So tell me about wills.

[troutman]

Originally Posted by Erick Estrada

Does anyone know if there's a phone number with the court house were you can get a status on your probate application?

Call Surrogate Court - press "0". Have your file number ready. They don't always answer the phone, so try again.

Phone: (403) 297-7281

Applications filed on paper (not digital service) take 3-4 months for a Grant to issue.

[taxbuster]

I'm a bit surprised that nobody here (at least that I saw) touched on the subject of using a Trust post mortem. There are a few advantages for us (admittedly now in the "Geriatric Dinner Crew" mode....thanks Tanny!) who might happen to be over 65, as well as for those younger.


First and foremost, for those who may have significant assets OR cannot "trust" (for lack of a better word) one or more of their heirs or their heirs' spouses, a Trust is a private document. Addiction issues are common-ish and a parent may wish to ensure that they are not furthering problems should they predecease an addicted child.



A Will is public. Provisions within a Trust, however, remain between the creator of the trust and whoever is appointed as Trustee, and frequently are accompanied by a "side letter"...which is non-binding but sets out the individual's desires in a more friendly manner.


For those over 65 an AlterEgo Trust or a Joint Partner Trust can ease tax considerations and also maintain that same "non-public" position such that the family is not entitled to know what there is and "who got what". Not cheap...and typically starting at $10K to write, but they serve a distinct purpose that a Will does not.


Worth consideration for those in the right circumstances.


One way or another...for the sake of others in your family, if you don't have a Will and DO have some assets, please make a Will. Yes, it's unpleasant. But it's necessary.


And, if you are an Executor, you are generally personally liable for various issues under your fiduciary management...and that is why professional advice is strongly recommended.

[fotze2]

Originally Posted by troutman

Call Surrogate Court - press "0". Have your file number ready. They don't always answer the phone, so try again.

Phone: (403) 297-7281

Applications filed on paper (not digital service) take 3-4 months for a Grant to issue.

Or just get firebug to do it and it takes like a week.

[Fuzzy14]

Originally Posted by taxbuster

I'm a bit surprised that nobody here (at least that I saw) touched on the subject of using a Trust post mortem. There are a few advantages for us (admittedly now in the "Geriatric Dinner Crew" mode....thanks Tanny!) who might happen to be over 65, as well as for those younger.


First and foremost, for those who may have significant assets OR cannot "trust" (for lack of a better word) one or more of their heirs or their heirs' spouses, a Trust is a private document. Addiction issues are common-ish and a parent may wish to ensure that they are not furthering problems should they predecease an addicted child.



A Will is public. Provisions within a Trust, however, remain between the creator of the trust and whoever is appointed as Trustee, and frequently are accompanied by a "side letter"...which is non-binding but sets out the individual's desires in a more friendly manner.


For those over 65 an AlterEgo Trust or a Joint Partner Trust can ease tax considerations and also maintain that same "non-public" position such that the family is not entitled to know what there is and "who got what". Not cheap...and typically starting at $10K to write, but they serve a distinct purpose that a Will does not.


Worth consideration for those in the right circumstances.


One way or another...for the sake of others in your family, if you don't have a Will and DO have some assets, please make a Will. Yes, it's unpleasant. But it's necessary.


And, if you are an Executor, you are generally personally liable for various issues under your fiduciary management...and that is why professional advice is strongly recommended.

See post #45

Alter-Ego trusts are a great vehicle which a lot of advisers either don't understand, or in many cases, can't be bothered to take on the administrative burden of putting in place. They are a super valuable planning tool, and as the world of estates litigation continue to grow, should be part of many people's estate planning.