PMs in wills and trusts

[Ttazzman]

I am curious what methods others use to pass along PMs/Guns etc to their heirs....ie wills and trusts .....and the type of language used, inventories if any, passing along locations etc

i am in the process of redoing and updating all my estate paperwork and just looking for thoughts and strategies especially where multiple heirs and large quantities are involved

 

[Fatrat]

Sorry, what gold...

 

[Ttazzman]

of course i get that......lol..........im thinking of maybe just referencing a specific file on my computer that are "personal property" without specificly disclosing what is in that file in the trust .......i do want it to go into trust i think so my heirs can get the current value tax base etc...kinda wondering if someone else has a better method or thought

 

[Someone_else]

My wife and I created a "family trust" that is legally enduring and includes all our "real" and material possessions. Our children are our heirs to the trust and they will have no time pressure to change anything. All our assets were sold to the trust in a blanket.

 

[Viking]

I volunteer to be the trustee. For a PMBug forum member, I won't charge.

 

[Ttazzman]

I volunteer to be the trustee. For a PMBug forum member, I won't charge.

lol.....i wouldnt wish my heirs on anyone.......actually they are great

 

[Bushpilot]

Tazz, do you need the legal spelling of my name? Lol

 

[SilverStacker]

I left everything to my son to be dispersed by my wife. So basically I left everything to my wife, not that I have much to disperse. But one thing I didn't leave them was debt. Its important o make out a will no matter what you have, or dont have.

 

[Bottom Feeder]

specific file on my computer

Store the instructions (where to find it, disbursement, ect) on a USB and reference the location of the USB on your computer.

 

[Ttazzman]

I left everything to my son to be dispersed by my wife. So basically I left everything to my wife, not that I have much to disperse. But one thing I didn't leave them was debt. Its important o make out a will no matter what you have, or dont have.

i am surprised your wife doesn't automatically have full ownership of all upon passing

 

[Casey Jones]

My plan, and it's not in place yet, is to disclose to the heir/executor the location of what I own. Along with access information - all that's needed. My hope is that the stuff is spirited away before various Probate and tax authorities take notice. Access can be granted. But there's other stumbling blocks, which I don't want to get into.

Barring that, one of two things will happen. Probate will learn of what I have, inventory it, tax it away at 50 percent, or whatever...and the heir gets the other half.

OR...the stuff will be found by the unscrupulous. This is why I haven't found a way to work this plan. To tip any one person off, no matter who...invites bad things. To put it the hands of a loy-yeh invites all legal and tax folderol.

To put this info in the hands of yet another friend or associate, invites theft and possibly the un-alive-ing of me, for what meager amount I've saved. Farfetched? People are killed for a couple hundred dollars of fiat.

 

[Ttazzman]

My plan, and it's not in place yet, is to disclose to the heir/executor the location of what I own. Along with access information - all that's needed.

yes disclosing the location('s) and approx. items via a written inventory is the current plan as part of the estate plan...... i have 3 separate beneficiary's i want to all have equal access (they are all good responsible people so it wont be a fight) .....also want them to get the new tax basis when its inherited all along with preserving secrecy, got a appt with a estate attny this month.......also gotta figure out all this without letting the attny know what i have ......LOL......

i am not much worried about being unalived, i have taken all reasonable precautions, the rest is up to a higher power

 

[SilverStacker]

i am surprised your wife doesn't automatically have full ownership of all upon passing

She does, in effect. I forget the exact wording but we both are leaving the other in control to be dispersed to our only child, who is loved dearly and will be cared for no matter who croaks first, "most likely me". But she's a cancer survivor and as the years roll on I can feel the tether of life being stretched.

Heres an interesting story. About 15 odd years ago myself and my siblings each got a letter from some Mormon outfit in Idaho saying a long lost relative in California had died and probate was going to leave us an inheritance. I figured it was a scam and almost didn't bother replying but I checked the place out and they were legit.

Now I had no idea who in hell they were talking about. I had no relative in CA but apparently on my Dad's side, whom I never met a one of his blood or even knew of any since he and my mom divorced while we were young". But apparently he had an unknown cousin who lived to a ripe old age in CA before going room temperature and my siblings and I, as well as some total strangers in MI, were in line to inherit what the probate was unable to steal. She had fully owned a beautiful house in the hills outside LA .

So it wasn't much, about $30 K each untaxed, but it came in right before Xmas and made for some Holiday cheer. I now wish I had spent it on gold, but I now wish I had spent a lot of my money from years past on gold, drinks and 'ho's most of all, but it goes to show you you just never know when that Leprechaun is going to plant a kiss on your ass.