Updating Wills.

[Eugene]

Wife and I are in the process of updating our 20 year old wills. Initial meeting with lawyer, provided the lawyer with information on how we wanted our property divided.

Had a discussion with the lawyer on the number and types of assets held by wife and I. Lawyer provided 7 different areas to rectify to keep some assets out of probate. 6 of the areas were easy to correct or had previously been accomplished. Stock market stocks are a different animal. Need to get a form from each stock transfer agent, fill out the form with the beneficiaries listed, then get a medallion signature on the form. Gonna be a lengthy process.

Just bringing up the topic because some folks may need to update their wills and take steps to keep assets out of probate.

[Steve Butram]

Sure wish my Father in law would of had a will when he left us a few Years ago. There would have been less hard feelings if he would have put down his wishes in writing.

Just saying that Dinner at the in-laws tastes a little different for some of the survivors.

[Jim Becker]

Unless you really want to pass specific stocks to an heir, divesting of individual stocks and putting the value into an index fund goes a long way towards simplifying things. I know it isn't always that simple and everyone has to consider their specific situation, but it is something to consider.

[Eugene]

Suggest all have an updated will. Wife and I were looking over our 20 year old will, thing change, people move, have kids and perhaps a new spouse.

Couple of stories. Male neighbor died. Property went into probate. Female neighbor, then recently married to male, was not included in will. During probate, for almost a year, she was left almost destitute.

Things change. Keep the will simple and straight forward. Wife's great grandfather and his brother wrote wills skipping 3 generations, down to my wife's generation, 120 years later, give or take. Henry county Iowa, north south highway expansion just east of Mt. Pleasant. State wanted to take 1/10 acre off the farm for the highway. Took the signature of 38 descendants in wife's generation, side of the family, to approve the sale. Another gaggle, Avenue of Saints took a large portion of the farm. Family meeting in large hall, must have been close to 300 family members (heirs) and their lawyers attending, trying to figure out how to deal with the eminent domain and settle the estate.

[Urbish]

My wife's employer has a legal benefit that cost us about $120 for the year. We went in and had a trust set up, created power of attorney documents, and established wills for the both of us. The attorney told us it would have been about $1000 out of pocket.

[Eugene]

Unless you really want to pass specific stocks to an heir, divesting of individual stocks and putting the value into an index fund goes a long way towards simplifying things. I know it isn't always that simple and everyone has to consider their specific situation, but it is something to consider.

Missouri lets folks do a TOD (transfer on death) to named beneficiary(ies) for some property. Simple (well sort of) process updating the documents.

Most issues have been TOD'd; Bank accounts, vehicles, couple of privately held stocks, stocks held by brokerage, annuity, second mortgage.
Several pieces of real estate have been transferred to the children. Still working on individually held stocks.

The TOD lets my wife and I maintain control of, or dispose of the property until our death.

On the individually held stocks, some have appreciated 500% to 700% since their initial purchase. One stock appreciated 400+% and I sold 25%. My basis in that stock, for tax purposes, is close to zero dollars. If I divested, sold the individually held stocks, I would get hit with long term capital gains tax and lose the dividends. Most stocks I own pay a dividend, one as high as 6%. Compare that to the local bank offering .0125% on a saving account.

[Eugene]

Stock market stocks are a different animal. Need to get a form from each stock transfer agent, fill out the form with the beneficiaries listed, then get a medallion signature on the form.

Hopefully wife and I have everything completed as far as the wills and property distribution.

Obtaining a medallion signature on forms to designate a transfer on death beneficiary for stocks is almost impossible. Turned out that no nearby commercial bank was authorized to authenticate the stocks and issue a medallion signature. Most places I contacted did not know about a medallion signature.

Lot of internet time, finally found the name of a stock brokerage firm that I do business with. Stopped in at the agent's office and ask about a medallion signature. They knew about the requirement and had the forms. Wife and I gathered the documentation to fill out the forms. Couple hours later returned to the agent's office to sign the forms. Agent has to send the forms and documentation to the home office where they will put the stamp, the medallion signature, on the forms.

[Slim140]

Does anyone know of a will you can print off yourself and fill out and get notarized? My wife and I need to get one.

[Don McCombs]

The following is a link to a VERY basic North Carolina will format. If there is any complexity at all to your current situation, I suggest seeing a local attorney for your will preparation. You won't regret it.

https://eforms.org/wills/north-carolina ... -template/

[Eugene]

$872- paid to the attorney for the wills, other associated documents, advise, notary service, and filing some of the documents with the county recorder.

Well worth the money. Attorney gave us a list of things we needed to accomplish besides the wills.

One other thing about the attorney, the law office maintains copies of the wills and other documents.

[ricky racer]

Does anyone know of a will you can print off yourself and fill out and get notarized? My wife and I need to get one.

Dave Ramsey has a link on his website for a place that sells State specific wills for a low cost. We opted to set up a living trust through Financial Planning Ministry, www.fpm.org through our church. There is no out of pocket or upfront cost to us. A trust has some advantages over a will so it may be worth checking out.

[Bus Driver]

Given present inheritance taxes Federal and NC (other states may differ), having stocks go through probate may have benefits. The new "basis" becomes the value as of the date the owner dies-- so if sold by the heir, the income tax could be little or nothing. If transferred without probate, the "basis" could be the price paid 20, 30, 40 years ago. Be sure to explore all possibilities.

[Eugene]

Lessons learned. Make sure the owners of all assets are listed in the exact same manner.

One stock, GE., purchased through a transfer agent. Wife's name and SSAN was first, then me. All other assets were listed with my name first and SSAN, then wife's name and SSAN. The problem occurred when the stock was moved from one transfer agent to another. Took me close to a month to locate the stock. Finally located the stock when I gave the transfer agent my wife's SSAN.

Pretty sure wife and I have our wills and assets straightened out. Feels good. Have repeatedly told son and daughter where our asset paper work is located.