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123

It looks to me like this is a 'call an attorney' situation, which is always a good idea in situations like this (family legal disputes). But, some information. First off, if your family is going to take the car, you certainly won't need to make payments on it any more at that point, in my opinion. If the will goes through probate (which is the only way ...


82

You do need a trust - but the fee is for professional trustees. If your mother appoints some people she trusts as unpaid trustees, then it's free. You are the obvious choice, but she will need some more trustees in case you die or lose competence before your brother dies. The trust should be written that the capital is held in trust for the ...


27

If you've been paying on the car for three years, it's possible that your credit is in a place where you don't need a co-signer any more. See if your bank will re-fi with you as the sole debtor. If they won't do it, find another institution who will. The re-fi will take your grandpa off the loan, and whichever institution that does the re-fi will still ...


13

You're driving a car worth about $6000 which has a $12,000 loan against it. You're driving around in a nett debt of $6000. The best thing your grandfather could do for you, if possible, is to take your name off both the title and the loan, refinancing the car in his name only. If possible while still letting you drive the car. When he dies, you will be out ...


10

Insurance is a contract, and beneficiary is just one of the terms of the contract. The deceased have never owned the insurance proceeds, so this money cannot by definition be in the estate or part of the estate. Its the money of the beneficiary, not the deceased.


9

If no will was written, the Gesetzliche Erbfolge is followed. It has different orders of heirs. descendants parents and their descendants grandparents and their descendants … and so on The first order with living members is used, here the second order (§1925 BGB). That means his parents are each assigned half of his estate. Since they no longer live this ...


8

This is not intended as legal advice, and only covers general knowledge I have on the subject of wills as a result of handling my own finances. Each state of the USA has its own laws on wills and trusts. You can find these online. For example, in Kentucky I found state laws here: http://www.lrc.ky.gov/krs/titles.htm and Title XXXIV is about wills and ...


8

Your wish is to leave money to your brother to help him take care of your parents until they die with the condition that any balance of the money to be transferred to your wife or, if she is deceased, to your children. The fulfillment of this wish will depend on your brother honoring your request should you predecease your parents and then your parents ...


7

The first step is to talk to your heirs and fund out if they even want the large asset. If they don't want the asset, then it would be far better to leave instructions in your will for the asset to be sold and then the proceeds distributed. If only one heir wants the asset, then adjust their inheritance to offset leaving them the entire property. If ...


7

Your cousin should be able to obtain a loan on favorable terms. The actual legal document that will be signed by your cousin's sibling is a quit claim deed. This is basically a form assigning sole ownership to your cousin. On that form they can usually list a dollar amount exchanged for quitting claim. But yes, this is essentially a case of two owners having ...


7

When you say 'wayward' I assume he might have a drinking/gambling/addiction/loose women problem, and that any sum of money on his hands won't last long. One further possibility you might want to consider is to make him life tenant of a property (see Wikipedia for an intro). That would grant him the right to live at a certain apartment, but not be able to ...


6

In most countries this should't be an issue you can make such or similar provision. Its best to talk to a lawyer to get the wording right.


6

The short version is that the state government claims the estate when no relatives can be found and no will/estate plan exists. How the government uses that varies by state. From Legal Zoom: Should an individual die intestate, or without leaving a will, and without having any heirs, the government in the decedent's state of residence will generally ...


6

The house becomes an asset belonging to the estate of Alice. The debt also goes with the estate. The executor of the will should arrange for the debt to be paid off as part of sorting out the estate - they can't just hand out all the assets and leave nothing to pay off the debts. This could be done by selling the house. But in practice, the executor and ...


6

I can answer this question for my jurisdiction (Florida, USA), because I lived through it. My Dad ("Alice") passed away in 2008, just as the housing crisis was starting to heat up. What happened to the Mortgage? My Dad had a will in place. It was an old will (from the 1980's), but never-the-less, a will. We had to provide paperwork to the court that my ...


6

It looks like the United Kingdom has annuities. It might be possible to set up an escalating annuity with a provision that on the death of the beneficiary the principal would go to his heirs (presumably his children). Another possibility might be a lifetime annuity combined with life insurance. Or a lifetime annuity with some of the money and some of ...


