.

 

[LaughingCat]

I'm not giving legal advice as I am not a lawyer, but a will alone wont make things very easy. it will describe how she intends items to go to, but it will still go through probate. That's where the lawyers and the fees come in. She may consider putting "transfer on death" or "payable on death" agreements on intangible items like investment accounts. Retirement accounts shoudl already have beneficiary designations that bypass probate.

I believe she could also put payable on death agreements on things like the house, car, etc. Her personal items might go through probate, but a will would certainly help.

Most banks and brokerage firms will do the POD or TOd forms for a negligible fee. You could approach her as simply saying you want to see if she wants to make tidying up her estate as simply as possible. Then let her decide who she wants things going to and you will help witht he forms.

If she asks, tell her that most people tend to live longer after doing these forms, since karma usually has people pass away while they "plan" on doing the forms.

I hope the best for her, that she is comfortable and lives as long as possible.

 

[LaughingCat]

BTW, i would not want my advice to supercede a lawyer, especially a generous one from this site offering to help. Hopefully, it just gives you more information to process.

 

[sledge]

How about just sharing with the church or perhaps a school?

 

[Ratickle]

You really need to convince her she needs a will, because she does.

Without one, there is a chance most of the assets will get eaten up by the state and state appointed lawyers.


Make sure she knows wills are easy, and no decisions need to be made if they are too tough.

List special things she wants for special people, and the balance is equally divided among a list of people she chooses. That's it.....

The hardest part is picking a executor. Preferably someone she trusts and is not otherwise named in the will to receive anything other than fair compensation for being an executor.

 

[Chris]

The only person that a "fair" disposition of the funds matters to is her. If she doesn't care, neither should you. Once she goes, it doesn't matter to her what happens to the money. And if you don't want it, it doesn't matter to you either.

When she says she "can't decide" she's telling you she doesn't want to make the decision. Once she goes, it'll be handled for her and she's off the hook, responsibility-wise. So no one can say "that rotten so-and-so didn't leave me anything" since she didn't make the decision.

My guess- she's decided on her course of action and the solution that makes her the most comfortable. Your conversations on a will probably put her back into uncomfortable territory.

 

[Chris]

P.S. If she has little, she's going to be exempt from estate taxes. I don't know about all states but in Ohio her case would be assigned by probate court to an executor that would be paid a set, small fee to distribute the assets. They can't just charge what they want- the court sets the fees. They would do a search for heirs, conduct a liquidation of assets and distribute the proceeds.

 

[Wobble]

The only person that a "fair" disposition of the funds matters to is her. If she doesn't care, neither should you. Once she goes, it doesn't matter to her what happens to the money. And if you don't want it, it doesn't matter to you either.

When she says she "can't decide" she's telling you she doesn't want to make the decision. Once she goes, it'll be handled for her and she's off the hook, responsibility-wise. So no one can say "that rotten so-and-so didn't leave me anything" since she didn't make the decision.

My guess- she's decided on her course of action and the solution that makes her the most comfortable. Your conversations on a will probably put her back into uncomfortable territory.

I was thinking along these lines. She probably does not realize or want to acknowledge the problems that it will cause you down the road.