What is The Purpose For Having A Will?

[Fastfredy0]

Additional 2 points to consider in order to avoid probate and thus save money.

1. Make sure investments have beneficiary(s) assigned. The has priority over a will and avoids probates charges.
2. Consider a Living Trust. This avoids probate. For example, if you had $1,000,000, lived in California and used a will the probate fees would be $24,000 that would go to the government. I recently went online and copied a Revocable Joint Living Trust. Cost an 1 hour in time and $5 to get it notarized. "Joint" to accommodate 2 people, wife and I, who run the trust. "Revocable" meaning trust can be ended at anytime (unless we're both death (smile).

California Probate Fees

• 4% of the first $100,000
• 3% of the next $100,000
• 2% of the next $800,000
• 1% of the next $9M
• ½% of the next $15M

Aside: If anyone wants a copy with instructions, let me know and I will email ... or you can see a lawyer and probably spend a couple hundred bucks. Note: This is for 2 people not a single individual and thus JOINT Living Trust

Aside2: Anyone wanting to make me a beneficiary, let me know so I can supply the correct spelling of my name.

 

[Corn Pop]

It's something many families don't talk about, but I think it's important for families to discuss and talk about. What happens if something happens.