# Wills, yea or nay?



## Micheal (Jan 28, 2009)

Just had a discussion with the wife about whether or not to up-date the will(s); now that we have GreatGandKids (GGK's). :fussin:
We last up-dated them about 15 years ago when the GK's started school.
She wants the GGK's mentioned in a generic way - not so much by name only because there may be more, but set aside some of our assets to be split between them no matter how many there may end up being before our demise. :Bawling:
I figure the GK's can share whatever they end up with. After all it is "their" kids and the assets will be most likely coming out of their share. :awh: 
As to the DD, she knows she is going to get all the "hard assets" (house, car, tractor, etc) that there will be. The GK's as it stands now will be getting any and all monies (stocks, bonds, cash, etc). [prophead]

Soooo, to the question(s):
"Yes" you have a will (is it up-to-date?) or "no" you don't have a will?
Which leads to a possible 2nd question:
If you do not have a will, do you know how your assets will be divided (by state law(s)? 
Ahh, for those who don't plan on leaving any assets; just remember you will always leave something behind! It may not amount to much, but there will always be something........


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## Karen (Apr 17, 2002)

As a retired paralegal, I think anyone who does not have a will is putting a terrible burden on their loved ones. The legal nightmare and costs of probate are one thing, but just the mental and emotion end of it is terrible. I've seen so many things happen in a family where there is no will. Either they are left with the most heart wrenching burden of trying to determine what the deseaded would have wanted (and no one agrees); or else the family vultures desend to take all the asset pickins' which never ends well in future family relationships or in proper probate legal distribution. Either way, someone always comes out hurt, troubled, or with further legal problems.

It really is our responsibility and obligation to have every thing spelled out what our final wishes are; even down to an attached Addendum of personal property you wish to leave to others (such as a piece of jewelry, the family photos, a table, etc.). Never just say, "when I'm gone I want you to have this". In order for it to be legal and your wishes seen through, it needs to be spelled out. By the way, you don't have to have this Addendum drawn up by an attorney and you change it at any time you wish; just be sure and make mention in your will that an Addendum of Personal Property is attached. Also have it notorized now and whenever you make any changes.

I agree with your wife that, if you want the GGK to have a portion of your assets, you should spell that out. If those are your wishes, then don't leave it up to anyone else to provide that. Plus, if fairness is in your intentions, that would alleviate any questions in the future. 

If you do change your wills, you should spell out the names of current GGK along with a provision for any future GGK there may be at the time of your death.

You can leave those as open amounts by assigning them a fraction of a particular asset. For example: All liquid assets of stocks, bonds, cash, (and whatever..etc.) is to be divided as follows: to our GD, (whatever her name is) 90% of of those liquid assets. To be divided between our GGK (whatever their names are..) as well as any future GGK, 10% of those liquid assets...bla bla bla... etc, etc. That's not the legal format, but you get the idea.


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## followinghim (Sep 10, 2006)

The best things you can do for your loved ones are to keep your wills updated and discuss and arrange your funeral - pre-paying for it if possible as it will probably work out cheaper that way.
My father arranged his funeral, even choosing his hymns and it made it a lot easier on my mother when he passed away.


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## Michael W. Smith (Jun 2, 2002)

MY wife and I had wills drawn up right after we were married. I assumed EVERYBODY did that - I mean you want the love of your life to be protected, right?

Apparently many people put it off, and some never do "get around to it". Which just shocks me - especially folks with kids. If something happens to both you and your spouse, you want the state saying who is going to get your kids?!?

And while you are having the will drawn up, you might as well get everything else drawn up too - Financial Power of Attorney, Medical POA, and a living will which answers the questions about how far you want medical science to keep you alive.

Micheal, I'm not so sure I would name the Great Grandkids. If one of your Grandchildren only have 1 kid, and the other Grandchild has 5 kids - it could seem unfair to Grandchild # 1, that their child got the same amount as the siblings kids. Say that your will ends up giving them 10% of your financial assets which equals $6000.00 - for ease of my point. Your 1 GGC receives $1000.00 while, the other 5 also receives $1000.00 each. Sounds fair, right?

But Grandchild #1 could say, That isn't fair. If the GGC didn't get anything, I would have received $3000.00 of that money. Instead, my family only got $1000.00 while the other siblings family received $5000.00. (I'm not saying this would happen for sure - but you get my drift.)

