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 Planning your estate

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KelliM
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PostSubject: Planning your estate   August 25th 2011, 10:48 am

I work for the US Treasury. I process transactions for savings bonds and other securities. I deal with alot of legal issues such as estates, trusts, power of attorneys, etc.

I had a request today that involved a number of savings bonds. A woman (lets call her Linda) was named on these bonds as a beneficiary with her mother (lets call her Rose) as the owner. Both women are now deceased with Linda dying last. (which means the bonds now belong to Linda's estate)

Linda was married for 25 yrs to her first husbsand, which produced 3 children. Linda divorced her first husband and married her second husband, (lets call him Ron) in 2009. Linda rewrote her will after her marriage in 2009 which named her new husband as executor and named her new husband as the person entitled to the residuary of her estate. Because of the wording in her will, if her husband dies, Linda's 3 children along with her new husband's 2 children, will split the assets 5 ways. Linda's husband, if he survives her, is entitled to everything.

Well, Linda died late 2009.

The 3 children of Linda's are now trying to redeem their Mom's bonds. The estate has not been formally administered thru the courts which means an executor has not been named. According to our regs, I would need to accept a form from the husband for the non administration of the estate and he would indicate how payment of all these bonds is to be made. In other words, he could request payment to himself alone for all the bonds. Linda's children would receive nothing. I have advised one of the daughters to go to the courthouse and attempt to be named as executor in order to distribute the bonds. I'm keeping my fingers crossed for her.

Oh, and another little tidbit, Linda's husband is already remarried.

Some days I hate my job and our regulations. They don't seem fair. However, people seriously need to consider writing a will and making sure their affairs are in order so their loved ones will be the beneficiaries of their estates. Even if you don't have much to leave, make sure you make arrangements for your stuff.

I just had to vent.
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Nancy AABB Admin
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PostSubject: Re: Planning your estate   August 25th 2011, 1:47 pm

Thanks Kelli. I was just discussing this very thing to my husband this morning.
Time to get things in order!!!
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KelliM
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PostSubject: Re: Planning your estate   August 25th 2011, 3:27 pm

You're welcome Nancy.

It's so frustrating at this end because we want to do what's right but our hands are tied!!!

It's so common and very sad. And believe it or not, it's not all about money. If money is involved, you can bet personal belongings are in the mix as well.

And all of it can be avoided with the right documents.
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Cousin_Jake
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PostSubject: Re: Planning your estate   August 25th 2011, 5:23 pm

I agree. I've been an executor twice and will be one for both my aunts if I outlive them. It's extremely important. Even if you have no property, investments or other assets, you need a will in order to avoid lengthy delays and expenses for those left behind.
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heyhay28
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PostSubject: Re: Planning your estate   August 25th 2011, 7:35 pm

I think it's important to do this at any age as well, no one knows what can happen.
Obviously because of our life situation we have to have very detailed plans set in place for every aspect of Jon's life and requests or else it can get very complicated if something were to happen to him. While we were going through the process we went ahead and just got everything arranged and documented for me as well.
It's not something really fun to think about and talk about and go through and plan but I try to always remind myself it is much easier to plan for when the person is here then try and figure out all of those things and deal with all the hassle after they are gone, no need to add more stress and unknown to your self after the fact.
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Moody
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PostSubject: Re: Planning your estate   September 2nd 2011, 7:39 am

This is very important information. I think a lot of people don't even have estates. Everyone needs to get serious about this, listen to KelliM. You NEVER KNOW what might happen... do you want your money ending up in the hands of your husbands next wife rather than your children's?
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