Do you have a will? (1 Viewer)

[Chemical X]

with all the hundreds on thousands FBGs pull in, wondering how many here have wills and the process you all may have gone thru to effect them. lawyer, on line, etc. did you and your partner agree, was anything amiss? I have no family remaining and it seems weird for me splitting our accumulated assets amongst my wife's family, many of which I don't care for. I think this has left me less than enthused about the process. I mean, we can leave to charity, etc. and set certain rules, but ultimately, I hate that her heirs only receive our assets. I really don't have a workaround here though and I don't want our crap haggled over should our demise come simultaneously.......we travel a lot and this is a scenario that could feasibly occur.

advise appreciated

 

[inca911]

Yes, but a will is just one of the several docs you should have in place, and arguably the least useful one. The following documents should be completed as part of any sound financial plan:

• Revocable Living Trust: avoid the delay and hassle of probate upon death, capturing your wishes upon your death
• Pour-Over Will: for anything that was missed being put in the trust
• Power of Attorney: granting financial decision-making authority to a trusted person when you are not able
• Health Care Directive: granting health care decision-making authority to a trusted person when you are not able

I just finished getting these in place. I met with several lawyers, and the fees to complete these docs ranged from $800 - $2,500. I chose the $800 guy, and the process was both thorough and painless.

 

[Willie Neslon]

Yes but is a simple one.

 

[Aerial Assault]

. . . there's a way

 

[FUBAR]

and a way.

Yes, but a will is just one of the several docs you should have in place, and arguably the least useful one. The following documents should be completed as part of any sound financial plan:

• Revocable Living Trust: avoid the delay and hassle of probate upon death, capturing your wishes upon your death
• Pour-Over Will: for anything that was missed being put in the trust
• Power of Attorney: granting financial decision-making authority to a trusted person when you are not able
• Health Care Directive: granting health care decision-making authority to a trusted person when you are not able

I just finished getting these in place. I met with several lawyers, and the fees to complete these docs ranged from $800 - $2,500. I chose the $800 guy, and the process was both thorough and painless.

I spent a year managing a small legal office that made many (probably close to a couple thousand over the year) simple wills.

While you might not "need" a will depending on your assets and your wishes - most people want their will to mimic the state's default; if you have kids you should appoint a guardian in the will. Health care Directives and POAs are more important than most realize.

 

[apalmer]

Yes, but a will is just one of the several docs you should have in place, and arguably the least useful one. The following documents should be completed as part of any sound financial plan:

• [SIZE=11pt]Revocable Living Trust: avoid the delay and hassle of probate upon death, capturing your wishes upon your death[/SIZE]
• Pour-Over Will: for anything that was missed being put in the trust
• Power of Attorney: granting financial decision-making authority to a trusted person when you are not able
• Health Care Directive: granting health care decision-making authority to a trusted person when you are not able

I just finished getting these in place. I met with several lawyers, and the fees to complete these docs ranged from $800 - $2,500. I chose the $800 guy, and the process was both thorough and painless.

Almost. 95% of people have no need for a Living Trust, which is the most expensive of these documents. You're still going to go through the probate process for the Will and (at least in PA and probably in most states), a revocable trust doesn't save any inheritance taxes. Unless assets are over the Federal Estate Tax threshold (currently about $5.3 million) that's a waste of money.

 

[roadkill1292]

with all the hundreds on thousands FBGs pull in, wondering how many here have wills and the process you all may have gone thru to effect them. lawyer, on line, etc. did you and your partner agree, was anything amiss? I have no family remaining and it seems weird for me splitting our accumulated assets amongst my wife's family, many of which I don't care for. I think this has left me less than enthused about the process. I mean, we can leave to charity, etc. and set certain rules, but ultimately, I hate that her heirs only receive our assets. I really don't have a workaround here though and I don't want our crap haggled over should our demise come simultaneously.......we travel a lot and this is a scenario that could feasibly occur.

advise appreciated

Outlive her and cut her family out of your new will.

 

[Reegus]

Yes my body is to be burned and my ashes are to be thrown in one of my friends face.

 

[Cliff Clavin]

Yep.