Also, with your daughter getting all the "hard assets" - is it spelled in your will that all inheritence tax will be paid from your will before distributions? If it doesn't, and your daughter owes $5000.00 in inheritence tax from all the "hard assets", does she have the cash from her own money to pay it?


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## Micheal (Jan 28, 2009)

Karen said:


> I agree with your wife that, if you want the GGK to have a portion of your assets, you should spell that out. If those are your wishes, then don't leave it up to anyone else to provide that. Plus, if fairness is in your intentions, that would alleviate any questions in the future. If you do change your wills, you should spell out the names of current GGK along with a provision for any future GGK there may be at the time of your death.


Yes, I do expect that the GGKs will get a portion of any of the assets I leave, but I think it is up to the parents (our GKs) to provide that. It's that the 2 GGKs we have presently are both only 1+ years old and the parents will either end up with the asset(s) or have control of them anyway.



> You can leave those as open amounts by assigning them a fraction of a particular asset. For example: All liquid assets of stocks, bonds, cash, (and whatever..etc.) is to be divided as follows: to our GD, (whatever her name is) 90% of of those liquid assets. To be divided between our GGK (whatever their names are..) as well as any future GGK, 10% of those liquid assets...bla bla bla... etc, etc. That's not the legal format, but you get the idea.


That's basicly what we did when we changed the wills to include the GKs. We decided on who gets what with the division of hard assets and liquid assets with the DD getting one and the 2 GKs sharing equally the other. By the way, the 3 are mentioned by name.


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## Micheal (Jan 28, 2009)

followinghim - Prearrangements are already made and paid for for both the wife and myself. Costs will be nominal as there will be "no" viewing, being laid out, etc. just being picked up, necessary prep, sent to be toasted (extra crispy), the ashes put into a certain container, and given to our DD. She can then keep us and as time passes dispose of us as requested..... Of course if'n only one of us passes DD will only need to say goodbye - well until the other of us goes on............


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## Micheal (Jan 28, 2009)

Michael W. Smith said:


> MY wife and I had wills drawn up right after we were married. I assumed EVERYBODY did that - I mean you want the love of your life to be protected, right?


We waited till later in life to do ours...... As to the word in front of "EVERYBODY" you know what they say about that right???  I'm under the belief that not everyone wants to own up to the fact we all die and arrangements need to be made.



> And while you are having the will drawn up, you might as well get everything else drawn up too - Financial Power of Attorney, Medical POA, and a living will which answers the questions about how far you want medical science to keep you alive.


Done also.... :cowboy:



> Micheal, I'm not so sure I would name the Great Grandkids. If one of your Grandchildren only have 1 kid, and the other Grandchild has 5 kids - it could seem unfair to Grandchild # 1, that their child got the same amount as the siblings kids. Say that your will ends up giving them 10% of your financial assets which equals $6000.00 - for ease of my point. Your 1 GGC receives $1000.00 while, the other 5 also receives $1000.00 each. Sounds fair, right?
> 
> But Grandchild #1 could say, That isn't fair. If the GGC didn't get anything, I would have received $3000.00 of that money. Instead, my family only got $1000.00 while the other siblings family received $5000.00. (I'm not saying this would happen for sure - but you get my drift.)


Ahhh, but it would be fair, since it would be spelled out that x asset is to divided up between the GGKs and only the GGKs. Regardless of the number of them in one family or another; the asset(s) wouldn't be divided up per family but by individual. As it will be between the GKs; their spouses excluded! :happy2:



> Also, with your daughter getting all the "hard assets" - is it spelled in your will that all inheritence tax will be paid from your will before distributions? If it doesn't, and your daughter owes $5000.00 in inheritence tax from all the "hard assets", does she have the cash from her own money to pay it?


All taken care of..... additional paid up insurance will cover any and all additional costs. :thumb:


As a side note, Michael, thanks for spelling my name correctly! It's nice touch, thanks.......


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## Big Dave (Feb 5, 2006)

I have seen many families have hardships due to the one who passed not leaving things in order. YES have one and keep it updated if you really love your people.


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## I_don't_know (Sep 28, 2012)

All my assets are in a living trust, car, land, all personal belongings, everything. younger sister is the trustee. All goes to my daughter not through probate. 
All the art pieces and nicknacks have a name on a piece of tape on them. 
Have a contract with an organization to be cremated, and spread upon the sea. Letter to family tells them to have a nice party. I have lived a very, very full life and have now gone to something better. Feel glad for me!


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