Do I need a will

tableclocks · Dec 30, 2012, 05:43 PM

Do my wife and I need a will if the assets are in both names and if one dies the other automatically gets that 1/2... etc.

joypulv · Dec 30, 2012, 06:42 PM

Intestate (no will) laws vary by state, in the US. Do you REALLY have ALL assets in both your names? The biggie is the house - does it really have both of you on the deed, and is there a mortgage? Do you have children? What happens if you both die in a car accident? Even a basic template will is written to cover what happens if say, one of you dies in the hospital within X days of the other. The one who dies last, if no will, falls under the intestate laws of your state. Do you want all of your assets to go to her next of kin, and none to yours, because she inherited everything of yours while in a coma and then died?

hunterwing · Dec 30, 2012, 08:30 PM

Yes absolutely there's to many reasons to type but if you talk to a lawyer they will probably explain it for free.

Fr_Chuck · Dec 31, 2012, 02:12 AM

While some people with no money, no property can do without one, I think it is always a good idea to have one.

AK lawyer · Dec 31, 2012, 06:31 AM

Originally Posted by tableclocks;

... the assets are in both names and if one dies the other automaticly gets that 1/2...etc.?

Assuming this is the case, perhaps you don't need a will.

But is it? For the real property, for example, does the deed create a joint tenancy with right of survivorship, (or tenancy by the entirety)? Or, on the other hand, it is "__ and __", which would be a tenancy in common?

tableclocks · Dec 31, 2012, 07:55 AM

House is paid for.. it is joint tenancy... money in different places... both names of it.. some are pay on death... the ira (old 401) is hers anyway by law.. I know I need a will if we both die at same time... but if one of us go first.. do I need one with both names on everything ? Thank you...

AK lawyer · Dec 31, 2012, 09:08 AM

Assuming "joint tenancy" is sufficient to create a JTWROS in your state, that should be sufficient.

But let's look at this IRA. You say it is hers anyway. What if she dies 20 years before you do, for example? It would pass by the intestacy statute or by her will, if she has one. If the intestacy statute in your state privides that it goes to you, it's a matter of six of one and a half dozen of the other. But an estate planning attorney might be able to advise you on a better way to do what you both want.

tableclocks · Dec 31, 2012, 09:12 AM

Thanks.. guess I'll see a lawer... just don't know who to trust or who is relaiable... ect... bet I could get 3 answers from 3 lawers... thanks friend