Quote:
Originally Posted by FatfreeGTO
Another good item to talk about for people is what to do if they actually have a little bit of a nest egg... Most people just assume that if they die their spouse, kids etc will get the money. Well that is not true, I'm not an estate planner but there are some basics that I'm aware of.
-Most common way someone could potentially die? Car accident probably. Who is usually sitting right next to you in the car? Spouse. Who is usually the beneficiary? Spouse... Well now we have a problem... Your both dead who do you think will get the money? Kids... WRONG!! Minors cannot be the beneficiary. Your money will get tied up in a huge legal battle where the children will be the biggest loser.
You need to setup some sort of a Living Revocable Trust. Minors can inherit that money and take control of it at a time that you laid out in the details. Since this is a "living" trust you can modify it at anytime while you are alive. It really is something that should be thought about and discussed with a pro, well I'm sure Greg can add some insight to this subject  |
Another excellent point.. I forgot to mention it..
DON'T DO LIKE ME........ ARE YOU READING THIS..
So I have all this wealth, and I am 50 and feeling frisky. It is 2008, I have seen the mess coming , positioned my chips and I am on top of the World..Don't need a Will or a Trust yet.. We will do it soon...Uh oh...
So when I Stroke/Seizured due to a Major Heart Infection due to a malformed Heart Valve, which caused a Brain Lesion and partial paralysis..
So, My Wife and I call the Trust attorney for other Family trusts, they travel immediately through rush hour traffic at 380 dollars an hour and he and the Notary come to my BEDSIDE next to the priest, and we notarize my Will and Revocable Trust... We made it on time...And i lived. Had i died in the Kitchen of my home, what would have happened ? Hurts to think I could have screwed my family out of all the hard work..
PLEASE make sure you have one, otherwise Uncle Sam, the greedy man, will get it..
The above story is as true as it gets...