Sign Nevada Banking Last Will And Testament Myself

How do i industry sign banking iowa last will and testament

welcome to home biz tax talk my name is lissandra Everett I am the home biz tax lady where I help home business owners win the tax game home biz tax talk airs Monday through Friday 9:00 o'clock ish when you tune in to my show you're gonna hear about topics that are important to the home business community so um this there will be a series of videos that are like this that are not really tax related this is more of a life lesson stuff okay at the time of this recording you know I just buried my mom my siblings and I just buried my mom July 12 but I wanted to come and share with you some of the lessons that I've learned throughout this process that I really hope will spark conversation and your families so that you can really be prepared because the last thing that you want to do is be trying to do this stuff and dealing with the grief and loss you know during that lost time because the fact is that we are all going to leave this earth at some point and the best thing that we can do for our families is to be prepared and so you know so whether you are the the child that may be dealing with the parents you know stuff like I'm the oldest so I'm you know I'm the one that's dealing with the administrative stuff and everything that's you know with my mom or you might be the parent that hey I've got kids and I've got to really make sure I have this plan together so wherever you are in this it is definitely going to be for you because again we all got to leave this earth and the best thing that we can do for our families is to have a plan and so today I want to talk about wills like how do wills actually work like what is really involved here because you hear all the time you know make sure you have a will make sure you have a will okay yeah that's great but it's the administrative part of the will that gets a little hinky okay so first of all you know what exactly is a will a will is really a written document that says you know this is how I want things to happen with my assets when I'm gone it's basically it's your plan from the grave that says this is what I want to happen now with that will and you really want to have a professionally done will something that you know has been notarized by attorneys don't be doing like a wreath the Franklin right in your will on a piece of notebook paper is sticking it in the couch that is unacceptable you guys who really have to be we really have to be more diligent about what we do so have a formal will drawn up have it notarized attorneys and all that okay all right so first of all once that once your loved one passes that will needs to be filed in the county where that you know where your loved one lives okay so you actually have to do that now there are there's different sometimes there's a charge sometimes there isn't but be prepared to pay to file the will okay so now and then every state has you know has some sort of probate okay and you know there are some states where you're worthy estate that is the value of your loved one's possessions assets and stuff there is you know sometimes there's a minimum like if it's below this threshold we're not even going through probate you just go and do what you do but you know over that threshold then there's probate and then there are some states where you got to go through probate no matter what you got going on okay there is no minimum there's no maximum everybody goes through probate so every state is different so you have to check that now so with the probate probate is really when you're going through the actual process of managing the final affairs of the estate okay so now with the will first you have an executor now the executor is the person that is supposed to carry out the Wills the wishes in the will and it's usually a third party that's disinterested that's got basically got nothing in this that's saying okay we're going to carry out this will the way it is written so just in case you've got some squabbling siblings you got people that are about the woodwork saying you know oh this person wanted me to have this this person wanted me to have that this is what the executor is for the executor is a disinterested party that is acting as the personal representative of the deceased now where it gets a little funky is if the executor doesn't want to okay and so this is why it's important to keep your will updated because a will that was written 20 years ago really may not be what needs to be currently done because like I said you may have an executor there is no longer willing or able to serve as the executor and then you know you might not be able to find said executor okay and I will tell you in complete transparency this is what is happening with my family right now the first named executor doesn't want to and really isn't able to and then the second person that's named as the executor we can't find you this is somebody I have not seen since I was 20 years old okay so so what happens is now that you know the executor has to go through it and basically fill out this form that says I don't want to then we have to show I think it's called like a diligence of search or something like that that basically says that we put forth the effort to find executor number two once that is done once that is processed I don't know how long that takes then then the then the court the probate court has to then go through and name another executor again I don't know how long that takes because I'm still in this process all right so this is why you don't want to have a will that is that that has never been updated this is you know a will it's not something that you set and forget this is something that you need to update you know basically as things happen as things change but you know you I would I mean I don't know what the rule of thumb is but every like five years at least you know because one of the the jobs of the executor is to do what's called an inventory of assets that's where is the Keener's job to go through and say okay lissandra had you know this house she had some stocks you know she had this she had that and lists those assets so one of the things that you can do is to help your executor out and list your assets as you acquire them okay now before I forget at in the description of this video my good friend Dale Sean Renee Hayes has a family a family emergency