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Subject: "OKOlds: Talk to me bout yo Last Will and Testaments" Previous topic | Next topic
imcvspl
Member since Mar 07th 2005
42204 posts
Tue May-02-17 12:07 AM

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"OKOlds: Talk to me bout yo Last Will and Testaments"


  

          

Fuck this shit is depressing but don't leave home without one nah meen.

█▆▇▅▇█▇▆▄▁▃
Big PEMFin H & z's
"I ain't no entertainer, and ain't trying to be one. I am 1 thing, a musician." � Miles

"When the music stops he falls back in the abyss."

  

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Topic Outline
Subject Author Message Date ID
its a simple solution to avoid issues in the future...
May 02nd 2017
1
in the past decade i've seen four families torn apart by rock solid wiil...
May 02nd 2017
2
      at the funeral home we gave my oldest sister power of attorney
May 02nd 2017
4
           Dont work that way.
May 02nd 2017
16
Question: How are debts handled? Real talk, my biggest fear
May 02nd 2017
3
pretty sure the school loans go away
May 02nd 2017
5
I'm talking about parent's debts. They got em.... I don't want em....
May 02nd 2017
11
      This is odd...
May 02nd 2017
13
           yeah, my wife gonna be PISSED at me... i'm workin on it doe...lol...
May 02nd 2017
17
RE: Question: How are debts handled? Real talk, my biggest fear
May 02nd 2017
7
I'm pretty sure that there's more debt than assets in my case....
May 02nd 2017
8
      pretty sure those close when they die if there isn't enough money
May 02nd 2017
10
The debt will belong to the estate of the decedent.
May 02nd 2017
14
      If the estate has NO value though....what happens there??
May 02nd 2017
15
      Unless you've co-signed...
May 02nd 2017
18
           "otherwise named in some fiduciary capacity" <<<that scares me
May 02nd 2017
19
                Nah.
May 02nd 2017
20
                     ahh, ok. I see. Thanks! This def. gives me some things to look deeper
May 02nd 2017
22
      * I meant creditor rather than debtor.
May 02nd 2017
25
I was just talking to my in-laws about this
May 02nd 2017
6
it's not even about being old, everyone should have a will
May 02nd 2017
9
Worked in Trust & Estates for almost a decade...
May 02nd 2017
12
Here is my question
May 02nd 2017
23
      What?
May 02nd 2017
24
           RE: What?
May 02nd 2017
26
did a will and life insurance as soon as we had kids
May 02nd 2017
21

CyrenYoung
Charter member
33104 posts
Tue May-02-17 12:38 AM

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1. "its a simple solution to avoid issues in the future..."
In response to Reply # 0
Tue May-02-17 12:55 AM by CyrenYoung

  

          

..doesn't have to be complicated (or morbid).

its business.

doesn't really make sense to build an estate without including official instructions on how to handle it when you're no longer capable of doing so on your own.

caring for elders is a LOT more manageable when they have their affairs in order. i encourage everyone i know to have these frank discussions with their fam & friends. its healthy and eliminates stress.


*skatin' the rings of saturn*


..and miles to go before i sleep...

  

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imcvspl
Member since Mar 07th 2005
42204 posts
Tue May-02-17 06:09 AM

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2. "in the past decade i've seen four families torn apart by rock solid wiil..."
In response to Reply # 1


  

          

i mean situations where all the deceased affairs were in order and then it just turned into a shit show. that's the actual depressing part for me, or the thing i keep coming back to. should have done this a long time ago actually. especially with the kids. but it breaks my heart to think my kids might end up fighting over my debts later on.

then theres the part were in the interim while there still minors i look around at who i'd place them in the custody of and, well someone's feelings getting hurt. which in and of itself could cause more drama.

but yeah gotta do it, even still, because without one.... shit is really fucked.

█▆▇▅▇█▇▆▄▁▃
Big PEMFin H & z's
"I ain't no entertainer, and ain't trying to be one. I am 1 thing, a musician." � Miles

"When the music stops he falls back in the abyss."

