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What becomes of your estate after the big exit..

In many states here in the U.S., if one dies without a will, the state gets to decide what happens to the deceased's assets (estate). And, in many cases, what the state does with it is contrary to the wishes of the deceased. Charities are always a good choice as are alma maters (including one's high school). If one is a professional (i.e. architect, lawyer, doctor, etc.) I'm sure there are professional groups and organizations that would just love a endowment. If one is a mentor to a youngster (whether thru boys/girls clubs or other youth organizations) one can leave assets to either the young person or the organization (or both).
 
smokeshadow said:
In many states here in the U.S., if one dies without a will, the state gets to decide what happens to the deceased's assets (estate). And, in many cases, what the state does with it is contrary to the wishes of the deceased.
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With or without a will the first thing to do is contact an estate attorney and he or she will tell you what to do and how to open an estate with the probate court.
 
I have changed it so many times...and now I will have to change it again since I will be an official "us" after tomorrow and I no longer have to worry about protecting my BF and our property as he will be my husband....

..and that makes things very easy now..

A few problems...

We want to give one of our collections to a museum because we love this Bay Area Potter and want to keep her work in the Bay Area. The problem..which museum to choose? We thought it was all sewn up until someone who knows museums told us so many of the donations sit in the back room and are eventually sold to raise funds or stolen. We had it narrowed down to two at that time...ugh...

The thing for us...we don't want it to be about money..we both love and appreciate this woman and her artistry so much that we want other people to be able to enjoy her work. We even considered giving it to another individual collector who I know will appreciate it....

Everything else...well...it has been settled if we both go who it will go to....just gotta write it up one more time LOL
 
eastofeden said:
I I will be an official "us" after tomorrow and I no longer have to worry about protecting my BF and our property as he will be my husband....
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Let us all enjoy wishing you warm congratulations. :D
 
I lost all my "estate" during the Great Recession. I'm just making it day to day now.
 
It is all left to my ex partner with instructions of what to give to various friends.

The problem with living here is that the state will deduct 65% in tax.
 
dpnice said:
The problem with living here is that the state will deduct 65% in tax.
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Whoa...that's a hefty number...better spend it all before you go...
 
dpnice said:
It is all left to my ex partner with instructions of what to give to various friends.

The problem with living here is that the state will deduct 65% in tax.
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That's one of the ways you pay for health care and other "free" services.

Is there no minimum personal estate tax exemption? In the US, the first 5.5 million is tax free, while each state sets it's own limit.
 
sixthson said:
That's one of the ways you pay for health care and other "free" services.

Is there no minimum personal estate tax exemption? In the US, the first 5.5 million is tax free, while each state sets it's own limit.
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Mind you that is because he isn't family. For spouses, children, parents, etc. I think the tax is only around 5%.
 
sixthson said:
Here, if your alma mater knows you have money, they call regularly to ask for gifts and they are not shy about asking to be named in your estate planning, including the amount you plan to leave them. So, hurry up and die.
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Here, they ask your parents whether you or they have money or not.
 
Seeing as I may not have any dependents after my death, I'll probably have all of my possessions burned/destroyed or sealed away somewhere.
 
G inherits, if he dies before me. It is divided up between certain charities, with a small donation to my alma matter.
 
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