Comments on: How My Will Is Structured http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 09 Jan 2009 15:22:38 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Credit Card Offers http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/comment-page-1/#comment-123187 Credit Card Offers Wed, 30 Jul 2008 12:26:42 +0000 http://www.ncnblog.com/?p=1353#comment-123187 Way to go with the will! This is something that my wife and I have been planning on doing for a long time. I am also forwarding this URL to all of my friends, thanks again :) Way to go with the will! This is something that my wife and I have been planning on doing for a long time.

I am also forwarding this URL to all of my friends, thanks again :)

]]> By: Grace http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/comment-page-1/#comment-123000 Grace Tue, 29 Jul 2008 16:08:08 +0000 http://www.ncnblog.com/?p=1353#comment-123000 A couple of things to think about--as the parent of adult children, I can see now that it would have been a disaster had any of my children received their estate share at age 18. I have particularly immature children, but frankly, I don't know many 18 year olds that wouldn't be "driving" much of their new money soon after receipt. In a will, you can designate later ages and I think that is good. Also, if any of your children develop handicaps that make them eligible for SSI, you will need to check out a Special Needs Trusts--something I hope is never a problem for you. And finally, dividing up personal property has been known to fracture families. For my will, I wrote in a system where all the personal items left after my death are to be numbered (either individually or in sets). Starting with the oldest, each child can select one item until everything anyone wants is gone. This insures that everyone will get something they value but no one child will get everything they want. A couple of things to think about–as the parent of adult children, I can see now that it would have been a disaster had any of my children received their estate share at age 18. I have particularly immature children, but frankly, I don’t know many 18 year olds that wouldn’t be “driving” much of their new money soon after receipt. In a will, you can designate later ages and I think that is good. Also, if any of your children develop handicaps that make them eligible for SSI, you will need to check out a Special Needs Trusts–something I hope is never a problem for you. And finally, dividing up personal property has been known to fracture families. For my will, I wrote in a system where all the personal items left after my death are to be numbered (either individually or in sets). Starting with the oldest, each child can select one item until everything anyone wants is gone. This insures that everyone will get something they value but no one child will get everything they want.

]]> By: JC http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/comment-page-1/#comment-122974 JC Tue, 29 Jul 2008 14:04:05 +0000 http://www.ncnblog.com/?p=1353#comment-122974 While a fire-proof, water-proof, storage chest is a great start, I'd also recommend having your will OFF SITE, as you never know what will be the situation will be in your passing, you don't want to have a situation where no one can get to these documents you put thought, money and time into. Having the executor/trustee, someone else, and perhaps a lawyer hold on copies seems like a prudent move. While a fire-proof, water-proof, storage chest is a great start, I’d also recommend having your will OFF SITE, as you never know what will be the situation will be in your passing, you don’t want to have a situation where no one can get to these documents you put thought, money and time into.

Having the executor/trustee, someone else, and perhaps a lawyer hold on copies seems like a prudent move.

]]> By: Long Distance Moving Companies http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/comment-page-1/#comment-122844 Long Distance Moving Companies Mon, 28 Jul 2008 18:35:11 +0000 http://www.ncnblog.com/?p=1353#comment-122844 Preparing your kids future by signing your will is a wise thing any parent could do. I can imagine what you felt together with your wife signing the papers. Preparing your kids future by signing your will is a wise thing any parent could do. I can imagine what you felt together with your wife signing the papers.

]]> By: Mark Nelson http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/comment-page-1/#comment-122632 Mark Nelson Sun, 27 Jul 2008 11:09:49 +0000 http://www.ncnblog.com/?p=1353#comment-122632 Way to go on your wills. I always wonder why so many people do not take the time to get their will done properly. With such an important piece of paper I also would suggest to have an attorney properly prepare your will. Way to go on your wills. I always wonder why so many people do not take the time to get their will done properly. With such an important piece of paper I also would suggest to have an attorney properly prepare your will.

]]> By: "Mo" Money http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/comment-page-1/#comment-122446 "Mo" Money Sat, 26 Jul 2008 19:07:00 +0000 http://www.ncnblog.com/?p=1353#comment-122446 Congratulations! Wills are not just for old folks, they are especially good for the young, unless you want the state to carry out their wishes. This way your wishes will be done. Congratulations! Wills are not just for old folks, they are especially good for the young, unless you want the state to carry out their wishes. This way your wishes will be done.