 

[jamny]

Yes. We don't have kids but put all the paperwork together so everything gets split evenly among relatives. It even automatically redistributes when our parents pass away. Also gave power of attorney to my BiL and both signed a DNR.

Our niece and nephews are going to be very surprised when we are both gone. Unless we both grow very old and blow it all. :crossesfingers:

 

[Yankee23Fan]

In most estates in NJ a revocable trust is useless.

 

[Brony]

What is the cheapest, fastest way to cover off on the basics of a will? I love my family and all, but c'mon, this shouldn't take 50 hours.

 

[Chemical X]

no matter what, you need to go through probate? the will just makes things quicker, right?

 

[apalmer]

no matter what, you need to go through probate? the will just makes things quicker, right?

Your state will have intestate statutes dictating how your estate is distributed if you don't have a will. The will lets you decide where it goes instead. You can also do things like waive the necessity of the executor posting a bond, etc. But, yes, there will be probate proceedings whether or not you have a will.

 

[inca911]

Yes, but a will is just one of the several docs you should have in place, and arguably the least useful one. The following documents should be completed as part of any sound financial plan:

• [SIZE=11pt]Revocable Living Trust: avoid the delay and hassle of probate upon death, capturing your wishes upon your death[/SIZE]
• Pour-Over Will: for anything that was missed being put in the trust
• Power of Attorney: granting financial decision-making authority to a trusted person when you are not able
• Health Care Directive: granting health care decision-making authority to a trusted person when you are not able

I just finished getting these in place. I met with several lawyers, and the fees to complete these docs ranged from $800 - $2,500. I chose the $800 guy, and the process was both thorough and painless.

Almost. 95% of people have no need for a Living Trust, which is the most expensive of these documents. You're still going to go through the probate process for the Will and (at least in PA and probably in most states), a revocable trust doesn't save any inheritance taxes. Unless assets are over the Federal Estate Tax threshold (currently about $5.3 million) that's a waste of money.

That's simply incorrect. People DO need a Revocable Living Trust, and it is certainly NOT a waste. Here's why in a nutshell:

First of all, the Living Trust is not about avoiding taxes, it is about avoiding the probate court process and associated delay in getting what you own where you want it. Probate can be a lengthly process of inventorying assets and property, paying debtors and taxes, and then distibuting all that stuff where you want it to go. A Will merely recommends a personal representative to the probate court to act on your behalf in distributing property, but that representative must first be deemed qualified and then approved by the probate court before they can do anything. It is also the probate court's job to validate the Will, figure out heirs, and deal with custody of minors. The problem is that the probate process can take quite a while, especially if personal representative is far away, or if decisions are contested by beneficiaries' lawyers, or the Will itself is contested, or if the estate has tricky assets or tax complications. This list of things that can slow the process is immense, and the quality of the personal representative will also come into play. What would happen to the people you leave behind if your assets are tied up for a few months to a half year (in a typical case) up to a couple years (in an extreme case)? It's bad things, and the probate process locks down everything. Not to mention the personal representative's skill and capability in correctly executing your wishes. There's no way that's what I want for my family when I'm gone.

With a Living Trust, the entire probate process is 100% avoided. It's honestly that simple. With the Living Trust, everything is immediately accessable without the government getting involved, and people get what they need right away from the personal representative you have selected with no headaches or other court approvals. Yes some states make the probate process more streamlined, but the risk is there and do we all know where we'll be living when we die? I don't.

Avoiding the court bureaucracy, lengthy time delays, and getting "exactly what you want, right away, where you want it to do go" is certainly not my definition of a waste of money; rather it is intelligent financial planning. The Power of Attorney and Health Care Directive are also immensely important, and not to be neglected. What you do in those two docs can be the difference between leaving an inheritance or leaving a trail of debt and ruin.

 

[Yankee23Fan]

Inca what state are you in?

 

[Fennis]

I got $100 he lives in MN

 

[inca911]

Inca what state are you in?

If only there was a hint in my profile. I'm in MN, but the real question is what state will I die in. Unless I know that for certain, I'm erring on the side of caution and spending a few hundred dollars not to wonder about it. I know some states have a shortened probate process (maybe NJ), and while I hope there are no issues or contesting of wishes to derail/delay things, with the Living Trust I know I'm covered

<---Location: Maple Grove, MN

ETA: Time to collect, Fennis!

