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Post by cptusa on Apr 19, 2022 7:15:17 GMT -6
You can probably tie up your estate for quite awhile if you put it in a trust. I think our will is either 25 or 30 before the kids can get anything and it goes to them or their children, skips over their spouse.
I bet our wills are pushing 10 years okd now, nothing to change at this point yet but as the kids get older things will need revisited. As of now if we both die it's an equal split to the children. My sister is trust officer and executor.
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Post by victory on Apr 19, 2022 9:40:00 GMT -6
Good discussion guys, even though it is about something we don't like to discuss..... because it is inevitable. Someone once told me having good arrangements prior to your passing is one of the best gifts you can give to those you love. Because of what I read here, I just asked my wife if she would feel comfortable navigating her way around the issues that have been brought up here. Was thankful that she didn't just give me me a blank stare.  |
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Post by cptusa on Apr 19, 2022 9:47:09 GMT -6
I know someone mentioned land values and rent rates. I think it would be best not to throw a figure in there but a name or two of someone that you'd trust to help guide that along. Same with machinery values. Both are so erratic anymore it would be hard to assign anything.
Ultimately my goal is the next generation is well established operating this place before I have to worry about this kind of thing, then the transition is smoother. This is more of freak accident situation to be able to move forward remotely smoothly. Hopefully it never gets utilized.
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Post by carlos on Apr 19, 2022 11:19:29 GMT -6
Another thing to consider is an Advanced Healthcare Directive.
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Post by bobofthenorth on Apr 19, 2022 16:59:21 GMT -6
I remember clearly when father & mother sent us a package with their final information enclosed. It was probably premature but they were planners. They had healthcare directives, locations of their wills, funeral plans, safe deposit information - literally everything we would need. As it turned out it was roughly 20 years later that we first needed the information but it was there when we needed it.
I also remember phoning the funeral home where they had prepaid their funerals. The woman on the phone said something like "You'll need to gather some information so just write all this down and you can call me back" As she asked the questions I just read down mother's document and answered every question as it was asked. If I remember correctly it was the details necessary to issue the death certificate - there was some obscure information needed that a child wouldn't necessarily know about their parent but there it was in mother's neat handwriting just waiting to be used.
Whoever said that was the greatest gift that parents can give their children was absolutely correct. I need to put my own house in order.
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Post by SWMan on Apr 19, 2022 22:16:06 GMT -6
Most of the stuff mentioned already is what I would want my wife to leave for me, so I asked what she would want and most of it was a list of unfinished jobs around the house.  Perhaps one useful item is maps of where all the power and water lines are buried and what to check before a frost and such yard issues like that. We always wrote letters to the children when we went on a trip without them in case anything should happen, man that was hard! Soon became easier to just take them on every trip, much better. |
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Post by Beerwiser on May 8, 2022 22:22:43 GMT -6
One thing to think of if you choose to be cremated is where you or what you want done with your ashes. Seems to be causing an issue around here. Also what picture you wish for your obituary.
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