10 Things to LEAVE OUT of Your WILL
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- Опубликовано: 27 сен 2024
- This video discusses 10 things to leave out of your will. It may come as a surprise, but not everything you wish to leave to those that you care about should go in your will. This video several key assets to deal with outside of your will. Also, the video discusses the one state that has what's called a "superwill statute," where much of this may not apply.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
Maybe you should do a video explaining that a "Will" does not avoid "probate" after a death.
I don't want my kids going through probate court to get their inheritance after I die.
Everything I own are in accounts controlled with a beneficiary document and my home has a "Ladybird deed" attached to it so it passes directly to my kids upon my death. No will and no probate court needed. I spoke with the kids to verbally let them know my intentions, and there will be a letter of intent left behind with account names, numbers, passwords, and estimated balances.
That’s exactly what I did. All of my financial accounts have TOD and POD designations and I live in a state that allows an Enhanced Life Estate Deed aka Lady Bird Deed. I talked to my heirs, made written instructions and showed my executor how to access all my documents.
Be mindful of capital gains taxes on the house. When you die, your children will own the house by operation of the deed but will also take your tax basis in the property. When the house is sold, the gain will be subject to capital gains on the difference between the sales price and your basis in the property. Depending upon what your basis is, this may not be a concern. However, if you bought the house long ago, its value has probably risen dramatically and your kids will have to pay hefty capital gains taxes. The key to avoid this capital gains is retaining the power to dictate who gets the property up until you die - which will allow the children to take ownership of the home with a "stepped-up" basis determined by the value of the house on your date of death. Check with a legal/accounting professional to see the options to make this happen - (e.g. retain a power of appointment in the deed itself; will; trusts etc.).
@HeavyZeppelin68 I understand what you are saying and it is an important concern.
However, in a Texas Ladybird deed, the kids get the property after my death and there is no capital gains tax due except for the increased value from the date of my death to the date they decide to sell.
@@HeavyZeppelin68 same in Florida. My heir will get a stepped up basis and only be responsible for capital gains tax for any increase in the homes value after death.
Leave the personal”stuff” out of the will. For example: “I am not leaving anything to (fill-in-the-blank) because I never liked you. Do you really want to be remembered like that?
Great content Geoff. I drafted new estate papers and my lawyer brought up all of the details pertinent to my situation. Money WELL spent.
Great advice. Also, your heirs need to be aware of any annuities (five year distribution) and inherited IRAs (new five year and ten year rules). HUGE tax consequences.
Helpful information! Love the beautiful tie!
My pleasure
Very interesting. Thank you Holy Schmidt. 😊
Very informative video. Oh I love that lamp!
Great info Geoff! Look forward to the next video!
Very timely, thank you. Just did a diy WA Will so soon to be putting smaller personal property items in a letter of instruction now.
Having a trust avoids probate and keeps your information private. If you only have a will, it's public and has to go through probate. It's going to be hard enough on my kids when I die. Adding the stress of probate to them is not what I want to do.
I was wondering what to do with my McClaren (the $39 one) LOL
Excellent information, thank you for sharing it.
When my inlaws home was being cleaned out the trustee gave the instructions......If you want it, take it. The will only covered the money distribution. This lac of clarity put a sever amount of stress on the trustee that finally hit her 1 year later.
Wow. The way we handled things in the home - we did a complete inventory (don’t ask, there was a lot of contention). Then that list was sent to all beneficiaries to select items they wanted, also acknowledging they’d pay a fair price for the items. The Trustee then reconciled the lists and we found very little conflict. Where more than one person wanted an item, they submitted bids and the winner got the item. What ever was left was sold by an estate company, the remnants then donated.
Great information thank you for sharing it
Well done. So these recommendations work in Louisiana too, with its Napoleonic laws?
I agree with some of this but my will came with burial instructions baked in and saves a bunch of time.
So, how about giving your executor a copy of that portion of your will? The point is to allow your loved ones to honor your wishes without the anxiety of having to locate those instructions
The executor should have a full copy anyway. I don't understand what you are saying here.
Didn’t help us with my dad. Stepmom overrode instructions - cremated and sits on her mantle - no military funeral (26 years of service) and no internment in the cemetery. Of course the 26 years of military service was when he was married to my mother and so was not part of “their life”. So instead of a beautiful service with gun salute, taps and flag folding and presentment, we were handed a folded flag in a plastic bag at the funeral home like an afterthought. It was heartbreaking.
Great info! Thanks!
BTW...someone is impersonating your channel. Reported the impersonating channel.
I’ve heard arguments against letters of instruction. There is a chance it could get separated from the will for one.
2 additional video suggestions:
1. What to put in a will and
2.The difference between a will and a trust.
They should include what level of funds are necessary for a will or trust to be needed.
Love it
Thumbs Up !
How many time can will be said?
I’m willing to bet quite a few.
@@briankowald6465 Will you please stop?
I have several online games I play, how would I handle them? Can the company prevent my grandchildren from playing these accounts?
I sure wish that you would monitor and delete the spam that I find in the comments almost every video. This is the one thing that prevents me from subscribing.
Just subscribe and don’t read the comments Karen
@@joiab11 Bless your heart.
Just keep a list w/photo if possible and list who gets it. Write this in your own handwriting (legibly) and sign it and date it. I have started asking my kids about items I have - some I gift immediately and others I still want to enjoy, but it is written down as to who gets it. And please cull your crap. We didn’t enjoy going through the mess our parents, aunts, uncles, etc. left us to deal with, so don’t revisit that burden on your children.
1.5 million for a Mclaren P1 ? I wish, try up to $7 Million!