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I am an only child with an 88 yo mom and 90 yo dad both in relatively poor health. My name is on bank accounts and I am signer on stock accounts. House is titled in my parents’ name. There are no other assets. I am POA but of course that ends with death. Should we have a will drafted?

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Yes! Otherwise the government may have your parents declared intestate, which means going to court to have the court determine your parents' heirs. Sounds like your parents' estates aren't complicated. What I did for Mom's accounts, I'm a co-signer on all accounts or I worked with the bank so one account's disposition was easy, then I asked Mom (and siblings were involved) for Mom to sign a Transfer on Death deed to us siblings. So all of Mom's accounts and the house is set-up so there's no reason for probate--though I will confer with Mom's lawyer to ensure all's set up and ready to make things as easy as possible.

So, bottom line, I would talk with them about a simple will and a Transfer on Death deed. They're relatively easy. To ensure you and your parents do it right confer with an estate attorney.
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Thanks! Parents are onboard with this, and I have an attorney lined up. Just wanted another opinion and the resources here are just great.
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daybyday27, I see in your profile that your Mom has Alzheimer's/Dementia. Do you think your Mom's mind is clear enough to understand a legal document? If yes, that would be great. If not, sorry she may not be able to sign any documents.

I would highly recommend an "Elder Law Attorney" to do the paperwork, as there is more than just a Will to consider. My parents had Medical Directives/Living Wills which told everyone what they wanted done on their final journey, like whether to use CPR, for feeding tubes, how to proceed further with their care, etc. It was so helpful for me to use that as a guide. No second guessing.

Your parents might want to think about a Revocable Trust. In the Trust will go the stocks, bank accounts, the house title, etc. The Attorney can let you know if he/she thinks the estate is worth doing that type of paperwork.

If your parents have each other as joint title on everything, thus if one should pass, everything automatically goes to the other. Then when the last parent passes, everything could go into County/City Probate, depends on State laws.
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DaybyDay--- while a Will can make things somewhat simpler, the rules for NJ residents that die without a Will are the same as what I think you would want to happen. The surviving spouse inherits everything at the first death and you (only child) will inherit everything at the second death. Anything with a named beneficiary does not need a Will or trust. Examples: Life Insurance, annuities, IRAs, and bank accounts with a transfer on death designation.
IMHO it seems like you have enough on your plate and it seems that everything will pass as you all might want it to. Assuming there aren't any hidden family members . . . ready to pop out of the woodwork!
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Even with just a will you will go to probate. You should either setup a trust or make sure everything is listed with beneficiaries and the house has a transfer on death deed. Those things will avoid probate. You don't want to go through probate.
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Thanks for all the input. My mom has enough cognitive ability to sign paperwork. The POAs and medical directives were done years ago so no problem with that. She doesn’t have Alzheimer’s, it’s mostly a decline resulting from a head injury.
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When you visit the attorney, take all the paperwork that was done years ago to have it looked over. Sometimes POAs are told the documents are too old. The elder attorney would know if any updates are required.
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My elderly father and I share a bank account, and I am POA for him. He has no other assets as he lives with me. I was told by friends that upon his passing everything with my name on it would be mine. I hope I’m passing on correct information.
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Stepdad had one daughter. All his accounts were POD to her. He still had a will. Yes, you never know who may crawl out of the woodwork to try to make claim on the assets.
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Everybody needs a will.

Ask at the bank if they have a standard form that can be signed, only because it might be easier for your parents.
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geewiz I was going to comment that it depends on the state. I live in MD and it is pretty straight-forward, though there would be cases where everything went into probate. But, as I was going to comment, in NJ, it is not that easy... My cousin was on a joint bank account with her husband. Her husband died last year and the state froze the account. She had to get a lawyer to straighten everything out. So, you may want to make sure you have a Will....
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geewiz I was going to comment that it depends on the state. I live in MD and it is pretty straight-forward, though there would be cases where everything went into probate. But, as I was going to comment, in NJ, it is not that easy... My cousin was on a joint bank account with her husband. Her husband died last year and the state froze the account. She had to get a lawyer to straighten everything out. So, you may want to make sure you have a Will....
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Personally I think it’s good to have a will waiting in the wings, even IF everything has you as the POD, or as the designated beneficiary or your already co-owner (so in theory everything passes outside of probate so no will or probate court actions needed) as you never know what could surface.

Drawing up a will won’t cost much to do but it’s there for you to whip out if need be otherwise you face having to determine lineal heirship (sigh) however that’s done for your state.

I mention all this cause periodically on this site someone will post that their elder has unexpectedly gotten an inheritance. Like never in this solar system would they ever had expected it...... that a distant relative, old friend, army buddy, former student, whatever named them in their will or as a designated beneficiary. And it affects their eligibility for Medicaid or affects how they have trust, or divested assets, etc. Or their parent forgot about or didn’t think mattered for an old asset and that asset was not titled to the trust. A will allows executor to get things done & comes in pretty handy to have.

You don’t have to enter a will, you can just have it at the ready.

There’s a wonderful NYT article with fotos from 2015 on unexpected inheritance, “The Lonely Life of George Bell”. Has like 2k in comments which are just as moving & insightful as the article.
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Chica, hola. Hi Day By day.

I pray for you, and your folks.A will is always warranted. Friends of mine only in their early 30s, to late forties have it, as the say"just in case."So i am on the side of elderly over mid to late sixties to 80s 90's to have one.

