BreadWithSpam[at]fractious.net wrote:

- quote -

Yep, the reality is that he effectively *has* a will--it's
just one with the default terms and heirs that California
law provides for those that die intestate.

If the asset goes to your estate, then you have a probate
estate. All a will does is determine what happens to any
assets that end up in the probate estate.

The "problem" in this case, presuming that avoiding probate
is a valid goal (and I won't comment on that), is that he
has an asset that is going to the probate estate.

Trusts and certain other methods of holding title bypass
probate primarily because either the rights of the decedent
terminated at death or are provided for automatic transfer
as a matter of law to a specified party.

--
Ed Zollars, CPA
Phoenix, Arizona

"BMS" <mcfarland[at]yahoo.com> wrote in message news:<AX0Ub.172744$5V2.874141[at]attbi_s53> ...
- quote -


thanks to the various responders. ok. will take the offered advice.

i will try an attorney that specializes in estate planning.

g.

googrps[at]yahoo.com (johnny dough) writes:
- quote -

Will or not, as far as I know, your estate will go through
probate. In fact, probate is one of the reasons you _want_
to have a will.

Have you spoken to an attorney in your own state? That's
what you really need to do. Advice over the internet for
something like this is worth about what you've paid for it.

Who told you that probate was going to whack your funds?

Avoiding probate is not a good reason to _avoid_ writing a will.
I don't, actually, think there is a good reason to not write
one unless you just don't care in the slightest what happens
after you die. Clearly you do care. Write a will.

--
Plain Bread alone for e-mail, thanks. The rest gets trashed.
No HTML in E-Mail! -- http://www.expita.com/nomime.html
Are you posting responses that are easy for others to follow?
http://www.greenend.org.uk/rjk/2000/06/14/quoting

You need a will.

Go to an independent financial planner or to an attorney that specializes in
estate planning.

Don't go the do it yourself route on this, especially if you are in a state
with high probate costs. A full set of documents, will, durable power of
attorney, living trust, healthcare proxy would probably cost between
$1500-2500. It's worth it.

"johnny dough" <googrps[at]yahoo.com> wrote in message
news:53ef9d88.0402022033.4a4037b7[at]posting.google.com...
- quote -

BreadWithSpam[at]fractious.net wrote in message news:<yobsmhs9v1c.fsf[at]panix1.panix.com> ...
- quote -

probate. very expensive in california. takes quite a whack out of the
cash value of the IRA (as I have been told, at least).


thanks for the response.

G.

googrps[at]yahoo.com (johnny dough) writes:

- quote -

Why not? If it's as simple as you seem to be indicating,
you could almost certainly get by with a do-it-yourself
will. See, for example:

[link with ugly URL to Nolo Press article about no-frills wills:]
http://tinyurl.com/l8vi

And, in particular, either of the books on this page:
http://www.nolo.com/lawstore/willchooser.cfm

They claim to be valid in every state except Louisiana.

- quote -

And all your stuff?

etc. etc.

Anyway, if you die intestate, you have an "effective" will
happening anyway - every state has laws which determine
what happens. Local probate court will appoint an executor,
state law determines who gets what. This is a pretty good
summary:

http://www.myestatepro.com/basics.html#needwill

- quote -

Truthfully, it's a local issue and you very likely
ought to get a proper will written up by an attorney
familiar with your state's estate laws.

But if you have a spouse, children, parents or siblings,
your stuff will likely to go them in various orders.
If it makes no difference to you what order
they go, then save yourself the $30 you'd spend on that
Nolo kit and forget about the whole thing.

But a very simple basic will is no big deal.

[fwiw, every one of my investment accounts of various
sorts has designated beneficiaries, too. Since these
things aren't recorded in a single, central place, it's
a good idea to contact the companies and review them
annually - and to keep a copy of the confirmations of
those designated beneficiaries in the same place(s)
as your will]

--
Plain Bread alone for e-mail, thanks. The rest gets trashed.
No HTML in E-Mail! -- http://www.expita.com/nomime.html
Are you posting responses that are easy for others to follow?
http://www.greenend.org.uk/rjk/2000/06/14/quoting

This is a second posting. The first did not appear (at least, in my feed)
I apologize if I have made a mistake.


I am the sole beneficiary of an IRA of my deceased parent. I am also
the sole inheritor of my parent's estate.

I wanted to name a beneficiary to this IRA, but, was told by the IRA
administrator that I could not. If i die, the IRA will revert to my
estate.

Two options to name someone to inherit this account seem to be:

1. write a will, which I would prefer not to do, as I do not
need one.

2. Living trust. A better option, but, still, if I can avoid
one, I will.

All of my other holdings have designated beneficiaries without the
need of either of the above.

Does anyone know if there are any other options for me to assign
a beneficiary to this IRA?

Should I speak to a tax consultant, financial consultant or an
attorney about this? If an attorney or financial consultant, what
should their specialty be?

Is there a better group for this question?

Thank you,

G.