Retirement Wills, Life Insurance

[Anonymous]

💥AN UPDATE💥

(Saturday - May 15, 2021 7:30pm EST) This post was originally posted 10/21/10 when I was a NEWBIE. Since then, I have decided against a LIVING WILL but still interested in CREMATION.

💥ORIGINAL POST💥

October 21, 2019

Hi All:

Anyone have any advice on the best way to create a will?

I am finally sitting down and figuring out how to get my affairs in order. Not being morbid, but realistic. If I was to die today, my only child would be left with dealing with my lack of planning on top of grieving.

I am interested in a living will and a regular will.

With me living in Virginia and her in Florida, I would like tips on the best way to handle all of this.

Next, life insurance. Is that the best way to get cremation set up? Would love to hear from others on this.

[WebWiseWoman]

Hi, Angela!

I tried to reach out to you via PM but your account doesn't accept requests/contacts, so please feel free to friend me?

Regarding end of life, many years ago I chose to "donate" my remains to science if not viable for organ donation; that being done, the remains will be used to create diamonds for my daughters and grandchildren.

I don't want an "internment" as I suffered many years at gravesites and don't want my girls to do that; I want them to have a part of me that shines for them.

hth

#VegasStrong

[Anonymous]

March 16, 2021

Hi @WebWiseWoman I have heard of bodies being rejected. Is this true? If it is, do you have a Plan B set up? Thanks for sharing.

[retiredtraveler]

I have never liked the idea of a will. Wife and I set up a revocable trust. You find a lawyer (do not do it yourself) who specializes in this area.

   A trust goes into action immediately. It avoids probate. There are no court or attorney fees after the trust is established. Your property can be passed immediately and directly to your named beneficiaries.

If you're familiar with Suze Orman, she is a huge proponent of trusts.

   You add the living will and any kind of directions you want. The lawyer will do whatever you ask and he/she should have some solid advice for things you may not have thought through or about.

[Gorm50]

If you are organized and structured a RLT can work well for you. FACT is most crafting attorneys do NOTHING more than advise HOW to fund your RLT.  If you do NOT fund it, you are reliant on your pour-over will to move the assets after death to your RLT. That involves probate and the expense of an attorney because MOST courts will NOT entertain petitions by laymen to transact that business.  

Think of a RLT like a corporation. To achieve the desired benefits assets must be so titled.  If never titled so, they are NOT part of the trust and consequently do NOT enjoy the expected benefits. 

If you have a RLT funding can be difficult as it is burdensome because depending on your state you may need special counsel on WHAT to put in the trust vs leave out, if IRAs, RE, etc.  Ideally, your attorney, CPA will advise HOW to fund, etc.   

[Anonymous]

April 14, 2021

Hi @Gorm50 lol, I have ZERO to leave my daughter. My main CONCERN is my cremation cost. I thought about donating my body to science, but so many stories of bodies being REJECTED. Yikes!!! I also feel when it is your time to go, no need to prolong the journey. Too many hospitals and doctors are HOUNDING love ones for the deceased's medical bills. I have lived a good life and do not want my only child dealing with my bills while grieving. My old 2006 Hyundai Elantra can go to my guys at my local Firestone to sell, keep, donate or use for parts. What is left in my savings and checking will go to my daughter who has access to both and we bank at same bank. Thanks for stopping by to join our discussion 🙂

[Gorm50]

Can only share my dated perspective.  Given your interest in donating your body to science, I'd explore options with area medical colleges, hospitals for what is needed to effect your preferences. Also, cremation costs are coming down so you could also explore that option. Normally, those accepting your body for science incur ALL costs.  

Unaware of your State regs, most provide statutory POD (payable on death) accounts, meaning on your death your child need only tender a copy of your death certificate to claim the then current balance. 

Your daughter would NOT be legally responsible for your unpaid bills upon death (if titled in your name alone), but creditors would have a claim against your estate. Also, that does not mean creditors would NOT TRY to collect from your daughter so she needs to understand her rights.  

As to the car, typically if your estate is small your daughter could petition the probate court to have your vehicle assigned to her upon your death.  If of no significant value, she could sell as a beater or to vehicle salvage for metal content. 

Must believe she is appreciative of your efforts to ease her pain, handling of your estate.   

[Anonymous]

April 14, 2021

Hi @Gorm50 thanks for taking the time to join our discussion 🙂 Lol, my car, my daughter agrees goes to my guys at my local Firestone. They have been good to me here in Virginia with her living in Florida. No one but them and AAA works on my car. Well, I have been hearing that there are TOO MANY body donations. I rather NOT take the chance of them REFUSING my body and her having to set up CREMATION. I am also an ORGAN DONOR on my driver's license. She hated talking about all this, but knows we needed to. Lol, what ESTATE???? Just my car and bank account.

[Anonymous]

March 16, 2021

Hi @retiredtraveler yes I have heard of Suze Orman, but have never sat down and watched her or read any of her books. Thanks for sharing.