advice on investments after death?

Question

Recently re-married and his (only)daughter is expecting all that her father has. He has invested quite a lot in things and I want to be fair and have him make out a will so that the investment as well as bank money and other things are all stated. My husband read a book on probate and feels it will all go to me automaticly but I think there will be legal problems if he does not make it legal and binding as to what & where he would like the things to go and not leave me with all of the problems.

Answer 1

He is wrong the split will be done according to your state rules and not how he may or may not want it split.

Children may get as much as 1/2 and the other 1/2 split (remember this depend on YOUR state.)

Tell him to make out a Will!

Answer 2

If you probate the estate, chances are the money will go to his surviving spouse. It legally cannot ALL go to the daughter....the lion's share must go to the spouse. If you want to specifically state who gets what, a revocable living trust is the way to go. There is an initial set-up fee, but it is private, keeps the assets out of probate (a process that can possibly take a very long time), keeps the assets out of the newspaper (!), and gives the grantor trustee greater control over his assets. The grantor also has the right to name who the co-trustee(s) is/are, if any, as well as who the successor trustee(s) will be.

Probate and revocable trust statues vary per state, so consult a lawyer if possible.

Answer 3

The probate rules vary state to state, and even a willl is not enough to guarantee that the assets make it to the right party.

Additionally, most states still require even the will to be "probated" which is a very costly process, and during which, other heirs can contest it.

If you want concrete assurance that your assets will cost efficiently be passed to those you chose, you've got to go with a living trust.

They may run you $500 - $1,500 to set up, but they are well worth it.

I would avoid buying software to do it, as even small punctuation mistakes can change the nature of a trust.

Hire a lawyer who sepcializes in estates and trusts.

Hope that helps!

Ken Clark
Certified Financial Planner

Answer 4

A little confusing but it sounds like you are divorced and you have a daughter with your ex-husband. When he dies the will goes to probate, in the absense of a will the proceeds generally go to the wife, which you are no longer. It depends upon the state but his daughter or you would probably end up with the money and things. He should go out and draft a will, even though an attorney or if it's simple you can buy the software for about $50 so that things are done properly. Never make the assumption that the money will go where you want it after you are gone, greed does things to people.

Answer 5

It sounds like the man has a variety of assets. If he dies without a will, the estate will spend a lot of money on lawyers. You will have to go before a judge and get an executor appointed, then there's a whole process.

He absolutely should have a will and so should you. It doesn't cost that much and will prevent all sorts of problems.

Answer 6

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Answer 7

Don't understand the details but maybe this is what you are asking; The father needs a will. Any investments for her, after his passing, will be different because she has longer to invest. After the funeral, wait about 6 months to get over the grief a little, then start paying off debt and investing in good, mutual funds. For more, go to daveramsey.com.