  

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legsdiamond
Member since May 05th 2011
71557 posts
Tue May-02-17 08:20 AM

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4. "at the funeral home we gave my oldest sister power of attorney"
In response to Reply # 2


          

the funeral director was like "damn, I've never seen a family get along like this before.. usually its mad fighting"


****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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Ms_MynTight
Member since Jun 01st 2002
4073 posts
Tue May-02-17 09:20 AM

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16. "Dont work that way."
In response to Reply # 4


          


POA- health OR property, do not survive death. So if you were at a funeral home, POA would not have been very useful. Unless the individual was still alive at the time.



>the funeral director was like "damn, I've never seen a family
>get along like this before.. usually its mad fighting"
>
>
>


Everybody's got a lil light unda the sun....

  

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FLUIDJ
Member since Sep 18th 2002
43964 posts
Tue May-02-17 07:57 AM

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3. "Question: How are debts handled? Real talk, my biggest fear"
In response to Reply # 0


  

          

is the debts that my folks have. Are these going to fall on us? Affect our credit?



"Get ready....for your blessing....."

  

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legsdiamond
Member since May 05th 2011
71557 posts
Tue May-02-17 08:26 AM

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5. "pretty sure the school loans go away"
In response to Reply # 3


          

my sister took over the car payments for my moms car and she didn't really have any other debts since she was renting at the time.

We had an insurance settlement so that covered any other open bills like utilities.

I have no idea if there is a house involved that isn't paid off. Sell it or take over the payments seems like the most reasonable options.

My dad didn't have any debts either besides utilities. I think you can send a copy of the death certificate and they just close the accounts.

My grandfather had mad property and a nice amount of money and he told my mom if he knew the govt would take this much he would have spent more while he was younger.










****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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FLUIDJ
Member since Sep 18th 2002
43964 posts
Tue May-02-17 09:01 AM

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11. "I'm talking about parent's debts. They got em.... I don't want em...."
In response to Reply # 5


  

          

got enough of my own.

>my sister took over the car payments for my moms car and she
>didn't really have any other debts since she was renting at
>the time.

could she have just let the car go? Is that an option at all, or do you pretty much have to assume the debt because you're next of kin?

>We had an insurance settlement so that covered any other open
>bills like utilities.

My grandfather died several years ago....i think 5....I still see mail coming to my parents house in his name. I'm assuming it's utility bills and stuff...scared to even ask....

>I have no idea if there is a house involved that isn't paid
>off. Sell it or take over the payments seems like the most
>reasonable options.

This is my biggest worry honestly. Either option is going to cost money. And i'm the only sibling (out of 4) that is really in any position to be able to fund whatever it would take to settle this up.

>My dad didn't have any debts either besides utilities. I think
>you can send a copy of the death certificate and they just
>close the accounts.

if this is true, this would be helpful indeed. I guess I got to research it for myself. I just don't even know how to approach asking my folks how much debt their in.

>My grandfather had mad property and a nice amount of money and
>he told my mom if he knew the govt would take this much he
>would have spent more while he was younger.

Same here...and they squandered the shit out of it, and fcked it all up....don't even get me started.. smh....

"Get ready....for your blessing....."

  

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StephBMore
Member since Sep 11th 2014
1373 posts
Tue May-02-17 09:05 AM

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13. "This is odd..."
In response to Reply # 11


  

          

because my coworker lost her husband and when the bill collectors call her, she's like he's dead and they told her she's legally responsible too because they are married and "share" debt even though he took these loans out on his own. idk how that works for parents. I don't think you are legally bound to pay them but i think bill collectors can sue the estate and take what they are owed. this is beyond fucked up but in the case of my ex, when he died, he owed on his house and car. the loan originators just sold the car and house and for the house, they gave his mom the extra (the house sold for more than he owed) and for the car it sold less and the wrote off the balance. don't know what happened to his credit card debt. cell phone, cable, etc was all just written off. but thats a monthly bill not a "debt."

  

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FLUIDJ
Member since Sep 18th 2002
43964 posts
Tue May-02-17 09:22 AM

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17. "yeah, my wife gonna be PISSED at me... i'm workin on it doe...lol..."
In response to Reply # 13


  

          

I can understand why the spouse thing exists though. Most marriages become a melting pot of finances, so the logical conclusion is that debt is shared because whatever caused the debt was likely used by both parties in the marriage.


