| The main catch is that without a will, the stuff goes into probate
before it's distributed to whomever receives it. (I believe this is
true regardless of the state.) It can take a LONG LONG time to clear
probate.
We did a will for ourselves within the last year. Cost was about $150
for our lawyer to draw one up, and we're both in our 30's.
Not doing a will is less work for the person whose will it is, and
means a LOT of hardship for those left behind.
Bernard
|
| Start by reading about estate planning. There is an estate
planning chapter in most financial planning books, or you can get
a book specifically about estate planning.
You'll probably end up looking into asset transfer techniques,
trusts, power of attorney. You will definitely look into wills.
As indicated in the previous replies, your father should have
one, even if it's a very simple one.
After you pick up the basics, then you may want to consult with a
professional estate planner, especially about the asset transfer
stuff.
See notes 488.* and 729.* for a bit more info.
Wes
|
| I have heard about having a Nursing Home Insurance to prepare one for
going into a nursing home (esp from EXPENSE standpoint).
Secondly, there was a short mention today in the news about Nursing
Homes being able to tap into KIDS finances if their parents assets run
out of money - I DO NOT KNOW ANY MORE ABOUT IT, AND THE SHOW DID NOT
TALK ABOUT HOW, WHY, WHEN AND OTHER "QUALIFIERS". It could be just a
proposal at this time.....Please investigate further if this can or
does apply to you (the reader).
Lastly the WILL and PROBATE issue is WORTHWHILE for you regardless of
the thought of NURSING HOME (for yourself AND your parents).
Do-It-Yourself WILLS are also an ALTERNATIVE (not the best, but in
situations SOMETHING IS BETTER THAN NOTHING).
Hope this helps.....Good Luck.....
Ken
|