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The Water Cooler
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Writing a will
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<blockquote data-quote="CHenry" data-source="post: 3264843" data-attributes="member: 6281"><p>I think I was told by a lawyer that a Will will circumvent probate. Probate is simply the judge handling the distribution of the estate or money to those left behind, starting with the wife, if there is one, and on down if there is no wife. This is a long ass procedure especially if there are children contesting it.</p><p>A Trust is a different tool all together and there are several types of Trusts and I certainly dont know the differences. It transfers ownership. My grandmother left a Trust to transfer ownership of her farm and money to my mother and in it, it states that mother, as the owner is responsible for any taxes to be paid and the farm can be sold if she chooses but the money from said sale must be left in the Trust to be distributed evenly to us 3 grand-kids upon moms death. Dad has no right to any of it. lol Guess grandma didnt like her son in law. </p><p>I could be totally wrong about the Will and probate but I think I touched on some facts.</p></blockquote><p></p>
[QUOTE="CHenry, post: 3264843, member: 6281"] I think I was told by a lawyer that a Will will circumvent probate. Probate is simply the judge handling the distribution of the estate or money to those left behind, starting with the wife, if there is one, and on down if there is no wife. This is a long ass procedure especially if there are children contesting it. A Trust is a different tool all together and there are several types of Trusts and I certainly dont know the differences. It transfers ownership. My grandmother left a Trust to transfer ownership of her farm and money to my mother and in it, it states that mother, as the owner is responsible for any taxes to be paid and the farm can be sold if she chooses but the money from said sale must be left in the Trust to be distributed evenly to us 3 grand-kids upon moms death. Dad has no right to any of it. lol Guess grandma didnt like her son in law. I could be totally wrong about the Will and probate but I think I touched on some facts. [/QUOTE]
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