"Get ready....for your blessing....."

  

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Marbles
Member since Oct 19th 2004
21876 posts
Tue May-02-17 08:50 AM

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7. "RE: Question: How are debts handled? Real talk, my biggest fear"
In response to Reply # 3


  

          

>is the debts that my folks have. Are these going to fall on
>us? Affect our credit?
>
>
>
>"Get ready....for your blessing....."

This isn't legal advice. You should check with a lawyer for detailed info.

But a lot of times, the creditors will have different priorities. Whoever is 1st in line will get paid from whatever assets are left. The 2nd in line gets paid next, and so on.

Their debts won't fall on you (unless you're a co-signer or something like that) but the creditors will get to take what they're owed first before you get your inheritance.

  

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FLUIDJ
Member since Sep 18th 2002
43964 posts
Tue May-02-17 08:55 AM

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8. "I'm pretty sure that there's more debt than assets in my case...."
In response to Reply # 7


  

          

it's just depressing and scary to think about.....

Medical bills, credit card bills, mortgages, etc....





"Get ready....for your blessing....."

  

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legsdiamond
Member since May 05th 2011
71557 posts
Tue May-02-17 09:00 AM

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10. "pretty sure those close when they die if there isn't enough money"
In response to Reply # 8


          

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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Ms_MynTight
Member since Jun 01st 2002
4073 posts
Tue May-02-17 09:09 AM

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14. "The debt will belong to the estate of the decedent."
In response to Reply # 3
Tue May-02-17 09:13 AM by Ms_MynTight

          

In Illinois any estate valued at over 250k and above go through probate, through this process, debtors are notified and paid. After this process heirs can collect.

the only time you would take on the debt of an estate is if you have cosigned for something in the estate or as duly appointed executor or person managing the estates affairs you get to spending money that is not yet due to you. Violating your fiduciary duty.



****UNLESS YOU ARE THE SPOUSE******
In which case all that debt is yours too. And you need pay that shit before you much from the estate. Except maybe annuities with named beneficiaries.



Everybody's got a lil light unda the sun....

  

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FLUIDJ
Member since Sep 18th 2002
43964 posts
Tue May-02-17 09:20 AM

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15. "If the estate has NO value though....what happens there??"
In response to Reply # 14


  

          

That's what gets me...
There's this misconception that old people have assets no matter what.
The economy crash hit folks HARD.
Dad was laid off of a job he had 30+ years but due to technicalities had no pension or anything from it....within that year he had triple bypass surgery, cancer and it's just be a steady downhill slide since then (over 8 years ago).
Mom pretty much same boat health wise...if it's cancer, she got it....and the bills that go along with it.
They live in NC....probably refinanced their house sometime in the last 5 years...and likely took out any minuscule amount of equity that they had it...and it's very likely that they owe a considerable more than the house is worth.

So their estate is basically all debt.



"Get ready....for your blessing....."

  

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Ms_MynTight
Member since Jun 01st 2002
4073 posts
Tue May-02-17 09:25 AM

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18. "Unless you've co-signed..."
In response to Reply # 15


          

or are otherwise named in some fiduciary capacity, you should personally be good. Though debtors might try to scare you into paying some shit. You shouldnt have any liability. My dad was basically in the same situation. BUT he had a single insurance policy (annuities usually fall outside of an estate)that was over 20 years old & paid up and I was named sole beneficiary, so I was good.



Everybody's got a lil light unda the sun....

  

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FLUIDJ
Member since Sep 18th 2002
43964 posts
Tue May-02-17 09:27 AM

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19. ""otherwise named in some fiduciary capacity" <<<that scares me"
In response to Reply # 18


  

          

because don't most credit applications require you to list closest relatives? Is that the same as "otherwise named in some fiduciary capacity" ?

>or are otherwise named in some fiduciary capacity, you should
>personally be good. Though debtors might try to scare you into
>paying some shit. You shouldnt have any liability. My dad was
>basically in the same situation. BUT he had a single insurance
>policy (annuities usually fall outside of an estate)that was
>over 20 years old & paid up and I was named sole beneficiary,
>so I was good.