6

The answer is a trust, but the kind you want is quite specific. You want to ask a solicitor to set up for you, what is called a protective trust. In the UK, that's a name given to a trust whose specific intention is to prevent the beneficiary from wasting the trust money that's intended to support them, and to "insulate" the money from any claims, if they ...


5

My grandmother passed away earlier this year. When I got my car 3 years ago, I did not have good enough credit to do it on my own or have her as a co-signer. We had arranged so that my grandmother was buying the car and I was co-signing. A similar situation was happening and I went to my bank and took out a re-finance loan prior to her passing. I explained ...


5

If you add a co-owner - you'll be subject to gift tax which is exactly the same as the estate tax. There's one benefit however: gift tax has a $14K exemption a year. So you might save a bit of a tax by giving the gift now instead of having it inherited later, but on the other hand - it will be you paying the tax now instead of the heir later. Of course, all ...


5

The reason a bank wants you to have 'equity' in your house (meaning, value that you hold free and clear, without anyone else being owed money for it) is that it makes it harder for you to ignore your obligations and run away. ie: if you own a house worth $200k, and owe the bank $150k, you wouldn't stop paying your mortgage and move to Venezuela, because you ...


5

Everything depends on your local law. In general, joint assets are not a problem whereas sole ownership assets are. Depending on location, the size of the estate may determine the need for probate. Probate fees are usually larger than trust settlement fees. In my US state, the last time I settled a family member's estate, the maximum charge for probate ...


4

An insurance beneficiary designation is a binding and irrevocable declaration independent of the estate. (Unless the estate is designated as the beneficiary.) You probably would not be able to challenge it, unless there was some sort of mechanical issue with the paperwork (unsigned form, etc) or person owning the policy was coerced, dead or incompetent when ...


4

First - for anyone else reading - An IRA that has no beneficiary listed on the account itself passes through the will, and this eliminates the opportunity to take withdrawals over the beneficiaries' lifetimes. There's a five year distribution requirement. Also, with a proper beneficiary set up on the IRA account the will does not apply to the IRA. An IRA ...


4

I am converting my comment on Jason R's answer to an answer and adding a few other points to consider. One reason for this is that his assertion that a trust can be set up for just a couple of hundred dollars leads me to believe that either he has no children for whom he needs to provide or that he and his spouse went in to the attorney with everything ...


4

I think Joe is right, it seems that you will get the car once grandpa passes. It clearly states that on the DMV page. I would work like crazy to get this car paid off ASAP. Work extra and see if you can get it paid off in less than a year. Once paid off, have grandpa sign it over to you. This is a really toxic situation that you can reduce somewhat by ...


4

You might want to head on over to https://law.stackexchange.com/ and ask the same question. However from a personal finance perspective this kind of drama is somewhat common when someone is deceased and financial expectations are not met by the heirs. It sounds like the daughter was expecting a lot more in inheritance than was actually received. There ...


4

Can we name both children as co-executors? Yes, you can name both children as co-executors. Can they be the witnesses? Maybe, in most states Witnesses must be not be beneficiaries of your estate (In my view it's a good idea to have disinterested witnesses even if the state doesn't require it). It is also helpful if they are people likely to be ...


4

There are two different possible taxes based on various scenarios proposed by the OP or the lawyer who drew up the OP's father's will or the OP's mother. First, there is the estate tax which is paid by the estate of the deceased, and the heirs get what is left. Most estates in the US pay no estate tax whatsoever because most estates are smaller than $5.4M ...


4

The way it has been explained to me by estate planning attorneys is that wills in general don't keep anything from going through probate. Your will gives instructions to the probate court for how you want your assets directed. To avoid probate requires things such as a trust, passing property by contract, or where possible, naming beneficiaries on accounts ( ...


4

A trust is what you need. However a trust which costs £50k/pa to manage is either ripping you off or for management of +£5 million in assets. I would suggest you start with an Accountant (not a lawyer) to investigate setting one up. Note: any decent accountant will give you a free 15-30min initial consult You are going to need an accountant to prepare ...


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