Just found this and think it would take care of cars and other things that are not TOD or POD?
Here in Wisconsin the form is called a Transfer by Affidavit, and can be used when a person dies owning $50,000 or less in probate assets. Probate assets are assets that have no label or beneficiary form on them indicating who gets them at the owner's death. Probate assets are distributed via will, or if no will, via state statute. All states are different, but Wisconsin is not alone in having a simple procedure to oversee the distribution of a small estate without the formality (and length and cost) of a probate proceeding.
We likely have less than $50,000 in probate assets since we dont have a lot of “stuff.”
I wont argue for anyone to set up a trust, I am indifferent to what others do and everyone has unique situations. One thing against a Trust is that we are taking a ***ton of time to populate the Trust. But realistically, that time investment would have had to be done by our Executor if not by us. My primary reason for even having a legal vehicle to disburse assets is to MAKE IT SIMPLE for those coming after us. Some of that depends on how efficiently and timely probate court is able to act in our jurisdiction.
For those of you with assets that are simple to control, and for those with obvious heirs—children—seems like a Will wouldnt be necessary at all. Your state defines where your assets go without even a Will, so why bother with that?
Just something to think about.
I think it is always necessary to have a will. This will cut down time to get things done because it is spelled out. The whole purpose is to avoid probate and the wait it takes to get everything completed. A will also is a place to list digital assets and allow bills to be paid.
Here is some information from a local attorney's website that easily explains a few things.
Fill out Direct Transfer forms. If the asset has a label that says "it goes to my daughter upon my death" it goes to her, outside of probate, no matter what a will might say. The transfer is direct, avoids the probate fee, and is usually faster than probate (which can take up to a year or more to be complete). These labels can be placed on: life insurance, retirement accounts, bank accounts, real estate (via a transfer on death deed); and brokerage accounts.
Create a Trust. The granddaddy of avoiding probate is the living revocable trust. Essentially a wicker basket designed to hold assets during your life, and then distribute them to beneficiaries sometime after you have died. This direction avoids the probate process, but requires the creation of a trust, accomplished through writing a trust agreement which addresses who is in charge, what they can do, etc. And it requires the title to the asset be changed to the name of the trust. If not, the asset is not in the trust. More clients than not find this process too daunting, and opt for probate and its fee instead.
The creation or update of a will, trust or other end-of-life documents can become complex quickly. And it is not always a large net worth that creates complexity.
Your state’s intestate laws are just as “spelled out” for your assets.
And “a place to list digital assets and allow bills to be paid out” ? Huh? Just make a list for assets, digital or real or otherwise.
Name your child as TOD owner of bank account to pay bills.
Done. No will necessary. Just sayin’.
Here is some information from a local attorney's website that easily explains a few things.
Fill out Direct Transfer forms. If the asset has a label that says "it goes to my daughter upon my death" it goes to her, outside of probate, no matter what a will might say. The transfer is direct, avoids the probate fee, and is usually faster than probate (which can take up to a year or more to be complete). These labels can be placed on: life insurance, retirement accounts, bank accounts, real estate (via a transfer on death deed); and brokerage accounts.
Create a Trust. The granddaddy of avoiding probate is the living revocable trust. Essentially a wicker basket designed to hold assets during your life, and then distribute them to beneficiaries sometime after you have died. This direction avoids the probate process, but requires the creation of a trust, accomplished through writing a trust agreement which addresses who is in charge, what they can do, etc. And it requires the title to the asset be changed to the name of the trust. If not, the asset is not in the trust. More clients than not find this process too daunting, and opt for probate and its fee instead.
The creation or update of a will, trust or other end-of-life documents can become complex quickly. And it is not always a large net worth that creates complexity.
We have a will. i would not go without one.
I'm sorry about your dad, Simplemind.
Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. - Booker T. Washington
Also, an estate attorney will carefully consider tax strategies. Now, that may not be important to anyone. It isnt especially important ro me,
But I dont have kids and so am not as emotionally tied to heirs as some of you are.
I hope I live long enough to spend my $. We helped our kids when they needed it. I had my kids young so we will be seniors together)
There are currently 1 users browsing this thread. (0 members and 1 guests)