Yes..married With 3 Children....j-man As Soon As I Had Children, I Put A Will Together ,before That It Would Have Been My Wifes Anyway..my Kids Are Getting Older And My Amount Of Money I Have Has Increased So It Was Time To Lay It All Out. It Can Get Pretty Ugly When A Person Dies And No Will Is Left, Especially With Kid's.
Each State Is Differnt Regarding The Laws Of Will's So Be Careful.
Each State Is Differnt Regarding The Laws Of Will's So Be Careful.
Very good questions.
The legality of wills varies with jurisdictions. In some locations you can simply complete a form and have your signature witnessed by a non-beneficiary. In others the law imposes limitations by requiring that you leave minimal percentages to surviving spouse and/or minor children. Both my wife and I have wills drafted by a lawyer (who will always be familiar with your State law and the necessary language that is unambiguous) as well as power of attorney for each other in case either becomes incapacitated.
For sportsbook withdrawals I have instructions for my computer literate son. Essentially logon, drain my sports accounts to NETeller, then drain my NETeller account to the joint bank account I hold with my wife that is joint and last survivor. This is a dedicated bank account I use for sports alone and her name on the account is so that she gets access to that money immediately. If we both go together my son will need death certificates for release from the bank. This, I believe, is the simplest way to fold your sports accounts.
The legality of wills varies with jurisdictions. In some locations you can simply complete a form and have your signature witnessed by a non-beneficiary. In others the law imposes limitations by requiring that you leave minimal percentages to surviving spouse and/or minor children. Both my wife and I have wills drafted by a lawyer (who will always be familiar with your State law and the necessary language that is unambiguous) as well as power of attorney for each other in case either becomes incapacitated.
For sportsbook withdrawals I have instructions for my computer literate son. Essentially logon, drain my sports accounts to NETeller, then drain my NETeller account to the joint bank account I hold with my wife that is joint and last survivor. This is a dedicated bank account I use for sports alone and her name on the account is so that she gets access to that money immediately. If we both go together my son will need death certificates for release from the bank. This, I believe, is the simplest way to fold your sports accounts.
Good advice from Woody.
This happens to be my primary practice area so I suppose I should chip in.
For the will to be "legal" it simply has to be executed in accordance with the decedent's state law. Generally, that means exexuted by the testator in the presence of two (some states require three) disinterested witnesses who attest the will in the testator's, and each other's, presence.
Of course just because the will is "legal" doesn't mean it will do what you want or hope it will.
And also keep in mind that a will only directs property titled in a decedent's sole name -- it has no effect on property in joint tenancy (with some exceptions), property with a valid beneficiary designation or property held in a trust. But if you think you don't need a will because everything is joint tenancy, consider what would happen if you and your joint tenant die in a common accident, or before you have a chance to do a will. In addition, a will is where you name who you want to be guardian of your minor children.
Also, an estate probated without a will is usually more costly because a surety bond is required, whereas it can be waived by the will.
As for the sportsbooks, I'd just go with what Woody said. I can't imagine the sportsbook reaction if an executor actually tried to present letters of office to claim a sportsbook account. Might be legal situs issues as well.
This happens to be my primary practice area so I suppose I should chip in.
For the will to be "legal" it simply has to be executed in accordance with the decedent's state law. Generally, that means exexuted by the testator in the presence of two (some states require three) disinterested witnesses who attest the will in the testator's, and each other's, presence.
Of course just because the will is "legal" doesn't mean it will do what you want or hope it will.
And also keep in mind that a will only directs property titled in a decedent's sole name -- it has no effect on property in joint tenancy (with some exceptions), property with a valid beneficiary designation or property held in a trust. But if you think you don't need a will because everything is joint tenancy, consider what would happen if you and your joint tenant die in a common accident, or before you have a chance to do a will. In addition, a will is where you name who you want to be guardian of your minor children.
Also, an estate probated without a will is usually more costly because a surety bond is required, whereas it can be waived by the will.
As for the sportsbooks, I'd just go with what Woody said. I can't imagine the sportsbook reaction if an executor actually tried to present letters of office to claim a sportsbook account. Might be legal situs issues as well.
Journeyman said:When should we start worrying about writing a will ? Does anyone know what has to take place for a will to be 100% legal?
And on a similar note, if we died how would our family re-coup our sporrtsbook money?:think2:
you need to start worrying as soon as you have something and someone to leave it to.
as far as sportsbook money , a good friend from college days knows exactly what to do. i have given him instructions on how to access everything he needs to to get my money. he plays offshore as well and knows the ins and outs.
