Comments on: Transferring Assets Upon Death Through a Will http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/ Helping a unique generation achieve financial independence. Fri, 20 Nov 2009 23:09:41 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Julia http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-118784 Julia Mon, 27 Apr 2009 00:24:41 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-118784 My father passed away a year ago in Melbourne, FL. Without going into a very long story, his wife of 27 years kept myself and my brother out of his life. Upon his last day on earth, she pushed us (literally) out of his hospital room. Needless to say, we have not heard one word of any will, nor have we been offered any items of my father to my brother and I. I would like to find out the process of filing the will in Melbourne upon his death, and the process I would have to go through to view it. Any help or advice would be appreciated for our closure. My father passed away a year ago in Melbourne, FL. Without going into a very long story, his wife of 27 years kept myself and my brother out of his life. Upon his last day on earth, she pushed us (literally) out of his hospital room. Needless to say, we have not heard one word of any will, nor have we been offered any items of my father to my brother and I.

I would like to find out the process of filing the will in Melbourne upon his death, and the process I would have to go through to view it.

Any help or advice would be appreciated for our closure.

]]> By: Cathy Anne Green http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-102664 Cathy Anne Green Tue, 20 Jan 2009 01:14:06 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-102664 Dad died, left will excluding estranged wife of 14 years(yet legally married) from property and assets. She has joint tenency with survivorship...so it appears this is an automatic. The wills states she is excluded from the other assests and these are to be divided equally between 6 adult children, 4 from first marriage and 2 from second. The second children believe the will is invalid as their 82 year old mother 'deserves' everything.Some assets have all 6 children named, others none. What do you think? Dad died, left will excluding estranged wife of 14 years(yet legally married) from property and assets. She has joint tenency with survivorship…so it appears this is an automatic. The wills states she is excluded from the other assests and these are to be divided equally between 6 adult children, 4 from first marriage and 2 from second. The second children believe the will is invalid as their 82 year old mother ‘deserves’ everything.Some assets have all 6 children named, others none.
What do you think?

]]> By: milton a dorr jr. http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-84666 milton a dorr jr. Wed, 27 Aug 2008 16:02:18 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-84666 when i die my daughter gets anything i have in my will i still owe on my house what happens then thanks when i die my daughter gets anything i have in my will i still owe on my house what happens then thanks

]]> By: Jeremy http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-80363 Jeremy Wed, 23 Jul 2008 23:46:26 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-80363 Leanne, in most cases, assets like stocks and other investments are "stepped up", meaning the price determined for gain/loss purposes for the heirs is based on the price on the day the person died. So the value itself isn't frozen, as the market can make the price go up and down, but if he bought a share of XYC stock 20 years ago for $5 per share, and it was worth $10 per share on the day he died and the stock gets passed on, the person who is the new owner of the stock has a cost basis of $10, not $5. So if you sold the stock a month later for $12 per share, you have a $2 gain, not a $7 gain. Of course, I think a few states may have different laws, and there could be estate tax concerns, and I'm not completely versed in taxes, so you would want to double check with an accountant or the attorney handling the estate to make sure how the assets would be valued in this case. Leanne, in most cases, assets like stocks and other investments are “stepped up”, meaning the price determined for gain/loss purposes for the heirs is based on the price on the day the person died.

So the value itself isn’t frozen, as the market can make the price go up and down, but if he bought a share of XYC stock 20 years ago for $5 per share, and it was worth $10 per share on the day he died and the stock gets passed on, the person who is the new owner of the stock has a cost basis of $10, not $5. So if you sold the stock a month later for $12 per share, you have a $2 gain, not a $7 gain.

Of course, I think a few states may have different laws, and there could be estate tax concerns, and I’m not completely versed in taxes, so you would want to double check with an accountant or the attorney handling the estate to make sure how the assets would be valued in this case.

]]> By: Leanne Johnson http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-80358 Leanne Johnson Wed, 23 Jul 2008 23:37:43 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-80358 I will be brief, My Uncle passed away, no will or spouse in Illinois. He had Misc. stocks/bonds. Question...Is their Value ''frozen'' at time of death or when assets are sold and distributed? I apologize for my ignorance I have never had to deal with this before. Thank you, for your time. I will be brief, My Uncle passed away, no will or spouse in Illinois. He had Misc. stocks/bonds. Question…Is their Value ”frozen” at time of death or when assets are sold and distributed? I apologize for my ignorance I have never had to deal with this before. Thank you, for your time.

]]> By: Top 12 Money Mistakes Most People Make : Generation X Finance http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-80294 Top 12 Money Mistakes Most People Make : Generation X Finance Wed, 23 Jul 2008 12:44:33 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-80294 [...] to be concerned with. It all starts with a will. Even if you don’t have a ton of assets, you should have a basic will. This ensures that what assets you do have go to the people you want. Aside from a will, you want [...] [...] to be concerned with. It all starts with a will. Even if you don’t have a ton of assets, you should have a basic will. This ensures that what assets you do have go to the people you want. Aside from a will, you want [...]

]]> By: This Week’s Stroll Through My Blogroll - Investing, Wills, Net Worth http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-59093 This Week’s Stroll Through My Blogroll - Investing, Wills, Net Worth Tue, 19 Feb 2008 15:20:49 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-59093 [...] Gen X has information about wills and how assets transfer upon death. [...] [...] Gen X has information about wills and how assets transfer upon death. [...]

]]> By: Evan http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-57537 Evan Mon, 11 Feb 2008 14:43:13 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-57537 Another Attorney however a majority of my work is fixing attorney mistakes due to a lack of understanding of advanced estate planning tools (I am the director of financial planning in a wealth managment firm). So a caveat to J's advice - Please, if you have a net worth of over 1mil do not use an attorney that does 17 closings a week and estate planning once every 8 months Another Attorney however a majority of my work is fixing attorney mistakes due to a lack of understanding of advanced estate planning tools (I am the director of financial planning in a wealth managment firm).

So a caveat to J’s advice – Please, if you have a net worth of over 1mil do not use an attorney that does 17 closings a week and estate planning once every 8 months

]]> By: Estate-Planning » Blog Archives » MSU Federal Credit Union Presentation on Estate Planning http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-29290 Estate-Planning » Blog Archives » MSU Federal Credit Union Presentation on Estate Planning Sat, 13 Oct 2007 08:20:32 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-29290 [...] Comment on Transferring Assets Upon Death Through a Will by …[…] Transferring assets through a will […] [...] [...] Comment on Transferring Assets Upon Death Through a Will by …[…] Transferring assets through a will […] [...]

]]> By: Personal Finance Review - New Pavestone Patio Edition » Money Smart Life http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-25045 Personal Finance Review - New Pavestone Patio Edition » Money Smart Life Sun, 23 Sep 2007 17:27:17 +0000 http://genxfinance.com/2007/09/18/transferring-assets-upon-death-through-a-will/#comment-25045 [...] -Transferring Assets Upon Death Through a Will @ Generation X Finance [...] [...] -Transferring Assets Upon Death Through a Will @ Generation X Finance [...]

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