 

[Yankee23Fan]

Didn't see profile sorry. Yeah almost nothing you said is true for new jersey as an absolute. Probate here is very simple. I hate lawyers who make people spend 800 to 2500 or more on an estate plan that is unnecessary.

I charge 100 bucks for a simple will. I consider it a service to the community.

 

[matuski]

No, a god has preordained my fate.

 

[Yankee23Fan]

No, a god has preordained my fate.

huh?

 

[BobbyLayne]

Didn't see profile sorry. Yeah almost nothing you said is true for new jersey as an absolute. Probate here is very simple. I hate lawyers who make people spend 800 to 2500 or more on an estate plan that is unnecessary.

I charge 100 bucks for a simple will. I consider it a service to the community.

Yankee, it sounds like NJ/NY are similar with respect to probate. What's fascinating to me is in the Midwest, the first objective in estate planning is to avoid probate. In NY/NJ, lawyers who handle estate planning begin with the baseline that EVERY estate should go through probate.

 

[mr roboto]

Yes, but a will is just one of the several docs you should have in place, and arguably the least useful one. The following documents should be completed as part of any sound financial plan:

• Revocable Living Trust: avoid the delay and hassle of probate upon death, capturing your wishes upon your death
• Pour-Over Will: for anything that was missed being put in the trust
• Power of Attorney: granting financial decision-making authority to a trusted person when you are not able
• Health Care Directive: granting health care decision-making authority to a trusted person when you are not able

I just finished getting these in place. I met with several lawyers, and the fees to complete these docs ranged from $800 - $2,500. I chose the $800 guy, and the process was both thorough and painless.

I have all these. I'm 31, 2 kids and a wife. Main breadwinner.

 

[Grady Wilson]

Yes. Got one a few years ago.

 

[apalmer]

Didn't see profile sorry. Yeah almost nothing you said is true for new jersey as an absolute. Probate here is very simple. I hate lawyers who make people spend 800 to 2500 or more on an estate plan that is unnecessary.

I charge 100 bucks for a simple will. I consider it a service to the community.

Yankee, it sounds like NJ/NY are similar with respect to probate. What's fascinating to me is in the Midwest, the first objective in estate planning is to avoid probate. In NY/NJ, lawyers who handle estate planning begin with the baseline that EVERY estate should go through probate.

Didn't see profile sorry. Yeah almost nothing you said is true for new jersey as an absolute. Probate here is very simple. I hate lawyers who make people spend 800 to 2500 or more on an estate plan that is unnecessary.

I charge 100 bucks for a simple will. I consider it a service to the community.

Yankee, it sounds like NJ/NY are similar with respect to probate. What's fascinating to me is in the Midwest, the first objective in estate planning is to avoid probate. In NY/NJ, lawyers who handle estate planning begin with the baseline that EVERY estate should go through probate.

Add PA to that list. The primary reason for Living Trusts here is padding the wallets of the lawyers preparing them.

 

[apalmer]

Yes, but a will is just one of the several docs you should have in place, and arguably the least useful one. The following documents should be completed as part of any sound financial plan:

• [SIZE=11pt]Revocable Living Trust: avoid the delay and hassle of probate upon death, capturing your wishes upon your death[/SIZE]
• Pour-Over Will: for anything that was missed being put in the trust
• Power of Attorney: granting financial decision-making authority to a trusted person when you are not able
• Health Care Directive: granting health care decision-making authority to a trusted person when you are not able

I just finished getting these in place. I met with several lawyers, and the fees to complete these docs ranged from $800 - $2,500. I chose the $800 guy, and the process was both thorough and painless.

Almost. 95% of people have no need for a Living Trust, which is the most expensive of these documents. You're still going to go through the probate process for the Will and (at least in PA and probably in most states), a revocable trust doesn't save any inheritance taxes. Unless assets are over the Federal Estate Tax threshold (currently about $5.3 million) that's a waste of money.

