Will or Trust?

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CindiW

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I'm beginning to think that a will would be the better way to go, since we don't have that much. Probably less than $200,000 including our condo. The condo is giving us trouble, since the problem is that they have restrictions on how to bequeath it. We have no children so we wanted to give it to a charitable institution that has a tax I.D., but the condo association will not allow that. I know you might say I should see a lawyer, but I'd appreciate your thoughts on this matter. Other than 'see a lawyer.' Thanks.

How do I say in a will that my car is to go to so-and-so?
 
The chances of both of you dying in a common accident are slim. Presumably you own the condo jointly with right of survivorship so just leave it up to the surviving spouse to make that decision. If you want to contemplate a common accident instruct the executor to sell the condo and donate the money to the charity of your choice.

I've moved your question about the car to your post to avoid numerous threads about your estate planning. They should all be kept in this thread to avoid parallel discussions.

As for your car, a simple statement that you bequeath it to so and so should be sufficient. Make sure you let that person know about the bequest. And if there is a loan on the car make sure he's capable of continuing payments. The DMV should have information on how to retitle an inherited car.

Again, if you own it jointly, it's going to the surviving spouse anyway and the surviving spouse can decide how to handle it. Selling it out of the estate is also an option for cars.
 
Why do keep starting new threads on the same topic? You have been advised by a bunch of the volunteers here, including several attorneys, to consult with an attorney.
 
I know you might say I should see a lawyer, but I'd appreciate your thoughts on this matter. Other than 'see a lawyer.' Thanks

Only YOU are able to determine which works BEST for you, a will or trust.

My wife and I discussed this decades ago.
We decided that we'd place some things in trust, others in a will.
We consulted with an estate attorney about our decision, even though I'm an attorney.
Our attorney drafted the document, we reviewed same, directed the attorney to prepare them, all is well.

We're both still alive, not worried about our ultimate deaths, because we're too darn busy enjoying our lives.
 
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