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12-17-2012 at 2:43 PM
limegreenl...
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limegreenlauren is not online. Last active: 05-24-2013, 8:34 PMNewbie

Did you wait until you had kids to make a Will?

DH doesn't think we need a Will yet since we don't have children or own a house. My in-laws are super controlling and I kinda want to have a plan if something happens to him because I feel like they would try to step in and make all the decisions. Is there any reason to have a will right now?
 
12-17-2012 at 2:53 PM
Erikan73
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I had a will before I was even married. Here is why you should have a will established if you are single, married, kids or no kids. If you have no will you will have a much longer process in Probate court. If you have a will, an estate can be settles in 2-4 months (approx). No will, it will take generally 12-18 months to settle an estate. Now imagine if all assets and accounts get frozen until the estate is settled? You may not be able to access money in bank accounts that are only in his name, any assests like vehicles or homes that are strictly in his name you wouldn't be able to do anything to. For example, he have a car that is strictly in his name with a loan on it and with no will. He dies & you can't afford to do the car payments on it without his income, but you can't sell the vehicle because you don't have the power of attorney needed to be able to sign over the title to a buyer. If you return it with money owed, they still may consider it a repo & your husband's estate could still be charged for money owed on the car that they don't recoup when it's sold.
 
12-17-2012 at 3:49 PM
sillygoose...
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sillygoosegirl is not online. Last active: 05-19-2013, 9:43 PMGold
We're waiting until we have kids to make a will.  The only assets we have that are in only one name are our retirement accounts, and we have one another explicitly listed as the beneficiary on all those.  All our sizable assets are split between our families as secondary beneficiaries, so in the event that we were to both die, our wishes are clear.
 
12-17-2012 at 5:43 PM
vpine
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Make decisions, how?  If you mean, at hospital regarding life/death/resuscitation, that can be solved with a medical power of attorney and Directive to physicians and family forms, only need notary and witness to sign off, keep in safe place and take out only when needed. If your DH has life insurance, make sure you're the beneficiary and you know contact information for that. 

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12-17-2012 at 7:10 PM
ChristyD6
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ChristyD6 is not online. Last active: 05-24-2013, 11:34 PMSilver

Erikan73:
I had a will before I was even married. Here is why you should have a will established if you are single, married, kids or no kids. If you have no will you will have a much longer process in Probate court. If you have a will, an estate can be settles in 2-4 months (approx). No will, it will take generally 12-18 months to settle an estate. Now imagine if all assets and accounts get frozen until the estate is settled? You may not be able to access money in bank accounts that are only in his name, any assests like vehicles or homes that are strictly in his name you wouldn't be able to do anything to. For example, he have a car that is strictly in his name with a loan on it and with no will. He dies & you can't afford to do the car payments on it without his income, but you can't sell the vehicle because you don't have the power of attorney needed to be able to sign over the title to a buyer. If you return it with money owed, they still may consider it a repo & your husband's estate could still be charged for money owed on the car that they don't recoup when it's sold.

 

Damn, you just convinced me that DH and I needed a will made up yesterday! Thanks for the push, hopefully OP feels the same.


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12-17-2012 at 10:48 PM
vlagrl29
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vlagrl29 is not online. Last active: 05-24-2013, 11:44 PMSilver

I had a will before I met DH.  You must get one.  My first DH's passing proved to me that a will really helps your family with the legal process.  I can't tell you how messed up settling his estate was because of no will.  Plus his mom had passed the year before and he hadn't settled her estate yet so it was left to lucky ole me to settle 2 estates at the same time.  1 of them being in a different state even.

edited - when i found out my first H passed away I took as much money as they let you take out a day from the ATM.  once the bank finds out someone is dead they lock the account and you may not have the money for 6 months.  I was determined and settled his estate about 6-8 months after his passing.  I about lost my *** at the bank when they told me the letter from my attorney wouldn't let me get his money out.  make sure you guys are POD on each others things.  makes things much easier 

Forgot to also mention that in the state we live in (missouri)  if the spouse passes away the other spouse is entitled to everything.  even if your DH has some of his 401k money named to his parents....its all yours.  my inlaws were in ATL and the stupid half brother was trying to get his fair share from him.  I was so pissed. 


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12-19-2012 at 7:53 PM
Kaiene
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We have an appointment with an attorney just after the new year, but we should have done this a looooong time ago.  Now that DS is here, we really need it.

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12-21-2012 at 4:14 AM
slstine19
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slstine19 is not online. Last active: 05-23-2013, 5:48 PMNewbie

We did, but should not have according to a financial planner. It may depend on what state you live in though.  The planner told us that if we were in an accident together, but one person died before the other all of the first person's assets would go to the other person.  Then your assets would be a part of their estate since they died second.  So, if you have any family and want them to have something they wouldn't get it if the 2nd person's family was not cooperative.  

 My dad lived with a lady for many years.  She passed away from cancer.  They built a horse farm on her property.  She made her wishes known.  However, her daughter took everything since there was no will.   

 
12-23-2012 at 7:54 PM
*HiS ChAmA...
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*HiS ChAmAoLe GiRL* is not online. Last active: 05-24-2013, 7:00 PMSilver
I have had a will since I was 19 bc that was the age I went to Iraq for the first time. I adjusted it when I was 23 and got married. Even with no assets having one was a good idea.

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