]]> By: Alexis http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/comment-page-1/#comment-122333 Alexis Sat, 26 Jul 2008 03:51:37 +0000 http://www.ncnblog.com/?p=1353#comment-122333 Congratulations on getting a Will in place and naming guardians for your child! That's a critical step that most parents never take. BUT, it's possible that you've made 1 of 6 mistakes that I see most people make when naming guardians. When I thought about it as a mom and a lawyer, I realized that most parents are not doing enough to make sure their children would REALLY be taken care of if anything happened. For example, your Will won't generally provide for the immediate term. Will your caregivers know who to call? Are their local people who have been given legal authority to make decisions and stay with your child? You can check out all of the 6 common mistakes and determine if you've made any of them at www.KidsProtectionPlan.com. Alexis Congratulations on getting a Will in place and naming guardians for your child! That’s a critical step that most parents never take.

BUT, it’s possible that you’ve made 1 of 6 mistakes that I see most people make when naming guardians. When I thought about it as a mom and a lawyer, I realized that most parents are not doing enough to make sure their children would REALLY be taken care of if anything happened.

For example, your Will won’t generally provide for the immediate term. Will your caregivers know who to call? Are their local people who have been given legal authority to make decisions and stay with your child?

You can check out all of the 6 common mistakes and determine if you’ve made any of them at http://www.KidsProtectionPlan.com.

Alexis

]]> By: Benjamin Dinsmore http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/comment-page-1/#comment-122318 Benjamin Dinsmore Sat, 26 Jul 2008 01:46:09 +0000 http://www.ncnblog.com/?p=1353#comment-122318 Way to go with the will! This is something that my wife and I have been planning on doing for a long time. I am ashamed to admit that I am a personal finance blogger without a will! I've thought about doing an online wil with uslegalforms or that Robert Shapiro outfit, but I've even been too lazy for that! I admire what you have done! Way to go with the will! This is something that my wife and I have been planning on doing for a long time.

I am ashamed to admit that I am a personal finance blogger without a will! I’ve thought about doing an online wil with uslegalforms or that Robert Shapiro outfit, but I’ve even been too lazy for that!

I admire what you have done!

]]> By: Evan http://www.ncnblog.com/2008/07/25/how-my-will-is-structured/comment-page-1/#comment-122297 Evan Fri, 25 Jul 2008 20:04:49 +0000 http://www.ncnblog.com/?p=1353#comment-122297 NCN, I review wills on a daily basis as Director of Financial Planning at a Wealth Managment firm (I have a J.D. but do not draft as a currently 'not practicing' lol). Couple things I HOPE your attorney went over with you. 1) Did you guys get ancillary documents? Did you get health care proxies, Living Wills etc.? 2) What you have is known as a Simple Will or an I love you Will couple issue arise with such a will. I have NO IDEA how much your insurance is, nor do I know what your assets are for estate tax purposes, but if you live ina decoupled state your attorney should have warned you about inching towards that. For example in NY - a decoupled state, even if i have estate of $2mil (with insurance found in the estate) I pay nothing in federal estate tax I owe (or rather my heirs owe since I am not here!) over $99,000. Just somethings to think about if there is a request for my detail do not hesitate to let me know! NCN,

I review wills on a daily basis as Director of Financial Planning at a Wealth Managment firm (I have a J.D. but do not draft as a currently ‘not practicing’ lol). Couple things I HOPE your attorney went over with you.

1) Did you guys get ancillary documents? Did you get health care proxies, Living Wills etc.?
2) What you have is known as a Simple Will or an I love you Will couple issue arise with such a will. I have NO IDEA how much your insurance is, nor do I know what your assets are for estate tax purposes, but if you live ina decoupled state your attorney should have warned you about inching towards that.

For example in NY - a decoupled state, even if i have estate of $2mil (with insurance found in the estate) I pay nothing in federal estate tax I owe (or rather my heirs owe since I am not here!) over $99,000.

Just somethings to think about if there is a request for my detail do not hesitate to let me know!

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