Update on claiming estate of deceased relative

greenspun.com : LUSENET : Countryside : One Thread

I had to share my good news with you all. Back in November 2000 I posted about my late uncles estate. See archives. Its been a long ordeal. But at last I have good news.I have been deeded the property from my aunt ,in her 80's ,who turned out to be the closest living relative. A lot of debts had to be paid, funeral expenses, back taxes, legal bills and even a 20 year old IRS payments. On top of that the state got 5%. But thats all behind us and its full speed ahead. An 1800's farmhouse, never any electric or plumbing, large barn, many outbuildings, including a working outhouse. And 140 acres of very overgrown pastures, orchards and wood lot. We want to relocate in about 3 years with our sheep and will finally have much needed pastures for them. I will be closer to my family as well.It will take us that long to do all the repairs, get water, put up fencing etc. I am so excited to finally realize this dream.But its been a learning experience as well. My advice to all..HAVE A WILL DONE!!!A lot of red tape and $ will be saved. Even though my deceased cousin talked of one, he never got around to it. And the State of New York got a share as a result. Thank you to all who responded to me way back then and encouraged me.

-- Kate henderson (kate@sheepyvalley.com), February 09, 2002

Answers

Kate:

Most people don't realize unless provisions are made in a will (or other legal document) for who will become the legal guardian of minor children, the state will decide where they go. That might be to separate foster homes.

Not only should you name a primary and alternate exectutor, you should provide them with all of the information they will need to administrate the estate. Examples are bank account numbers, credit card information, mortages and other outstanding loans (yours and those who owe you) and spare house/vehicle keys. It can be provided to them in a sealed envelope only to be opened in case they are named exectutor.

I have a fairly complex will. My primary exectutor reviewed a draft copy to ensure they understood my desires and what would be expected of them. I also have the equivalent of a Living Will.

A will can be as simple or complex as you choose to make it. As you noted, there does need to be one - otherwise the estate is at the mercy of the state.

-- Ken S. in WC TN (scharabo@aol.com), February 09, 2002.


Hey Kate! Congrats!! Are you moving away from Walton, then??!?!? ;(

-- Heather (h.m.metheny@att.net), February 09, 2002.

Congratulations, Kate! Now that you're a rich landowner, do you want to get married?

By the way, folks, a will is not necessarily, or even likely, the best way to pass your estate to your loved ones. With a will, your heirs will have to go through probate, which can be very time consuming and expensive.

My honey and I had a MARITAL "living trust" drawn up. Not only will this protect our kids' inheritance from inheritance taxes (unless we are worth about 1.3 million bucks when we are both dead--yeah, right), it protects the spouse AND the kids from having to deal with probate (which draws lots of sharks)

Unfortunately, it cost us about $1200 to get the documents legally drawn up, but we felt it's worth it. Probate cost my family almost a million bucks when my uncle died about 17-18 years ago, in lawyers' fees and bank charges (the banks loved holding his assets, and moving them every other five minutes, with a transfer charge, of course!

-- joj (jump@off.c), February 09, 2002.


in response to wills being made.... dont do it. they can be contested by other family members, step siblings, and just about anyone else that wants to get a piece of the deceased belongings, not to mention probate court before you can claim anything, lest not forget taxes. my family has always put everything in a trust. at he time of death everything reverts immediatly to he person(s) named in the trust. no taxes, no court and no one can come in and say they were left out and contest a trust. how do you think the kennedys,gettys,rockerfellers etc... keep all that money for years and years through generations?? trusts not wills. lawyers dont like to tell you about them cuz they make no $$$$$$$ off a trust. look in to it. you will be happy you did. cody

-- cody (urbusted@alltel.net), February 10, 2002.

Moderation questions? read the FAQ