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Do we need a will?

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Interactive

Guest
I am 50, my husband is 52, we have been married 31 years, and we live in Nebraska. I am concerned because my husband will not write a will, and the house is in his name. He is involved in a family ranching corporation, and the stock is being transferred to him. I am not part of the corportion. He says everything, the house and the stock that is in his name automatically goes to me if something happens to him. I say, write a will. We do have a 30 year old son. Who is right?
 


ALawyer

Senior Member
YOU are right.

First, everything does NOT automatically go to the surving spouse in any state. To the extent property is not held in "joint tenancy with right of survivorship" it is typically split among the spouse and child(ren).

Second, it is far less expensive to probate a Will than to handle an estate without a Will. For example, the cost of bonding the administrator, the cost of getting court approval to sell assets, can be done away with in a Will. And in a Will he can name the executor, an not have to worry about the judge appointing his buddy to serve.

Third, estate taxes can be a problem. And in a Will you can plan, effectively doubling the amount that will eventually pass to your son estate tax free.

Fourth, what if before the death there was a stroke? He could not do a Will at the last minute. There should be a Power of Attorney and health care power as well.

Fifth, you also need a Will and power of attorney and health care power for you.
 
A

advisor10

Guest
(01-23-2001)

Your husband is somewhat mistaken about his idea of what would happen to his estate after he is gone, but this is a common misconception that happens from not really being informed correctly.

Here are some good reasons that you should discuss him getting a will prepared:

(1) "Honey, don't you want to protect everything that you have worked so hard for all these years? Having everything written down is the best way to make sure that your wishes will be carried out properly. This is just one more way that you can help take care of me and our belongings." Don't be "penny wise and pound foolish". The cost of having a will done (less than $500) is money well spent, compared to the much greater expense of having to pay attorney fees to straighten out any unforeseen problems and complications that occur when a will was NOT prepared!

(2) Even the transaction of transferring the stock (to sell it after death) could be a problem if you have not received proper advice in advance (it should be registered not in his own name but in the "street" name or through a broker, which will make it much easier to sell quickly, if that is what you desire to be done after death). Any probate/estate attorney or CPA can advise you about the proper way to have this done.

SINCERELY,

[email protected]

 

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