That's simply incorrect. People DO need a Revocable Living Trust, and it is certainly NOT a waste. Here's why in a nutshell:

First of all, the Living Trust is not about avoiding taxes, it is about avoiding the probate court process and associated delay in getting what you own where you want it. Probate can be a lengthly process of inventorying assets and property, paying debtors and taxes, and then distibuting all that stuff where you want it to go. A Will merely recommends a personal representative to the probate court to act on your behalf in distributing property, but that representative must first be deemed qualified and then approved by the probate court before they can do anything. It is also the probate court's job to validate the Will, figure out heirs, and deal with custody of minors. The problem is that the probate process can take quite a while, especially if personal representative is far away, or if decisions are contested by beneficiaries' lawyers, or the Will itself is contested, or if the estate has tricky assets or tax complications. This list of things that can slow the process is immense, and the quality of the personal representative will also come into play. What would happen to the people you leave behind if your assets are tied up for a few months to a half year (in a typical case) up to a couple years (in an extreme case)? It's bad things, and the probate process locks down everything. Not to mention the personal representative's skill and capability in correctly executing your wishes. There's no way that's what I want for my family when I'm gone.

With a Living Trust, the entire probate process is 100% avoided. It's honestly that simple. With the Living Trust, everything is immediately accessable without the government getting involved, and people get what they need right away from the personal representative you have selected with no headaches or other court approvals. Yes some states make the probate process more streamlined, but the risk is there and do we all know where we'll be living when we die? I don't.

Avoiding the court bureaucracy, lengthy time delays, and getting "exactly what you want, right away, where you want it to do go" is certainly not my definition of a waste of money; rather it is intelligent financial planning. The Power of Attorney and Health Care Directive are also immensely important, and not to be neglected. What you do in those two docs can be the difference between leaving an inheritance or leaving a trail of debt and ruin.

What about the skill and quality of the Trustee who is distributing under the Trust? What if the Trust is challenged (since you're playing the "worst possible scenario" for the Will, might as well do it with the Trust as well)? Courts don't challenge Executors on their own whim; that only happens if an interested party does it. So, you're leaving your estate to your family and they're challenging how it's done? But they won't do that if you leave the same assets in a document with a different title? OK. And, what about the inheritance tax on those assets that are transferred immediately? Who's paying it? Ooops, sorry, i got my money right away and spent it. Can't pay my share of the tax.

Want to know the 2 worst estate situation I've encountered in over 30 years? Both were Living Trusts. One dragged through the courts for almost 10 years to the point where attorney fees were about the same as total assets in the estate. In the other, assets (including the home) were transferred into the trust. The problem was, after death nobody could find the executed Trust document, so there was no way to distribute. If not for the trust, it would have been an intestate distribution, which would have accomplished exactly what the Settlor probably intended, based on an unexecuted copy of a Trust provided by the former attorney who prepared it (btw, he was a "former" attorney because he was under indictment for ripping off elderly clients with $3500 Living Trusts). Instead, the real estate couldn't even be sold because there was no valid Trustee until after convincing a Court to accept the unexecuted version as accurately reflecting the intent of the Settlor (who, of course, may have decided to alter the trust, or may have erroneously believed he could change his mind by ripping it up as he could have with a will). So, the real estate closing that would have taken days with a will (or even intestate) took close to a year to complete. Yeah, sign me up for that.

 

[Christo]

Yes, but a will is just one of the several docs you should have in place, and arguably the least useful one. The following documents should be completed as part of any sound financial plan:

• [SIZE=11pt]Revocable Living Trust: avoid the delay and hassle of probate upon death, capturing your wishes upon your death[/SIZE]
• Pour-Over Will: for anything that was missed being put in the trust
• Power of Attorney: granting financial decision-making authority to a trusted person when you are not able
• Health Care Directive: granting health care decision-making authority to a trusted person when you are not able

I just finished getting these in place. I met with several lawyers, and the fees to complete these docs ranged from $800 - $2,500. I chose the $800 guy, and the process was both thorough and painless.

Almost. 95% of people have no need for a Living Trust, which is the most expensive of these documents. You're still going to go through the probate process for the Will and (at least in PA and probably in most states), a revocable trust doesn't save any inheritance taxes. Unless assets are over the Federal Estate Tax threshold (currently about $5.3 million) that's a waste of money.

