Wills and estates

[Grandpa Shooter]

Some of you are, or are about to become in the same position I am in.  My mother died in June, leaving a considerable estate.  The will was typed at home on an old typewriter double spaced and on both sides of the paper.  It was witnessed by the local lawyer and his secretary.

No problem right?  WRONG.  My mom wrote it in 1989 and it was never updated or had new witnesses.  NYS requires due diligence, which I don't object to and neither would my mom.  As a result the executor, my brother, can't legally handle her estate since the state office won't accept the will.  No will, no executor, no liquidation of hard assets, or distribution of liquid assets.  The latest problem?  No one knows for sure where the lawyer died, his wife is in a care facility with end stage dementia, and the fact that a nephew had a copy of the obit and memorial service bulletin, means nothing.

It appears that it is more important to determine how and where a person died than it is to take testimony and affidavits attesting to the fact that he lived.  Huh?  What a mess.  There are 9 heirs, the majority of which could sure use some extra cash, and at this point nothing can be done until the state agrees to all of the T crossing and I dotting.

A word of advice to those of you with elderly parents:  Make sure your parents end of life planning is complete and up to date.  Even if you don't really want any portion of the estate and you are not the executor, it will save everyone involved a huge headache.

Having said that, my wife and I will start planning our estate, the distribution of it, and who is actually competent among our kids to administer it.

[geronimotwo]

good luck.    the world is run by lawyers.

[230RN]

I'm not sure, but I think in some states, if a person dies intestate, the state takes half of it?  I wonder if that's the underlying motivation for the NY laws you cited which require all the extra hoop-jumping.    If she's declared intestate, the state gets richer.

[Northwoods]

I've tried to have that converstion with my parents a time or two.  Ran into the "powdered butt syndrome".  That being that once someone has powdered your butt they don't generally take well to being given your advice on money or sex.

I'm pretty sure my parent's estate, as it stands now, would be well below the estate tax exemption that'll exist in a few weeks.  But it would still be a total clusterfark if they didn't have a properly updated, witnessed, and executed will.  Fortunately there's only my sister and myself (plus respective spouses of course) to contend with as heirs.  I know they have a will.  Just don't know how up to date it is.

I'm not sure, but I think in some states, if a personb dies intestate, the state takes half of it?  I wonder if that's the undelying motivation for the NY law you cited which requires all the extra hoop=jumping. 

Never heard of them taking half.  But if a person dies intestate the whole shebang usually has to go through probate.  Probate fees (taxes) vary by state but are often in the 3-5% range.  In GS's case most likely the old will, although not legal per the state's requirmenets, that spelled out her wishes would carry significant wieght when the courts decided how to distruibutethe estate.  But they would not be compelled to follow that.  Typically, unless there's something significant to direct otherwise,  they'll more or less evenly distribute the assets among the kids and leave it at that. 

[MillCreek]

And regardless of your age, but especially if you are middle-aged, have some assets and children and/or spouse or partner, you should have your own will drawn up by now.  And let me just put in a plug because this is what I do for a living, but a living will, advance directive and/or POLST form would not hurt, either.  And please donate your organs.

[grampster]

You should have a will, a living revokable trust to suit your needs, grant someone general power of attorney and power of attorney for health care.

Find an attorney that works out of his house (low overhead), and specializes in estate planning.   I had all of the above done for swmbo and I for around $700.00.  If you know any middle of the road life insurance agents, they might have a lawyer that is as described above.

[MillCreek]

I absolutely forgot to mention the power of attorney.  I have one that is a combined general and durable healthcare power of attorney.

[Monkeyleg]

It's important to keep updating the will as well.

For years my parents had it in their will to leave just about everything to my youngest brother, as they thought he didn't have anywhere near as much as the other brothers.

My older brother sat my folks down and convinced them that my youngest brother did in fact have quite a bit in assets, and that it wasn't the best thing to do to show such favoritism.

In the end, it doesn't matter. I've always known that one or both of my parents would go through all or most of their money and assets paying for nursing care. And that's the way it's turned out.

[Tallpine]

Ladypine and I will probably go through all our assets just buying beans... 

[Monkeyleg]

I'm using the word "assets" pretty loosely. My dad was an engineer on a pension, and my mother never worked. The family was never well-to-do by any means.

[Kingcreek]

anybody at any age with any assets should have a current will. its easy and its cheap. I think my wife and I had ours done for $80 (total- 2 wills) and the atty had some good advice on some things we hadn't thought of.