dbark

Okay, I keep meaning to make a will here in the US. Will it be valid if I die while in the UK? I guess I'm confused, because I don't have property in the UK but my children both live there, not here. What I'm really worried about is that my wishes about leaving money and jewellery etc to my daughters (in the UK) will not be carried out because they are not US residents. Are there any other special considerations when I do make my will? Any input will be greatly appreciated.

Bob

It's also state by state...so that adds another twist...but your wishes should be good...but if you ain't a USC, and your in the US, and your kids aren't USC's, they'll be hit with a tax bill unlike if they were USC's...

dbark

Thanks Bob, that part I didn't realise at all. That sucks.

Thydney

whatever the outcome making one is infinatly better than not. The thing is with Wills in England is even there they are only an expression of wishes and can be varied after your death anyhow.

dbark

Right, thanks for pointing that out - and is that not the case in the US? If not, hooray for that.

Thydney

No, sorry but all wills can be contested you do need a pretty good reason though being vague is the major thing they get challenged on.

Dan725

I've got a copy of this Suze Orman WIll and Trust Kit in the bottom of my drawer.

http://www.amazon.com/gp/product/cus...views.start=11

I'll give it shot and see how it goes

Bob

shame you'll be dead before you find out how good it really is

MancMan

My employer has a legal insurance option as part of my benefits. Cost me $12 a month. I had it for 2006 just to get a will and trust done . The insurance company gave me local lawyer who did all the work. He covered the following:-

- Directive to Physician
- Health care power of attorney
- Pour over Will
- Certificate of trust
- Revocable living trust

All this was notarized and bundled nicely. Also change the title on my home to the trust. You have to change saving accounts and pension beneficiaries to the name of the trust. This avoids probate.

The full cost of the service if I walked in without insurance would be $2400.

Tarkak9

Pay attention to your title to your house too. I often hear "Deed" and "Title" used incorrectly. (A Deed is the legal instrument conveying ownership/interest from one party to the other. Title is the evidence of legal ownership - you get a deed from the existing owner showing the exchange of ownership to you and you get a title stating that you are the legal owner.)

Title is what determines survivorship rights and often Title supersedes a Will with regards to who gets what if the worse is to happen.. and is often the common area of people contesting the will. I once heard of a case where the parents (from 2 previous marriages) were killed in a car accident and the courts had to determine who legally died first as it determined which side of the family got the house even though the will said differently. Sick. There is big difference between Tenants in Common and Joint, sole, Living Trusts etc. so set up Title correctly!

Thydney

The eldest is always deemed to have died first

dbark

Wow, that's more than I had ever thought it would be. I was thinking about $500 tops. Are all those things really necessary? I've also never heard of changing the house title etc to avoid probate - why do you need to avoid probate, is it just to save time?

Ugh, the law is an ass, I hate it.

Rete

There's a lot you can do on your own. A living will and a healthcare proxy is a short and simple form and you can d/l examples online. The cost of a formal will for your estate will depend on the money/assets involved and the complexity of the arrangements you wish to make. If the monies you are leaving to your child is from an insurance policy and not from a bank account, check with the insurance company on taxes that a non-PR would have to pay, if any. Life insurance is usually tax free. As for your jewelry, depending on who survives you, you might just leave it to them to hand the pieces over to whomever you have chosen to be the beneficiary and leave it in a simply worded will which someone can witness for you when signing.

My sister and I were sole beneficiaries of my aunt's estate in Germany last year. All she left was a simple two sentence will that she signed. We paid German taxes on the estate monies, and it was nominal.

Of course if you have dependent children a formal will is quite necesary and if you have a large estate.

Lynne

If you have any assets in the UK (life insurance, etc) you will need to make a Will there to cover those assets. A US Will is not valid in the UK and vice versa. There is no problem with leaving anything here to someone in the UK. It may take some time to sort out here but the beneficiary will ultimately get what is left to them. Although the laws of each State vary, if you make a Will in one State and then move you don't necessarily have to re-do it. Durable Powers of Attorney are something else and in some States it is a requirement that they are recorded with the Probate Judge.

If two people own a property as "tenants in common" it means you each own 50% and that upon the death of one, that deceased's person share is disposed of in accordance with their Will, or laws of intestacy. If the property is owned "joint tenants" then if one dies the deceased's person's share automatically goes to the survivor regardless of what a Will says and it does not form part of the deceased's persons estate. Insurance policies with named beneficiaries don't form part of a deceased's over all estate.

Rule of thumb in the UK is that if a couple die in an accident and it is not possible to determine who died first, they assume that the older died first.