That's simply incorrect. People DO need a Revocable Living Trust, and it is certainly NOT a waste. Here's why in a nutshell:

First of all, the Living Trust is not about avoiding taxes, it is about avoiding the probate court process and associated delay in getting what you own where you want it. Probate can be a lengthly process of inventorying assets and property, paying debtors and taxes, and then distibuting all that stuff where you want it to go. A Will merely recommends a personal representative to the probate court to act on your behalf in distributing property, but that representative must first be deemed qualified and then approved by the probate court before they can do anything. It is also the probate court's job to validate the Will, figure out heirs, and deal with custody of minors. The problem is that the probate process can take quite a while, especially if personal representative is far away, or if decisions are contested by beneficiaries' lawyers, or the Will itself is contested, or if the estate has tricky assets or tax complications. This list of things that can slow the process is immense, and the quality of the personal representative will also come into play. What would happen to the people you leave behind if your assets are tied up for a few months to a half year (in a typical case) up to a couple years (in an extreme case)? It's bad things, and the probate process locks down everything. Not to mention the personal representative's skill and capability in correctly executing your wishes. There's no way that's what I want for my family when I'm gone.

With a Living Trust, the entire probate process is 100% avoided. It's honestly that simple. With the Living Trust, everything is immediately accessable without the government getting involved, and people get what they need right away from the personal representative you have selected with no headaches or other court approvals. Yes some states make the probate process more streamlined, but the risk is there and do we all know where we'll be living when we die? I don't.

Avoiding the court bureaucracy, lengthy time delays, and getting "exactly what you want, right away, where you want it to do go" is certainly not my definition of a waste of money; rather it is intelligent financial planning. The Power of Attorney and Health Care Directive are also immensely important, and not to be neglected. What you do in those two docs can be the difference between leaving an inheritance or leaving a trail of debt and ruin.

What about the skill and quality of the Trustee who is distributing under the Trust? What if the Trust is challenged (since you're playing the "worst possible scenario" for the Will, might as well do it with the Trust as well)? Courts don't challenge Executors on their own whim; that only happens if an interested party does it. So, you're leaving your estate to your family and they're challenging how it's done? But they won't do that if you leave the same assets in a document with a different title? OK. And, what about the inheritance tax on those assets that are transferred immediately? Who's paying it? Ooops, sorry, i got my money right away and spent it. Can't pay my share of the tax.

Want to know the 2 worst estate situation I've encountered in over 30 years? Both were Living Trusts. One dragged through the courts for almost 10 years to the point where attorney fees were about the same as total assets in the estate. In the other, assets (including the home) were transferred into the trust. The problem was, after death nobody could find the executed Trust document, so there was no way to distribute. If not for the trust, it would have been an intestate distribution, which would have accomplished exactly what the Settlor probably intended, based on an unexecuted copy of a Trust provided by the former attorney who prepared it (btw, he was a "former" attorney because he was under indictment for ripping off elderly clients with $3500 Living Trusts). Instead, the real estate couldn't even be sold because there was no valid Trustee until after convincing a Court to accept the unexecuted version as accurately reflecting the intent of the Settlor (who, of course, may have decided to alter the trust, or may have erroneously believed he could change his mind by ripping it up as he could have with a will). So, the real estate closing that would have taken days with a will (or even intestate) took close to a year to complete. Yeah, sign me up for that.

If you're looking for guarantees, the only 2 sure ways to go are either (1) do nothing and let your estate be sorted out by your state's statutes governing intestacy or (2) have so little left when you die no one gives a ####.

 

[matuski]

No, a god has preordained my fate.

huh?

Oh, a will. Not free will.

Wrong thread?

 

[inca911]

My issue is the blanket statement made that a Living Trust is worthless for 95% of people, without providing any description, and only talking about inheritance tax. The Living Trust has a lot of potential benefits that are worth describing. Just having someone pre-authorized to manage your trust property if you are incapacitated, without the need for court action to get that authority, is reason enough to put a Living Trust in place. Power of Attorney offers the same benefit, but without avoiding probate.

What about the skill and quality of the Trustee who is distributing under the Trust? ... The problem was, after death nobody could find the executed Trust document

I agree that if you can't pick a competent Trustee, or manage simple documents correctly, you probably haven't made good enough decisions elsewhere for it to matter.

