Estate Planning and Trust Accounts

[Sigarms]

Make a list of what you own and what would happen to it if you passed, your wife passed, or both of you passed. Does each asset go to whomever you intend automatically or would they have to open a probate estate? (By automatically, you may have already signed some bank account, retirement account and insurance policies beneficiary designations that will pass these accounts to specific beneficiaries without them having to do anything other than provide a death certificate to receive funds.)

For assets that do not have beneficiary designations, do you have a will naming an Executor whom you trust to serve that lays out what you want to have happen to your assets?

In the case of real estate owned in two different states, the passing of the real estate depends on how it is deeded. If you and your wife own it as husband and wife, it may pass to the survivor of you, but how it passes after the surviving spouse dies probably depends on the terms of your will. Often, husbands and wives are confused about how things are deeded. So look at the actual deeds.

Generally, your will is probated in the state where you die, and then you have to figure out the process for the state where you own other property to determine if you have to open another estate in that state or if it is sufficient to record a copy of your will as probated in the other state to evidence passing of title.

You may come to a point when you decide this is confusing or uncertain. That is when I suggest you get your papers together like copies of deeds if you have them, and go see an estate planning attorney in Chattanooga. They can look up your deeds, but it will save you a few dollars in fees if you can provide copies so they don't have to search the deeds.

The process of your looking at what you own, what you owe, how it is titled, etc will help you focus on thinking about what you want to accomplish and help you to get the most productive estate planning advice. It may not be cheap, but you spent a lifetime accumulating your assets so it's important to get good advice. You might actually save money for your heirs overall by heading off problems that could easily be avoided with planning.

Personal question which of course you don't have to answer.

What do you do for work?

You seem to be very knowlegeble on this topic which is why I ask.

 

[2manyrocks]

Retired. All I do now is cut weeds on the farm.

 

[ultrarunner]

There's a saying in strategic planning that one step in planning saves ten steps in execution. Estate problems can be significantly reduced if some time is spent in advance looking at what the assets are and what would be the easiest method of transferring them. People are reluctant to talk about this. I get it. But one of the best things someone can do to make it easier on their family is to bite the bullet and just do the planning. It saves a lot of headaches and uncertainity and second guessing after it's too late to do anything about it.

Yep... one sibling said he would prefer anything due him from sale of the Trust Real Estate or IRA would go to the kids as he is in a high tax bracket... too late to do that after the fact

 

[JethroB]

One item that threw me when my dad passed was his safe deposit box at his bank. I wasn’t on the signature card. After lots of phone calls by bank personnel they finally let me into the box WITH a frightened young girl standing watch over me. I wasn’t allowed to remove anything but she did make copies for me. By all means get the proper people on the box access signature card. And deeds. And bank accounts etc.

 

[2manyrocks]

If I were making a list of things that cause hassles, I'd put safety deposit boxes on it. Lost or misplaced physical stock certificates would also go on the list. Collections that only an expert can accurately value, hard to secure or insure, and susceptible of being stolen.

 

[ultrarunner]

I’ve bought homes and moved in later finding stock certificates and savings bonds…

Was able to get them back even when not from the seller…

Once behind a loose fireplace mantle brick and another time under a built in kitchen cabinet… in a then 80 year old home.

The bonds had a address with POD… I went to the address and an elderly woman answered and I asked for the person on the bond… she it’s her deceased son… I asked her name and it was the POD

It became emotional when I said I have something that belongs to you and handed her the bonds worth several thousand dollars…

She said her son had been gone 15 years and today is the anniversary of his death…

She asked if I was real or an Angel sent in answer to her prayers saying she had been praying for a new roof not knowing how to pay for it…

I drove down that street a few years later and saw a new roof…

 

[2manyrocks]

Add to the list of potential problems things that were put out of sight to keep them safe from home thefts.

 

[Sigarms]

Saftey deposit boxes gives everyone an excuse to go out and buy a BIG bombproof fireproof gun safe, then you can fill the other side up with guns!

Needless to say, store important documents inside a fire rate box inside the safe.

 

[ultrarunner]

My current home was sold by the widow under the terms of the family trust… the safes they drilled had guns, ammo, a little cash and documents.

The widow, nephew and a neighbor said the deceased had gold and silver coins but to this date the whereabouts are unknown.

Who knows… I may be sitting on top of a cache and not even know it.

 

[ultrarunner]

Good News update… visited the Credit Union where a small CD is for the Trust.

The folks could not have been nicer and left with everything done… Credit Union manager even came over to thank me for coming in with the documents… saying anything needed just call.

These were the same Documents presented at US Bank… what gives unless the Bank is clueless and the Credit Union not?

The lady working with me said she does this everyday and Successor Trustee are very simple…