finally doing the will stuff

[pinkytoe]

I figure at our ages we really need to get the estate planning docs done. Although we have yet to meet with the attorney for signing docs, the legal assistant says we need to assign custodians for our "estate". We are not doing a trust - just simple wills. This doesn't make sense to me as our only heir is now a married adult over the age of 30. She has her own will. Before I call to ask why and sound like a dummy, can anyone here explain why we would need to assign custodians when we have no underage children?

[iris lilies]

I figure at our ages we really need to get the estate planning docs done. Although we have yet to meet with the attorney for signing docs, the legal assistant says we need to assign custodians for our "estate". We are not doing a trust - just simple wills. This doesn't make sense to me as our only heir is now a married adult over the age of 30. She has her own will. Before I call to ask why and sound like a dummy, can anyone here explain why we would need to assign custodians when we have no underage children?

From just reading what you wrote I would assume the word "custodian" to mean the person charged to carry out terms of the will. It's what our attorney called "personal representative." He suggested that it be someone local, who knows how to,get into our house, how to take care of the pets, where the main financial paperwork is contained, etc. He also suggested that this person need not stay the entire time to execute the will, tha could be turned over to someone else later, such as a family member we've designated.

[jp1]

Having gone through the process a year ago when my father died I'm not sure what exactly they mean, so I don't think it will be a stupid question.

Also, a suggestion. Not just for the OP but everyone. Keep your will up to date. Because of differences n CO law and CA law I had to reopen my long dead mother's estate to transfer the car title when dad died. Because her will had listed their good friend from decades ago as the alternative representative if my dad pre deceased her I had to get the friend to release any possible interest in mom's estate. This ended up being a headache because he had died years before mom. It would have been much easier if my parents had updated her will after the friend died.

[iris lilies]

I should add that we still haven't completed am will, all of that previous talk was from our attorney many years ago.

we will likely put everything into,a trust because my primary goal is to make it,easy for our successors if something happens to,U.S. Our estate would be divided several,ways so that seems easier to me.

[pinkytoe]

I always thought that was the executor's task so this custodian business is new to me.

[freshstart]

I always thought that was the executor's task so this custodian business is new to me.

me, too.

This is very bad seeing as how I am struggling with illness. I never made a will after my divorce became final in '04. My kids are 16 and 18 and I'm sorta waiting til the youngest turns 18 so I can put my share of this house in a trust in their name in case I have to *shudder* go to a nursing home. I need an elder law attorney and I am 45, lmao!. One reason I haven't jumped is because the majority of my assets aren't in a will; retirement investments and insurance and that's where the bulk of my money is tied up.

Not having a will I know is so irresponsible if you have kids, bad, bad, bad

[iris lilies]

I always thought that was the executor's task so this custodian business is new to me.
Ask your attorney the meaning of the word he uses. In our case the Personal
Representative was what everyone thinks of as the executor.. It's a word game.

[razz]

With my CFP to guide me, I just switched my registered savings plans to a registered RIF or retirement income fund available in Canada due to my turning 71 years old so this may be very different in the US. I was able to designate my beneficiaries ( my two kids) so able to avoid probate for my registered savings.
The point being that a will in my case is not the complete picture as there are other vehicles for managing your finances after you die. A custodian may require a different level of expertise to deal with the complexities of having assets.