Do you have a will and advanced directives?

[MonkeyMama]

If you're going to skimp, protecting your estate is not the place to do it.

Truth! & whether you just have a house or you have $10 mil in assets, the bulk of legal fees you would *ever* need to pay is just $1,000-ish to set up a will and trust. Do it right up front, with a competent lawyer. It will easily save tens of thousands of dollars down the road. (If anything is not done right, or there are *any* issues, legal fees are not cheap. Problems are common when you just go the cheap route).

[MonkeyMama]

From what ive read with a trust things move more quickly...whether that matters or not...

It matters if you don't want to maintain a house for YEARS before probate will let you sell. It matters if you don't want to spend YEARS of your life managing an estate.

On the flip side, if you don't have anyone you feel you can trust, I can see the benefit of probate. But most the time I deal with trusts or probate, it's the kids handling it. Probate can take a real emotional toll. & if all your parent had was a house, but you have to keep paying utilities and property taxes for years... I know California is particularly bad, but if I lived in *any* state, I probably wouldn't do that to my kids. A trust is so much less red tape.

[scfr]

Regarding trusts, I think it behooves everyone to research their individual state laws. After moving to Texas, when I started the process of creating our estate documents, I started out from a mindset of "of course we need a trust" because that was all I had known but as I researched further I realized that it was not necessary for us.

[cypher1]

Simple answer is No for me. But I've been thinking about will/trust recently with relatives health getting worse around me.

I'm 35, healthy, no kids, only debt is mortgage, and don't see myself getting married. Any savings/assets I have, I'd rather provide for my youngest sister with disabilities, and nieces/nephews.

Do I need a will or trust, or both? Or who pays for my funeral? I joke with my parents if I go before them, they can just throw my body in the river, or cremate me to save costs.

I also have friends who are perfectly healthy with no spouse/kids, are amazed I don't whole life insurance, or any kind of policy to protect. Their fear is having to have family members pay for their funeral. I think that's more of a cultural thing for them.

[SueInBoston]

This is something that I really have to focus on this year. and this is my incentive...next door neighbor 53yr old male, goes to gym everyday and seems healthy in every way. Got the flu, didn't get better by self treatment and went to emergency room last Sat and passed on Monday from pneumonia. I'm still in shock.

[LivingAlmostLarge]

It matters if you don't want to maintain a house for YEARS before probate will let you sell. It matters if you don't want to spend YEARS of your life managing an estate.

On the flip side, if you don't have anyone you feel you can trust, I can see the benefit of probate. But most the time I deal with trusts or probate, it's the kids handling it. Probate can take a real emotional toll. & if all your parent had was a house, but you have to keep paying utilities and property taxes for years... I know California is particularly bad, but if I lived in *any* state, I probably wouldn't do that to my kids. A trust is so much less red tape.

We are dealing with this right now and the person died in July. We aren't even close to getting anything done. And we have a house going into "foreclosure". Well maybe not depends on if the lawyer can convince the mortgage company we have money we can't touch in investments since there is no executor. And there is a will but long long story. Let's say that it's january and I am going to guess and hope we can do this by 2018

[sblatner]

What if the insurance coverage is in your name? (With all the college students on their parents' medical plans, I'd think that problem would be more publicized.)

Nutria, it doesn't matter if the coverage is in the parents' name. They are adults. You can't call to get information on them. When our two college age sons were home for Christmas, I made them appointments for physicals. The doctor wanted the boys to call back to confirm their appointments. Then, they had blood work done and the doctor called their cell phone number instead of me to give them their results.

I agree...it should be more publicized! We are in California but I think HIPAA is a federal law so it should apply everywhere.

http://blog.safelyfiled.com/2014/10/hipaa-and-your-18-year-old-child.html

[FLA]

it applies in NY

[FLA]

creditcardfree, this:

^No it's because in order for the person in a nursing home to be able to qualify for Medicaid they can only have $2k in assets (at least in OH), so putting everything in the trust takes the assets out of the persons name and they can get Medicaid (to pay their nursing home bill)and save their assets in the trust.

and we will likely sell the house when they die

[Nutria]

Nutria, it doesn't matter if the coverage is in the parents' name. They are adults. You can't call to get information on them. When our two college age sons were home for Christmas, I made them appointments for physicals. The doctor wanted the boys to call back to confirm their appointments. Then, they had blood work done and the doctor called their cell phone number instead of me to give them their results.

Scheduling doctors appointments is radically different from challenging medical bills with the insurance company.

[snafu]

I wonder what words would persuade SA participants to take action on Will, Personal Directive and Advance Care in the next week. There are so many unanticipated events. You NEED TO TAKE CARE OF THE PEOPLE YOU CARE ABOUT. It's even more important if you have children.

It's also super important to have this discussion with your parents. Much as they love you, they can leave you in a dreadful state caught between emotion and the state. You need to know they have documents in place and where to find them in an emergency.

You can easily and inexpensively start with a print-out of an on-line form for each, and have your signature witnessed by someone at your bank or work who is also a Notary Public or Commissioner of Oaths. The forms are simple, just follow the prompts
A second step would be to have it checked by a legal aid who can point out anything possibly missing.
You easily fudge details by using words like 'current residence,' 'current vehicle,' Life Insurance [name/number] or 'currently in force.' Any known/anticipated offspring, holdings and assets 'in situ.'
Property and assets to be distributed via percentages which is much easier for the executor/trics.
IF YOU DON'T DO THIS, THE GOVERNMENT TAKES OVER YOUR ASSETS AND YOUR LOVED ONES WAIT and wait and wait. The government takes a major portion for their 'costs.'
Advanced care allows you to control your future. Your loved ones cannot make unemotional decisions in an emotional packed circumstance. They need to know you views and feelings.
Finally, if your assets are substantial take you paperwork to a lawyer, even a newly graduated lawyer will have a clerks who will have the details verified.