Quote:
Originally Posted by Comet
Yeah, I agree with Lurker. My suggestion is to create a document for your primary beneficiary, not attempt to create a legal document. Basically take inventory of what you got, put a price on it and give it to the primary beneficiary. No lawyers. Of course the value of this all gets taken into acct. when your estate is settled, so be careful and realistic on the values. I would tend to be conservative. Or you could tell your beneficiary to work with a trusted friend, or even an estate auction house that specializes in stuff like this. But to attempt to make a legal document with the vaguaries contained in your note would be a huge mess and hassle for your heirs. If you want to do it right, then you need to get an estate planner (ie attorney) involved. I can't stand attorneys but sadly, in American culture they are a fact of life.
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I am not trying to create a legal document, my Living Trust is the binding legal document. In my first paragraph I state this document, which will be unattached in a file with my Living Trust document, is for guidance and does not change the basic trust document (I think that that means it does not have to be followed, but I will ask my attorney). Maybe I need to emphasize that more. After I finish this I intend to show it to my attorney that prepared my Living Trust. As far as attorneys go (and wanting to avoid them) I have been through settling a Living Trust before and I know from experience it is much cheaper for your heirs if you see an attorney before hand than leave it for them to resolve after you are gone. As far as trusted (and knowledgeable) friends go, that is why I included their names in the document.
Charlie Stephens