Discussion Writing a will vs. Distributing assets while alive

[nolongerhuman]

Writing a will:

Pros:

• Wills are easier to hide than giving away assets
• assets aren't distributed until death

Cons:

• If you need a lawyer, that takes time and costs money
• If you need witnesses, if can be tough to find someone close enough for it to be appropriate to ask to sign your will, but not close enough to be a beneficiary in the will (at least when you don't get out much like me) (This problem may be solved if you have a lawyer, however).

Distributing assets:

Pros:

• You don't have to worry about paying for a lawyer or finding witnesses willing to sign your will
• You don't have to worry about someone contesting your will and voiding the gift you intended to make

Cons:

• You have to carefully plan the time and amount of your gift around social norms to prevent people from seeing what you are doing. This could prevent you from being as generous as you might of liked.
• If for some reason you don't ctb, you're out of the assets. This can also put a damper on your potential generosity.

Thoughts? What are you guys planning on doing? Fortunately the relatives who would get my assets if I die interstate are relatives I actually like, but I have a few other people I want to give some things to. I was thinking of passing it off as 'graduation gifts' or putting the assets in a package and dropping it off at the post office the day of so it doesn't arrive until I'm no longer available to ask questions about it.

 

[booray]

I suppose it would also depend on the physical size of the asset and how portable it is. For example, it wouldn't necessarily cheap or easy to ship a flatscreen TV. Plus, as you said, if you're not successful, then you're out the TV.

 

[SuicidallyCurious]

Best option: trust and similar legal tools .

Assets bypass probate , delivering them to family faster

Debts bypassed , allowing your debts to die with you under most western legal systems and have no impact on your asset distribution

possible tax advantages for heirs depending on what you have and your wealth level

Contrary to popular belief , not only a tool for the very wealthy. The trust can even be set up at minimal expense if you have basic legal knowledge and even if hiring a lawyer could cost hundreds to a few thousand.

 

[wordsonscreen]

Living wills are so important for medical purposes tho. And I think it is important to plan for both life and death,tthus- wills are the most flexible option. People do survive attempts.

 

[loopylou]

Before my mum died me and my siblings got on 'okay' after she died and made me executor is caused me to be on the receiving end of nasty vile behaviour that I can never forgive them for. Money brings out the worst in people after death I feel. If my mum decided to distribute her assets prior to death I think the outcome for me would be completely different

 

[nolongerhuman]

Before my mum died me and my siblings got on 'okay' after she died and made me executor is caused me to be on the receiving end of nasty vile behaviour that I can never forgive them for. Money brings out the worst in people after death I feel. If my mum decided to distribute her assets prior to death I think the outcome for me would be completely different

I appreciate your perspective. I know if I was to write a will the choice of executor and distribution of the assets would reveal a large amount of familial favoritism that would open up a giant can of worms on top of them having to deal with the funeral. I'm a relatively broke student without a ton of stuff (certainly no flat screen TVs) so if a judge had to force an equal split due to no will it might save a lot of extra headache. But at the same time I could leave my best friend a nice gift and I have some items my immediate family would have no use for but some people I know would really like. Might be easier to gift those directly, in my eyes.

 

[Manford]

If you need a witness for a will you can just find a notary.

 

[SuicidallyCurious]

If you need a witness for a will you can just find a notary.

great advice. there are so many notaries you can probably find one for free. Try a bank branch , usually all the bank branches have one because it's required for legal documents and if you're a customer they'll often notarize simple things for free