OK I'm gonna start off saying that I understand this is a touchy subject- however I've met alot of you guys in person and feel that this forum is mature enough and can (hopefully) answer my questions. If you do not want to think about death then please do not read on.

I am also not posting this in bad taste. What started me thinking about this is last friday, my friends ex-girlfriend/friends sisters best friend died of a drug overdose. And then today, I was in my other friends new apartment and he had a picture on the wall of his friend who died last year by a failing heart while he was jogging (he was 20 btw). I guess I never realize how fragile human life could be, and then today my parents were talking about their will. So this got me thinking as well, because I do not have a will and I do many activitied which are dangerous (motorcycle riding, scuba diving, drag racing) which I could be killed. Of course if I died before my parents did, I would want all my possessions to go to them. I dont know the legal ramifications too well so thats why I'm starting here.

But right now, my car is 1/2 in my name and 1/2 in my moms name, so that will probably be OK, but my motorcycle is totally in my name and the maxima will one day be totally in my name. Being I am over 18 that legally classifies me as an adult, so I assume that I must will it to my parents if I want them to have it and not the courts assuming I dont die while wrecking it. If for some reason my parents and I all died at once, I would want my possessions to go to my aunt. So basically, since my car is 1/2 my name and 1/2 my moms should I worry about it? and how do you have your maxima willed if you do at all?

 

That's a very hard question for me to answer but I'd probably will my car over to my father. I know he loves my car as much as I do. When I visited him in LI last year, I let him take it to Brooklyn and he raved about how powerful it was and how good it ran the highways. I'd give it to pops because he would appreciate driving it.

 

for me i think it all automatically go to my wife....i would assume if u didn't have a will all will automatically go to ur parents since u still stay at home...

 

Ok. First of all, that's pretty heavy stuff for someone your age, but it shows maturity that you're thinking about it. If You want specific items to go to specific people you need to have it stated in a will. It doesn't need to be a lawyer drawn-up document (although this is preferred), but it must be notorized with witnesses.
Generally in the case of living relatives (parents and no immediate family (wife / children)), without a will it will go to the parents to do with as they see fit through probate (after taxes are taken). Depending on your life insurance you should also name them as a beneficiary with a third party that you trust as an executor of your estate to disperse your estate as you dictate.

Basically, find your executor and make them realize their role, you can get a do-it-yourself will kit, fill it out completely and read what you can about insurance and trusts (if you want to avoid some probate taxes), and have a lawyer look over and amend. It should be minimal if he doesn't actually do the whole thing. Have it notarized and file it with the courthouse giving your executor and parents a copy.

I'm no lawyer, but I've been on a couple of different ends of this equation (thank goodness my will has yet to be used). Different states have different laws so you'll need to check into those.

Hope this helps .

Shaydz

 

Eric...Will your max to me I'll take good care of it.

 

it is a scary thought..but a must.


shaydz said it best... SEEK A LAWYER. trust me..even if you use the correct legal doc's and get it notorized, it will be a hard sell to a judge.

Your executor , somone you need to name in a will, will stand in front of a judge.

Do not stop at just your maxima, all of your worth and DEBITS still exist. If you have $5000 worth of cash and $4000 worth of debit... they will come for the money.

Your executor can fend them off, it just takes some work. Again, seek TRUE legal help.

But don't harp on it...plan and move on.. to much to see and enjoy

 

If you die without a will, there is no telling who will end with you property. Your state of residence with most likely try to seize it. Then your family will go to court to battle it out.

Find a lawyer that can draw you up a simple will at a reasonable price.

FYI, last year I bought some software from Best Buy called Willmaker 7. It allows you to make your own will. It comes with a manual and very detailed instructions and a list of resources if you need more information. Cost about $40 and might be worth looking into.

Good luck.

 

ericdwong,

follow the banner in my signature. it is very relevent.

 

My car would go right to the bank that rightfully owns it.

 

www.freewills.com

worth a look.
get you ducks in a line before paying an attorney by the hour.

 

thought about this a lot (I think about death a lot, sorry)...well...it's pretty obvious...my dad co-signed the loan on the car, so he has to take it. heh. If I owned the car totally, I would leave it to him anyway, even though I don't get along with him very well.

 

someone posted through probate (after taxes are taken)... no will = about 1/3 of whatever you have GONE to the state in probate, right off the top.

You want a revocable living trust AND a will AND someone with power of attorney for healthcare issues. Before you see a lawyer, go here http://www.suzeorman.com/home.asp and find out when she's on TV. She'll probably present options you didn't know existed. Listen to what she has to say, then see a lawyer.

No disrespect, but this is the wrong place to seek legal advice. Post your state/location and ask for info about a good lawyer, but info received on a web board about wills and legal stuff... well, let's say some will be good and some will be bad but how can you filter out which is which? Surely there are lawyers who are members of the .org, but there are also a@@holes who might think it's funny to give bad advice intentionally.

 

Difinetly a living trust! I'm not familiar with this woman but it sounds like this is safe advice.

This is excellent advice!

If this is true, it is sad as hell!

I agree this is not the place for legal advice, but I gotta think if someone said something way off base or malicious, another org member would step in to straighten out the story.

Your probably right, though, 2k2wannabe. I've always looked at the better side of human nature. I'll take those rose colored led glasses off now.

Seriously, I agree. Get a free consultation with a lawyer group. Most non-high-profile outfits do a first time thing free. THen you can make some edcated decisions. This is probably a better thread in Off-Topic anyway.


Shaydz

 

goes to my son

 

 

Question - is both your car and motorcycle paid off? If not, you don't want to leave them to your parents because they would likely have to assume the loans.

 

can't you just leave a note in the glovebox saying who you want to get it

 

I said no will = probate = 1/3 GONE to the state and I must edit that... death tax starts at 37% and rises to 55%. I'm sticking with 1/3 'cause I already typed that below, but you can figure you're going to get screwed more on all the following numbers.

Here's a scenario... for the young who are not yet burdened with *real* debt... let's assume you have a car you owe $15k, motorcycle you owe $3k, and an average college loan of $10k. Let's say the hypothetical you dies today with no savings and $12k life insurance and no will, this is approximately what they (the state, or some bureaucracy within) will do.

You "owe" $28k, but only "have" $12k. So first, they'll take 1/3 of your money, leaving the estate with $8k, THEN they'll apply that to your 'stuff.' Then they'll offer your family your stuff. But, since you owe on your stuff, if your family decides to take it, they also take the debt and have to start making payments.

If they choose not to take your stuff, the state will sell it all and apply all the money toward what you owe. If there is money left over, they'll give it to your family (they might take more as a fee, first, depending on your state). If your estate still owes money one of two things will happen... the banks will write it off as bad debt, or, and this is pretty crappy, they'll come after the people closest to you and try to get it out of them. So remember that credit card your dad co-signed for when you were 16? Even years later, they can (again, depending on the state) use that as "proof" that your father *was* willing to cover your debt, and will probably send him a bill. It might work, it might not, but really what does the bank have to lose by trying, right?

I was the one who said this is the wrong place to ask for advice so this is the last I'll give... if you have debt or savings (hey, that's almost everyone!), go see a lawyer and get a will. It doesn't cost that much, and it might save others close to you a whole lot of money. Of course if you don't care about others close to you, you'll want to go get a will and leave all the big ticket items with huge payouts to them, so they can have the hastle of selling it to pay the taxes/payout.

Also, I'm not a lawyer... I don't even play one on TV.