I've been told by our new family attorney a will is a must for sure. I hope you're going to assist your loving senior parents with such and a qualified astute, prudent caring estate/elderly rights lawyer.Good luck to you...God bless us all.
Adios.
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My husband and I made a trust that also had a will done at the same time. All of our assets except one property were in the trust, and it was our house that was in joint tenancy. Everything was relatively easy to deal with, no probate required, but do it with an experienced lawyer, not the ones that do weekend seminars.
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For everyone reading this thread, please note that legal documents are not a do-it-yourself project. All it takes is one missing word, or one misplaced word, to turn that legal document into a nightmare.
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daybyday27: Yes, have an elder law attorney draft the will, else without it upon your parents' death you would have to go into the probate system.
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Yes!!
Every State has different requirements when it comes to recording. Some allow to have recorded prior to death, but some require after death.

You need to knowing your State is Probate or not. It doesn't matter if you're an only child or that you sign on accounts.

Once both parents are gone, the State can take ALL assets, force the sale of the house as a State asset.

Your State may allow for Beneficiary Deed, which names you as the beneficiary so the house will become your property.

There will be family members coming out of the wood work claiming your parents "promised" things to them.

Family members can even go to Court to attempt to get money from the Estate.

YES, your parent's need a Will and it must be specific about everything. They should have a Living Will so they are making the decisions for you when it comes to things like DNR or possible using what can be for transplants.

We have an only child and we have our Wills done so she shouldn't have issues. The biggest issue she'll have is that the Wills must be recorded in North Carolina as that is the State they were prepared.
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Thanks a lot everyone. I did some research on NJ law then I had the wills drawn up via Rocketlawer and had it signed by two witnesses and notarized.
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daybyday27, thank you so much for the update. We always like to hear what is the decision made regarding the situation :)
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Most definitely. Google your State laws regarding probate or if your State is one where the Court reviews the Estate and makes ALL decisions regarding the Estate.

Even if you're an only child, that does mean that you 'get everything'. The general rule is that beneficiaries of insurance policies, investments will get their money first. A State cannot deny a beneficiary of the monies left to them from any insurance policies or investments, bank account.

Then State if there are taxes owed State tax or property tax etc. Then comes creditors, any outstanding debts must be paid.

If your parents have an appointed Conservator, they have a limited fee they can charge the Estate for handling your parent's money. Same as an appointed Guardian.. All these people need to do is basically look in on your parents for a few minutes and charge a fee. The conservator must provide the Court with ALL expenses that have been paid out including their fees that are paid once the last spouse has died. They must report a yearly, quarterly and possibly monthly report.

The Conservator must keep all receipts for explanation of expenses. They must also make sure that all taxes are paid to the State/Fed.

Then you also need to remember that a surviving spouse retains the holdings of the deceased spouse, depending on the State. Then this spouse, if they have a Will, the Estate of the former becomes part of the surviving spouse's Will which may be totally different than the other spouse.

Once all of the outstanding debts are paid, if there is anything left; that is what the Courts will pay to you. You are allowed to contest, but unless you have an argument having been included in the Will but not receiving what you think you are entitled, you are going to have to spend a lot of money for your attorney, Court fees and you may have to pay the attorney fess, Court fees as well as travel fees for those have been named in the Will from getting what is legally theirs.

Just because you're an "heir" does not give you a "right" to anything in an Estate. This is where you read about people who say that they were told they were to receive whatever from whomever.

I'm presently going through all of this with my family. Our Mother is not deceased, thank God, but a family member has done things illegally. I was excluded from everything going on with our Mother; then they dumped all the problems onto my lap about 2 months ago. I am taking care of everything at this time, I'm going to Court in a few weeks to be appointed Guardian/Conservator so I will have to answer for everything to the Court....not an issue for me. I have Mom's Will and I will be doing my best to bring everything back to what Mom wants AS WELL as making sure that the step side of the family doesn't get anything that Mom worked all of her life to have. Their Father wouldn't have anything if it had not been for our Mother.

My 1 step-sister has already ROBBED my Mother of close to $40.000 in less that 3 weeks. It's a long story, but it basically falls under Elderly abuse both with her Father and my Mother. As soon as the ink is on the Court papers, I will be filing to retrieve the monies this person has taken from Mom illegally. I have already shown what I have so far as to what she has been doing.....oh yes....it's going to hit the proverbial fan.

You can do a whole lot of leg work yourself first before you retain an attorney. You can, most likely have a paralegal help too. Find a paralegal who works with an Estate attorney who basically does all of the pre-Court issues/Wills for an attorney. The fees are less BUT their fees generally include the attorney if you need to go to Court. In my case, I will need an Attorney representing me for Conservator/Guardian; that is included in my fees with the paralegal.

IF you think or know of anyone who would contest, good idea is to get them to have a document signed/notarized that they will not contest. Do not tell them any thing that will provide them with information as to what you're trying to do i.e. my siblings.

I had my siblings, since they placed the responsibility on me, do this so that I have the right and ability to make all decisions financially/medically without having to do all of the 'normal' paperwork since our Mother has Alzheimer's 3.

Now, they have agreed to no contest for me to be Conservator/Guardian. They have basically signed their right of contesting to the Court regarding Mom's Will away.

Always do your research first so that you will know what to ask and discuss what is needed to protect your parents as well as yourself. Just because an Attorney claims to be an Estate attorney does not make them an expert. Trust me, I have had the paralegal tell me that I have done more research and understanding of Estate Law than anyone she has helped. It will help things go faster and smoother sailing for you.
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freqflyer, hi, sorry it took me so long to resolve this. Just a bunch of stupid stuff going on that got in the way. Rocketlawer.com is a great source of state-specific information. I didn’t know that a will witnessed by two people and notarized is self-probitive. They also had some useful tips on a variety of subjects. One of my lawyer friends recommended it, and I do, too. At least for this sort of relatively simple stuff.
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Everyone should have a will, if only to keep the money away from the government. If you die without a will, and with no identifiable relatives, your estate would go to the state. At the very least, it would be better if you had a will that left your money to a charity.
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