Being left out of a will

There is one legal thing about wills that I do know- the witnesses can't have any financial interest in the will, so relatives couldn't be witnesses. (at least in PA, US)
Somebody mentioned "beneficiaries" in a will rather than heirs, what's the difference?
The law concerning wills is always changing, so the will you made 25 years ago may not stand the test of time.
I'm no attorney but if you've got big bucks, a few marriages, plus lots of disgruntled relatives, and in laws, maybe a will is not the legal vehicle you should use to settle your estate.
 

Well, I have been divorced twice and don't plan to have legal connection with a partner ever again. One of the first things I did after getting divorced was the removal of my ex's name from everything I own. I went through it with a fine tooth comb so I wouldn't miss any. Some divorcees forget or put off doing it to the detriment of who they would prefer.

I have a Will that only covers my house. However, all my financial instruments have what is called TOD/POD designations for my children. Transfer on Death/Pay On Death bypasses probate court. Beneficiaries only have to submit a death certificate to the bank or the investment firm and the money is transferred with delay.

If writing your own will or using a lawyer, a person should find out if TOD/POD is applicable in their state/province. Makes no sense for children having to wait 6 months or years while a Will is tied up in probate court.
 
Nosy Bee-54 said:
Makes no sense for children having to wait 6 months or years while a Will is tied up in probate court.
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Good point. The children of one older man who died a few months ago have to wait for several more months to get the funds from the sale of his house even though it sold immediately. For anyone with only one child and who has faith in them, putting everything in both names is a good plan.
 
mellowyellow said:
With the frequency of divorce and the general increase in life expectancy of people in Australia, second marriages are not uncommon. The problem that exists for children of the first marriage is that any inheritance they might have expected to receive from their parent may end up being received by their parent’s second spouse and the children of this second marriage. Is it fair?

Not in my book.

.
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There is no law that says a person must be "fair" in how they leave their estate. In death just as in life, the deceased has the right to dispose of their property any way they wish.
 
J. Howard Marshall left Anna Nicole Smith out of his Will. It went all the way to the U.S. Supreme Court. Although federal jurisdiction on the State's Domestic relations and Probate matters are rare and very limited, there are exceptions. In her case, a Bankruptcy filing entwined with the Probate of the Will which was challenged by his son when Anna claimed a share of his wealth.
 
Nosy Bee-54 said:
I have a Will that only covers my house. However, all my financial instruments have what is called TOD/POD designations for my children. Transfer on Death/Pay On Death bypasses probate court. Beneficiaries only have to submit a death certificate to the bank or the investment firm and the money is transferred with delay.

If writing your own will or using a lawyer, a person should find out if TOD/POD is applicable in their state/province. Makes no sense for children having to wait 6 months or years while a Will is tied up in probate court.
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Ohio's Motor Vehicle laws have a similar provision for a Joint ownership title. W.R.O.S.,
With Rights of Survivorship. Automatic transfer by the survivor upon signature with death certificate for proof.
 
Gemma said:
Expected? I think the word they should use is "entitlement."

Children has no right to inherit anything from their parents and parents are not entitled to give them a dime. If they want to, they will be named as beneficiaries in their will.
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Exactly Gemma……I’m in a second marriage , with 2 sons ,and 2 step sons…..and they won’t get a penny from us ……we have had no support from any of them….so let the ex spouses , give…..which I doubt , as they have children from their new marriages …….
 
Jules said:
Good point. The children of one older man who died a few months ago have to wait for several more months to get the funds from the sale of his house even though it sold immediately. For anyone with only one child and who has faith in them, putting everything in both names is a good plan.
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I don't agree with the bolded and don't think any good lawyer would recommend it. A parent should keep sole ownership of their assets. Adding an adult child to an asset could be a liability. If the child gets sued for whatever reason, there goes half of that asset. Second, if the child's behavior or circumstances change, they would have the legal right to do whatever they want to do with their half. Third, adding a child may trigger immediate taxes.

TOD/POD as I mentioned above is a designated beneficiary option. There is no co-ownership. All it says is, upon death transfer to designated beneficiary.

TOD/POD supersedes a Will.
 
Nosy Bee-54 said:
Well, I have been divorced twice and don't plan to have legal connection with a partner ever again. One of the first things I did after getting divorced was the removal of my ex's name from everything I own. I went through it with a fine tooth comb so I wouldn't miss any. Some divorcees forget or put off doing it to the detriment of who they would prefer.

I have a Will that only covers my house. However, all my financial instruments have what is called TOD/POD designations for my children. Transfer on Death/Pay On Death bypasses probate court. Beneficiaries only have to submit a death certificate to the bank or the investment firm and the money is transferred with delay.

If writing your own will or using a lawyer, a person should find out if TOD/POD is applicable in their state/province. Makes no sense for children having to wait 6 months or years while a Will is tied up in probate court.
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Here it's called ITF or "in trust for". In my case it's for my nephew.
 
My child would have to do something hideous for me to cut them out of my will.
 

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