financial toolkit or something whatever it's a toolkit that you know it goes through and lists all the important documents that you need for your family so definitely go and get that you know if you don't have a plan this is a that checklist is a great place to start okay now so so yeah so your executor has to list you know give you give that inventory of assets so we can dispose of these assets based on the wishes of the deceased and and so yeah this is why you want to keep your will updated because your as your assets increase or decrease this is what's going to help your executor to be able to do their job better okay and and so that's really like this is administratively intense and also with the executor the executor is the one that has the job of making sure the final tax return is prepared as well as making sure the estate return is prepared now as the tax person you can imagine I kind of gave that the side I like somebody else is going through my mama's taxes like for real but you know whatever but that's what that's the job of the executor and so this is why that's not a decision that you want to take lightly this is also why it's something that you want to keep updated because like I said if you've got somebody that is no longer willing or it's unable to do those things then there's an additional administrative step that has to has to happen to replace that person and that just drags things out the way you know way longer than what it needs to be so so if you have a will and you haven't updated it lately go take a look at it go look and see okay is this still the person I want to be my personal representative that's going to make decisions for me and for my assets after I'm gone now the other thing that I thought was kind of hilarious that was in my mom's will I mean I understand why it's there but it was just kind of funny and because she has the last clause in her will that says if you were not named in this will it was intentional it was not an accident and the reason she put that there is because she didn't want other family members coming in saying okay well she wanted me to have this and she wanted me to have that when my mama ain't said nothing of the sort so I don't know exactly if that that line actually does anything but I really just kind of thought that was funny really honest with you so you know so that's that's you know really the the administration of a will that is more of the labor-intensive part after after you're gone so the more work that you can do on the front end to make sure that the people you have asked to serve previously are still willing to do that and you know and have you know proper contact information for people so that if you do name someone else as the executive your family then knows how to contact folks or the courts know how to contact folks because otherwise you know you're going to if your executor is John Smith I mean how many John Smith's are there in the world right so you want to make sure that you have the proper contact information to keep those things updated so that your family then knows who to contact the courts know who know who to contact so that we can move that administrative process along and the final thing I will say about this the other thing that I learned about wills like if you if you file a will and it's going through probate then any claims against the estate at least in the state of Georgia they have four months to file a claim against the estate where if you then you know they have up to a year so whoever feels that they have you know whether it's you know some kind of property or a bill owed you know like gas and electric or whatever when you file when you file the will there's four months to file a claim against the estate but if you don't then people you know companies have up to a year to file a claim against the estate so you know you definitely want to want to do that but you definitely want to make sure that you check the laws of your state get an estate attorney a probate attorney that knows these things and knows how to handle them if you know if you don't okay I believe in investing that money to help you move things along to the best of the abilities so that you can dispose of things and not really have to wind up wasting money paying for things that you really that you don't have time for that like for lack of a better term you just don't have time for that so so yeah the takeaways have a will keep it updated make sure that you have the proper contact information for you know the executor or the the co executor or whatever make sure all of that is in a safe place so that folks can be contacted in the event you know in the event of your passing because you don't want your family to have to go through all of this stuff like this is an administrative nightmare for me right now so you know even though we you know we try to do things to make sure all the loose ends are tied up I guarantee you there's gonna be some loose end that's left out there that's gonna cause all kinds of problems so do that for your family and grab that tool kit from from my good friend Dale Sean because that's gonna really help you know bring some structure to you and again especially for my business owners you know what's going to happened to your business what is the Secession of your business when you pass who is going to take over your business and you know in the case of spouses that's generally pretty easy but if you are the last remaining spouse and you have a business who's gonna run your business is a business gonna be sold right like what's going to happen so you have to have a plan to dispose of your business or to pass it on however you're gonna do it in the event that you pass this is why you definitely need to you know have attorneys on your team that can help you do these types of things and help you have a plan that's gonna work do you need to set up a trust you know how does that you know all of that work that's why you need attorneys you don't need Legal Zoom and all that stuff you need to talk to people that understand the laws of your state so that you don't put your family in an administrative nightmare okay so thank you guys so much for tuning into home biz tax talk again we air Monday through Friday 9:00 o'clock ish and you can come right here to get your questions answered about your home business taxes all right have a great day and I'll see you all next time bye