Posted by John T on September 20, 2012 at 10:20:21 from (216.249.82.117):
In Reply to: Re: O/T total legal posted by George Marsh on September 20, 2012 at 08:29:49:
"I was told that in Indiana a will must be notorized to be legal".
NOPE NO NOTARY REQUIREMENT it must be witnessed by two peroans competent over 18 who dont have an interest. I also add a self proving affidvait to all my Wills right on the testimonium page.
"A will can be contested and tied up in probate for years. So if you have kids you are not aware of, or a friend who is looking for a buck for work he may or may not have done, your kids will have a problem."
Yep, any will can be contested and thats expensive, but if its done correctly and the testator was competent the chances are slim the contest will survive.
"A trust makes sure things go where you want. No probate if estate is under $5M."
True but so can a Will. I sometimes do small estate plans that also avoid probate WITHOUT A TRUST at less cost then the trust requires
"A trust is less expensive than probate."
Maybe and maybe not, it all depends on the circumstances. Too many facttors to answer that here.
"Do I have these facts correct?"
Some you do.
"I currently am in the process of setting up a trust, so my kids will have fewer problems with all my properties."
If needed and if done right and managed over the years, it can indeed be a good estate planning tool but there are also other methods to accomplish the same IT ALL DEPENDS and that can only be answered after gathering all the facts and the clients needs and wishes
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