 

[BigJim®]

My Dad used a living trust and while I'm sure there will be advantages for disbursement of major assets, I'm finding interaction with a handful of small potato accounts (like checking) to be a PITA. There may be something I'm not understanding about the interactive model for a trustee, but some won't interact with me as they would an executor, because there is no will. To them, I'm just the manager of a legal entity that has no direct relation to them. I find myself spending more time than I'd like consulting the attorney who set this up, and an accountant I've hired, to avoid unknown foot fouls that could trigger probate. Online research has been minimally helpful.

Just one tedious example, the bank managing the checking account won't tell me anything specific about the account even with a death certificate and trust agreement in hand. I don't have access to paper files, as my dad had electronic statements sent to an email account that has closed (former employee account). The bank was able to advise that there are ongoing ACH auto pays to creditors and charities my dad sent contributions to, but the bank can't stop them. They advised I'd need to contact those companies to have them stop auto pays, but couldn't name them, and I have no statements to discover them. Even doing that, I suspect my authority to act like an executor would be questioned by charities and creditors who want to be paid, as again I'm just a trustee of some entity they are not bound by. To close the checking account, I was advised to wait 30 days and then sign/notarize a transfer of property affidavit, and a check would then be cut to me personally outside of probate. That seems to defeat the intent to have funds go into a trust account, so I consult the attorney, and he said he'll be happy to complete the right form for me. I imagine that would cost me whatever is in the checking account.   

 

[James Daulton]

Ugh, nope.  We've had informal agreements with family members about who would get the kids if the wife and I bought it.  Dumb I know (kids are 21 and 17 now).  We probably have enough retirement assets now where we need to get on the stick and get one made.  Now, I could also get divorced, have only half the retirement assets, and then maybe I don't need to worry about a will anymore.  Decisions decisions.  

 

[Dan Lambskin]

Sorry thought it said Wii

 

[mr. furley]

 The bank was able to advise that there are ongoing ACH auto pays to creditors and charities my dad sent contributions to, but the bank can't stop them. 

this sounds very wrong

i work with some of this stuff.. not in a legal manner.. but this sounds like bull####.  talk to the manager. not the branch manager but that person's boss.

 

[IC FBGCav]

Didn't see profile sorry. Yeah almost nothing you said is true for new jersey as an absolute. Probate here is very simple. I hate lawyers who make people spend 800 to 2500 or more on an estate plan that is unnecessary.

I charge 100 bucks for a simple will. I consider it a service to the community.

The "most Christian" lawyer I ever met (he made us hold hands and say a prayer before our meeting) was a plan that was well over 3k in fees.   I couldn't get out of there fast enough. 

 

[BigJim®]

this sounds very wrong

i work with some of this stuff.. not in a legal manner.. but this sounds like bull####.  talk to the manager. not the branch manager but that person's boss.

I might. Actually thought about doing it on the spot but the branch employee said she'd told me even more than she was permitted to. I don't want to get anyone reprimanded on what is probably a legit privacy rule. According to her, I have no right to know anything at all about his checking.

 

[mr. furley]

I might. Actually thought about doing it on the spot but the branch employee said she'd told me even more than she was permitted to. I don't want to get anyone reprimanded on what is probably a legit privacy rule. According to her, I have no right to know anything at all about his checking.

if the man is deceased then any payments should cease now. those companies are not entitled to his money.

 

[BigJim®]

if the man is deceased then any payments should cease now. those companies are not entitled to his money.

I agree. She explained that the 30 day wait period is intended to allow time for Social Security to make any adjustments on money paid. Creditor ACHs I frankly don't care about, because I'll need to settle those accounts anyway. I don't understand why the bank can't give me the information to stop other ACHs myself (assuming I even could, as a trustee, terminate a contract with save the whales or whoever). I might just be ignorant on powers I have, but reading the trust agreement and what I've encountered to date suggests that the trust/trustee arrangement creates a void where there is no one with documented authority to act as an executor as to smaller assets/contracts not specified and previously notified as being under the trust. I read online there is often a pour over will executed in conjunction with a trust, and maybe that fills this void, but dad's attorney has been a bit evasive when I asked whether one was done (i.e. "You have complete paperwork for the trust").

