Estate Planning

[The Stig]

One of Mrs Stigs aunts passed away unexpectedly this past weekend. Her daughter is scrambling because (1) she is broke (2) the aunt didn't organize her important papers in any way (3) she was not aware of her Mom's wishes.

So...for the ultimate SHTF event....have you organized your affairs so your loved ones have quick access to money for funeral expenses? Have a detailed list of important papers so people can find them (bonds, CDs, bank accounts, pensions, life insurance, etc.?

I must confess I've been putting off having a will drawn up. I also need to organize the important documents with a master list for what Mrs Stig needs to do in the event I'm hit by a bus.

[ak474u]

AND, if they're not in a trust... Instructions need to be left on how to sell, or Form 5? Iirc (tax free transfer) any SBR or Class III goodies. There is a very short grace period before an heir can be charged with constructive possession for merely having access to a safe after you're gone. I talked to the gun trust lawyer about this very thing just a few weeks ago, and it's happened before. It may also be a good idea to have a list of ballpark values of your guns so an heir gets the maximum value out of them when settling your estate.

[bacpacker]

Thanks for the post Stig. This is something we have been putting off as well. It is an important item to have covered, regardless of preps.
AK, good stuff from the lawyer. Good info.

[ladyhk13]

Every state has it's own codes for estates and heirs. Our state just passed the "no inheritance tax" law/code last week. As of 2012 there will be no inheritance tax when you are left anything by a loved one. Yahoo! Also, everything automatically goes to the spouse here as well but still a will needs to be done I guess for anything that's not covered or if both get killed at the same time.

[bacpacker]

Great news on the tax issue. I knew that was coming up. But I hadn't heard it had passed already.

[The Stig]

AND, if they're not in a trust... Instructions need to be left on how to sell, or Form 5? Iirc (tax free transfer) any SBR or Class III goodies. There is a very short grace period before an heir can be charged with constructive possession for merely having access to a safe after you're gone. I talked to the gun trust lawyer about this very thing just a few weeks ago, and it's happened before. It may also be a good idea to have a list of ballpark values of your guns so an heir gets the maximum value out of them when settling your estate.

Excellent advice.

For us the will isn't so much to protect our financial assets as it is ensuring LiL Stig is raised by the right people and take care of in the event Mr and Mrs Stig are suddenly removed from earth.

[Twitchy]

after seeing several estates ending quite bad, might i suggest some things... Have everything decided prior to any event happening... Make SURE it complies with all state and federal laws so it isn't disputable... This will really help if something unexpected does happen... It will make things easier for the heirs...

[Grumpy Old Man]

I am spending my children's inheritance and plan on leaving them noting! Naked came I into this world and naked shall I return to my maker! It's all just stuff and it's all God's stuff, I'm just watching over it for him while I'm here. Sorry to derail a thread, but I have gone with a minimalist attitude and created joint survivorships. When I'm gone the remaining name has right of survivorship. No muss; no fuss. Goes straight to them.

[Sniper-T]

^ ditto!

But I have created an inventory of all my high ticket items for the Mrs... guns, boats, quads, sleds, jewelery, cash, etc.

[Kodiak]

The Mrs. and I have had a will on our to do list for a few years now and keep putting it off, thanks for the reminder to get off our rear ends and get it done. I think ill call a lawyer today and find out how much it costs.