I’ve been sharing your videos with my siblings so that we’re more familiar with the terminology and aware of what to expect when a family member passes, as well as for what to do for ourselves. Thank you for sharing your experiences and expertise!
I've been sharing Paul's videos to avoid conflicts. I've learned all about what not to do in a prior family estate matter. Ask your beneficiaries what they would prefer... how they wish to receive their inheritance. Assets, cash, family heirlooms that no one sees value in....LOL. Educate everyone involved.
Great video. Unfortunately, my parents are sticking me with a mess in managing their estate and having to deal with a deadbeat adult sibling that refuses to vacate the basement of the family home. In many cases, I believe there is nothing worse for a family than inheritance and leaving unfinished business to the executor. I've tried to speak with my mother about this problem while she is still able to do something about it but for her it's easier to do nothing and just turn it over to me to deal with when she is gone. I've also asked her to supplement her trust with a side letter outlining her wishes for my sibling so I'm not the "bad guy" when I have to evict him and his girl friend. She also refuses to do that.
It is amazing how many lawyers don't want to get in the middle of a family fight, even if they are getting paid well for it. They all seem to want to play "good cop" who gets along with everyone.
My parents are doing their best to remain living in their home, to avoid living in an assisted living facility or to hire a caregiver (which I've offered to pay). They've already established in their will that their estate will be evenly allocated 3 ways to their 3 children. *My inquiry is there or what is the terminology if my parents were to separately account for home improvements paid for by any of their children (whomever is willing to provide) that increases the value of the property, to be allocated to the given paying child(ren)? For instance, there is considerable drafts from the home's windows and one of the children would like to pay for updated windows to make the home energy efficient and help the parents with their energy bill as well as being environmentally friendly. Or updating appliances that no longer function or providing their garbage disposal that hasn't worked for decades. The list can go on since the house is half a century old. What would be the best way to verbalize this added feature to their will?
My husband and I have adult children from previous marriage. We have been married for 20 years and during that time, we have built a portfolio of paid for single family homes. Our rental properties are in a living trust and we do have a will. I don't want to leave equal amounts to each child. His two daughters have issues and one barely speaks to her dad. I'm of the opinion...you will receive according to what you have invested into your relationship and according to your work ethic and sense of money. Each of his 2 daughters inherited over $100,000 each upon the death of their mother. One decided not to work and live off the inheritance. the other bought a new vehicle...I feel that I shouldn't reward laziness.
Hello I was watching your videos to help my father in law to make his will and transfer a home mortgage to my wife's name but he died on October 21st. We are in the middle of being approved from a different bank. My question is do we have go to probate in order to complete the transferring of the mortgage?? My father in law didn't have any assets or money for retirement, no car no life insurance but he owes $100000 in medical bills. Is it worth it go to probate? I don't know where to start. Any suggestions would help thanks.
Omg I’m going thru this with both of my siblings over greed! My sister is making my life hell! My dad felt she would not respect his wishes, so he changed his trust and sure enough instead of Speaking to me like an adult she lawyered up and told my brother some bs got him on board so she does not have to pay the whole attorney bill didn’t come to my dads funeral made me pay for it now she is back in town and has her hand out. My dad is not even warm yet. 🤯 I will never forgive them for this. This gentleman on here knows what he is saying even tho we are in Arizona.
Trust and Probate. I think it's better and a lot less expensive to go TOD/POD, and Beneficiary Deed on owned Real Estate unless you have minor children or adult children with mental issues and special needs or are super-rich.
I have a 19 year old son that I am going have to make most of his decisions on his financial and health cause he has mental issues. Do I need power of attorney or something else?
I’m not a lawyer but i research this before and what you need is a conservatorship. Is a court order where a judge appoints a responsible person to care for another adult who cannot care for himself or manage his or her finances. You can get the paperwork in the court. You also need a special needs trust to protect his or her access from been taking away if using Medicaid.
My mother has tried to talk to my brother about everything. Nothing seems to work he’s greedy he has even taken his wife’s life insurance policy when she passed away and asked for donations for her funeral expenses. He is demanding 50% of the house and 50% of the assets. My mother being that I take care of her and make sure she goes to all doctors appointments and I’ve even cut my salary by 50 percent. She has left me her share of her entire estate I also inherit 25% of my fathers and my brother is fuming because he demands $200-$250,000 which is not there. He is demanding that the house be reassessed and says it’s worth 200 to 250,000. The assessor came back with 178 to 179 because of the condition that the home is in . My mother has not he’s not speaking with him she is a cancer patient and wants to live the rest of her life out in peace. I have to honor her wishes and he’s pissed!
I’ve been sharing your videos with my siblings so that we’re more familiar with the terminology and aware of what to expect when a family member passes, as well as for what to do for ourselves. Thank you for sharing your experiences and expertise!
Thanks LW! 😎
I've been sharing Paul's videos to avoid conflicts. I've learned all about what not to do in a prior family estate matter. Ask your beneficiaries what they would prefer... how they wish to receive their inheritance. Assets, cash, family heirlooms that no one sees value in....LOL.