Thanks for the insight you're providing too!!

"Get ready....for your blessing....."

  

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Ms_MynTight
Member since Jun 01st 2002
4073 posts
Tue May-02-17 09:32 AM

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20. "Nah."
In response to Reply # 19


          

You arent party to an agreement like that. I mean whats to stop me from naming Fluid J as my next of kin? Unless its a joint account of you are a cosigner for the card.

*Again I aint an attorney though.



Everybody's got a lil light unda the sun....

  

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FLUIDJ
Member since Sep 18th 2002
43964 posts
Tue May-02-17 09:34 AM

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22. "ahh, ok. I see. Thanks! This def. gives me some things to look deeper"
In response to Reply # 20


  

          

into.

"Get ready....for your blessing....."

  

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Ms_MynTight
Member since Jun 01st 2002
4073 posts
Tue May-02-17 10:00 AM

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25. "* I meant creditor rather than debtor."
In response to Reply # 14


          

n/m

Everybody's got a lil light unda the sun....

  

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Jonjuan
Member since Apr 05th 2004
2292 posts
Tue May-02-17 08:48 AM

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6. "I was just talking to my in-laws about this"
In response to Reply # 0


  

          

Most people don't do them here (Sweden), because your kids get your shit regardless. Write a will if you want, but that shit getting split right down the middle. They basically said you can split up how you want while you're alive. I don't know how I feel about it yet. I guess it's one less thing to worry about.

Oh yeah, if you have a second family (2nd marriage and more kids) a Will is recognized. Those are the people that write them.

  

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StephBMore
Member since Sep 11th 2014
1373 posts
Tue May-02-17 09:00 AM

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9. "it's not even about being old, everyone should have a will"
In response to Reply # 0


  

          

and you make one easily online. because anything can happen to you at any time. so no point in NOT having one. unless you just really dont' have shit. but i have one because I want to be buried a specific way and i don't have time for people to argue about where I should be placed or what kind of casket, etc etc.

  

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Ms_MynTight
Member since Jun 01st 2002
4073 posts
Tue May-02-17 09:04 AM

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12. "Worked in Trust & Estates for almost a decade..."
In response to Reply # 0


          

Our clients were all fairly wealthy....didnt stop the drama though. Good times. If you have basic estate planning questions lemme know. Though I am NOT an attorney.



Everybody's got a lil light unda the sun....

  

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Lurkmode
Member since May 07th 2011
4248 posts
Tue May-02-17 09:47 AM

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23. "Here is my question"
In response to Reply # 12


  

          

If property is left to a child over 21 by a parent in a will, what other legal steps does the child have to take to put the mortgage and taxes in his name, besides just making payments on the mortgage.

---------------------------
Signature

  

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Ms_MynTight
Member since Jun 01st 2002
4073 posts
Tue May-02-17 09:58 AM

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24. "What?"
In response to Reply # 23


          

The short answer is it depends on the state. The Will should filed with the county clerk. In some states creditors might have a shot at coming for the property, before the heir can take ownership. You should consult an attorney in your area.

>If property is left to a child over 21 by a parent in a will,
>what other legal steps does the child have to take to put the
>mortgage and taxes in his name, besides just making payments
>on the mortgage.


Everybody's got a lil light unda the sun....

  

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Lurkmode
Member since May 07th 2011
4248 posts
Tue May-02-17 10:18 AM

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26. "RE: What?"
In response to Reply # 24


  

          

Thanks

---------------------------
Signature

  

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lonesome_d
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30443 posts
Tue May-02-17 09:34 AM

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21. "did a will and life insurance as soon as we had kids"
In response to Reply # 0


          

felt weird but it was mostly boilerplate stuff

-------
so I'm in a band now:
album ---> http://greenwoodburns.bandcamp.com/releases
Soundcloud ---> http://soundcloud.com/greenwood-burns

my own stuff -->http://soundcloud.com/lonesomedstringband

avy by buckshot_defunct

  

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