Last Will and Testament

[JJReyes]

Do you have a Last Will & Testament or Revocable Living Trust valid in the Philippines and your home country? 

A brother passed away in 2011 in Manila without a will. To this date, our family has been unable to settle his estate. Another relative in California had a heart attack. We learned from the spouse that he does not have a will because a lawyer wanted $1,500. He could get a boiler plate form through the Internet for $50.  He can even prepare a handwritten note. The important thing is to get the document notarized in the presence of two non-related witnesses. Owning a home, without a will, the application fee for Probate is $10,000 in California. Add the lawyer's fees and other expenses, the minimum estimate is $25,000. The amount would be higher if anyone were to contest.

My wife and I have ours in place. South Dakota has no inheritance tax so everything transfers to our heirs within 72 hours after presentation of our death certificates. No taxes to pay except on the SEP-IRA retirement accounts. The heirs can either pay a lump sum to the IRS or receive the money in annual installments as taxable income. The only complication was our cash purchase of a Mercedes Benz motorhome. A car dealer prepared a letter offering to buy it for $49,500. Anything below $50,000 is not taxable property in South Dakota. Never mind that it is worth more.

Preparing for our eventual demise is not being morbid. It is just being smart.

[robert k]

JJ, I have never thought of preparation to be morbid. Death is part of life, albeit the end of the physical part.

[Bruce]

Dying is the last act of living. Happens to be best of us. As long as you guys / blokes / mates and Sheilas spell my name correctly on the legal papers, all will be taken care of. Really. Seriously. I promise! Money back guarantee.

I do have a will, meager as it is, and I made it known in the Philippines that any money left to 'them' will only come into effect IF I die in the US. This way, they take very good care of me in Phils.... Don't want the Kano to die in the Philippines Area of Responsibility!   

[chris49]

19 hours ago, Bruce said:

Dying is the last act of living. Happens to be best of us. As long as you guys / blokes / mates and Sheilas spell my name correctly on the legal papers, all will be taken care of. Really. Seriously. I promise! Money back guarantee.

I do have a will, meager as it is, and I made it known in the Philippines that any money left to 'them' will only come into effect IF I die in the US. This way, they take very good care of me in Phils.... Don't want the Kano to die in the Philippines Area of Responsibility!   

I have been here 11 years. Maybe 20 years all up if I live to 76-77 or if I go past 80, that's around 25 years.

Assuming nothing goes wrong and I don't pack my bags and move on. Gina would be entitled to everything I leave behind, house, car, cash. But no pension unless something changes. The kids should be working by then, maybe in the USA. By that time she has earned whatever is left. And meantime, it my duty to teach her as best I can how to manage, now and in the future.

Sometimes a struggle, because as long as there's money available, a Filipina/Filipino has trouble with the big picture. They can't look ahead 2-3 days, let alone 2-3 years.

[Jack Peterson]

4 hours ago, chris49 said:

Sometimes a struggle, because as long as there's money available, a Filipina/Filipino has trouble with the big picture. They can't look ahead 2-3 days, let alone 2-3 years.

 

[stevewool]

A friend here in England has just lost his wife and you think most things are straight forward here , but sometimes its the simple things we take for granted,

Bank accounts, joint are easy enough but having your own bank account and you pop off,

Your private pension who is named on it when you pop off,

These are just two of the things my friend is going through, yes they will be sorted out but in the time you have lost your love one and are going through life turmoil , you could do with out these problem

[bows00]

With the convenience of the internet, there is no excuse for anyone to not have a Will.  I just put one together on line at Legal Zoom for $69US.  

[OnMyWay]

3 hours ago, bows00 said:

With the convenience of the internet, there is no excuse for anyone to not have a Will.  I just put one together on line at Legal Zoom for $69US.  

What was good and bad about legal zoom?  What did you leave me?

[bows00]

2 hours ago, OnMyWay said:

What was good and bad about legal zoom?  What did you leave me?

It took me approximately 30 minutes to complete.  The only inconvenience was getting a signature from a notary.  But this is only for assets I have in the US (you have to specify your home state).  For those of you that have everything in the Philippines, I don't think this would work.  

[i am bob]

i have no real assets...  just real debts...  maybe someday if that gets reversed..?