Educate everyone involved.
Getting blended family together soon to discuss it all...thanks!
Great video. Unfortunately, my parents are sticking me with a mess in managing their estate and having to deal with a deadbeat adult sibling that refuses to vacate the basement of the family home. In many cases, I believe there is nothing worse for a family than inheritance and leaving unfinished business to the executor. I've tried to speak with my mother about this problem while she is still able to do something about it but for her it's easier to do nothing and just turn it over to me to deal with when she is gone. I've also asked her to supplement her trust with a side letter outlining her wishes for my sibling so I'm not the "bad guy" when I have to evict him and his girl friend. She also refuses to do that.
Everything Especially NOW.
Really Want To Get My Family And Very Sincerely Wanting ALWAYS BE FAMILY !!!!
Question: Is there supposed to be a formal “reading of the will?” How can you insist to see a copy of the will from the executor?
Oh and how do you even know if the decedent added you as a beneficiary on something?
4:45 Beneficiary and heir designations
6:07 Fiduciary designations
8:22 Communication of roles and expectations
I too shared video.going through this first time.Thanks for info!
Nice RB! 😎
Thank you...
It is amazing how many lawyers don't want to get in the middle of a family fight, even if they are getting paid well for it. They all seem to want to play "good cop" who gets along with everyone.
Maybe legally they're not allowed to"get in the middle of it" depending on what it is??
My parents are doing their best to remain living in their home, to avoid living in an assisted living facility or to hire a caregiver (which I've offered to pay).
They've already established in their will that their estate will be evenly allocated 3 ways to their 3 children.
*My inquiry is there or what is the terminology if my parents were to separately account for home improvements paid for by any of their children (whomever is willing to provide) that increases the value of the property, to be allocated to the given paying child(ren)? For instance, there is considerable drafts from the home's windows and one of the children would like to pay for updated windows to make the home energy efficient and help the parents with their energy bill as well as being environmentally friendly. Or updating appliances that no longer function or providing their garbage disposal that hasn't worked for decades. The list can go on since the house is half a century old.
What would be the best way to verbalize this added feature to their will?
My husband and I have adult children from previous marriage. We have been married for 20 years and during that time, we have built a portfolio of paid for single family homes. Our rental properties are in a living trust and we do have a will. I don't want to leave equal amounts to each child. His two daughters have issues and one barely speaks to her dad. I'm of the opinion...you will receive according to what you have invested into your relationship and according to your work ethic and sense of money. Each of his 2 daughters inherited over $100,000 each upon the death of their mother. One decided not to work and live off the inheritance. the other bought a new vehicle...I feel that I shouldn't reward laziness.
Hello I was watching your videos to help my father in law to make his will and transfer a home mortgage to my wife's name but he died on October 21st. We are in the middle of being approved from a different bank. My question is do we have go to probate in order to complete the transferring of the mortgage?? My father in law didn't have any assets or money for retirement, no car no life insurance but he owes $100000 in medical bills. Is it worth it go to probate? I don't know where to start. Any suggestions would help thanks.
Resentment ? Sometimes it leads to crookedness !!!! A lot of times.
Omg I’m going thru this with both of my siblings over greed! My sister is making my life hell! My dad felt she would not respect his wishes, so he changed his trust and sure enough instead of Speaking to me like an adult she lawyered up and told my brother some bs got him on board so she does not have to pay the whole attorney bill didn’t come to my dads funeral made me pay for it now she is back in town and has her hand out. My dad is not even warm yet. 🤯 I will never forgive them for this. This gentleman on here knows what he is saying even tho we are in Arizona.
Trust and Probate. I think it's better and a lot less expensive to go TOD/POD, and Beneficiary Deed on owned Real Estate unless you have minor children or adult children with mental issues and special needs or are super-rich.
If I was married and have step child should I would put what there father made for money and assets to got to them they are his children.
so if no one has burden of proof and it's just their word against yours , and they're just friends of the deceased, they have no case
I have a 19 year old son that I am going have to make most of his decisions on his financial and health cause he has mental issues. Do I need power of attorney or something else?
I’m not a lawyer but i research this before and what you need is a conservatorship. Is a court order where a judge appoints a responsible person to care for another adult who cannot care for himself or manage his or her finances. You can get the paperwork in the court. You also need a special needs trust to protect his or her access from been taking away if using Medicaid.
My mother has tried to talk to my brother about everything. Nothing seems to work he’s greedy he has even taken his wife’s life insurance policy when she passed away and asked for donations for her funeral expenses. He is demanding 50% of the house and 50% of the assets. My mother being that I take care of her and make sure she goes to all doctors appointments and I’ve even cut my salary by 50 percent. She has left me her share of her entire estate I also inherit 25% of my fathers and my brother is fuming because he demands $200-$250,000 which is not there. He is demanding that the house be reassessed and says it’s worth 200 to 250,000. The assessor came back with 178 to 179 because of the condition that the home is in . My mother has not he’s not speaking with him she is a cancer patient and wants to live the rest of her life out in peace. I have to honor her wishes and he’s pissed!
Not Helpful at all 👎👎