 

[RokNRole]

No 

but I do have a way

 

[Sinn Fein]

Oddly enough, I have a way, but it does not work in reverse.

 

[apalmer]

My Dad used a living trust and while I'm sure there will be advantages for disbursement of major assets, I'm finding interaction with a handful of small potato accounts (like checking) to be a PITA. There may be something I'm not understanding about the interactive model for a trustee, but some won't interact with me as they would an executor, because there is no will. To them, I'm just the manager of a legal entity that has no direct relation to them. I find myself spending more time than I'd like consulting the attorney who set this up, and an accountant I've hired, to avoid unknown foot fouls that could trigger probate. Online research has been minimally helpful.

Just one tedious example, the bank managing the checking account won't tell me anything specific about the account even with a death certificate and trust agreement in hand. I don't have access to paper files, as my dad had electronic statements sent to an email account that has closed (former employee account). The bank was able to advise that there are ongoing ACH auto pays to creditors and charities my dad sent contributions to, but the bank can't stop them. They advised I'd need to contact those companies to have them stop auto pays, but couldn't name them, and I have no statements to discover them. Even doing that, I suspect my authority to act like an executor would be questioned by charities and creditors who want to be paid, as again I'm just a trustee of some entity they are not bound by. To close the checking account, I was advised to wait 30 days and then sign/notarize a transfer of property affidavit, and a check would then be cut to me personally outside of probate. That seems to defeat the intent to have funds go into a trust account, so I consult the attorney, and he said he'll be happy to complete the right form for me. I imagine that would cost me whatever is in the checking account.   

Living trusts only control assets that are specifically included in the trust.  For real estate, you have to deed it to the trust.  For a bank account, the account needs to be listed with the bank as "John Smith Living Trust".  If it's just titled "John Smith", it's not part of the trust and you have no authority to do anything with it.  You'll need to go open an estate and get appointed to serve as Administrator of the Estate (assuming there's no will).  Essentially what the bank is saying is that your father and the trust were two different entities and that the trust only owns what was transferred to it.  If the account was still in his name, it wasn't transferred and belongs to his estate, not to the trust. 

 

[BigJim®]

Living trusts only control assets that are specifically included in the trust.  For real estate, you have to deed it to the trust.  For a bank account, the account needs to be listed with the bank as "John Smith Living Trust".  If it's just titled "John Smith", it's not part of the trust and you have no authority to do anything with it.  You'll need to go open an estate and get appointed to serve as Administrator of the Estate (assuming there's no will).  Essentially what the bank is saying is that your father and the trust were two different entities and that the trust only owns what was transferred to it.  If the account was still in his name, it wasn't transferred and belongs to his estate, not to the trust. 

Hmm, not unexpected but also not what I wanted to hear. My plan was to sign over any such small potato checks into the trust and allocate in one swoop. I definitely don't want to pay an attorney money to set up an estate/administrator on top of what he's charging for other stuff... and I definitely don't want to go through probate to allocate the $2000 or whatever he had in the checking. I'd expect Legal fees to outweigh any benefit re: my ability to interact as an executor.

 

[AAABatteries]

If you're looking for guarantees, the only 2 sure ways to go are either (1) do nothing and let your estate be sorted out by your state's statutes governing intestacy or (2) have so little left when you die no one gives a ####.

I'm well on my way here - WINNING!

 

[Mrs. Rannous]

If only there was a hint in my profile. I'm in MN, but the real question is what state will I die in. Unless I know that for certain, I'm erring on the side of caution and spending a few hundred dollars not to wonder about it. I know some states have a shortened probate process (maybe NJ), and while I hope there are no issues or contesting of wishes to derail/delay things, with the Living Trust I know I'm covered

<---Location: Maple Grove, MN

ETA: Time to collect, Fennis!

Where you die has no affect on the will.  Where you reside does.  When you move to a new state, make a new will.  States have different requirements on wording, etc.

For us, a living trust is useless.  And probate (in Texas) is generally pretty easy for a properly prepared will.  I suspect if you family is douchey, the form on inheritance will be contested anyway.

And most important, make sure someone has a Power of Attorney for your elderly relatives.  Getting guardianship is a pita.