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Lady Bird Deed, done but...contents and animals

Lady Bird Deed, done but...contents and animals

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  #1  
Old 04-25-18, 08:08 PM
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Lady Bird Deed, done but...contents and animals

Today I signed a Lady Bird Deed and lawyer is going to file with Register of Deeds. Property will go to a close friend.

Intent was to have my animals cared for after I die (horse, donkey, dog, 2 cats). Do not want my siblings to have anything but they probably won't want anything either. Problem, LBD only deals with the property, not the contents of the house or the animals to my understanding. My friend is very busy and I do not want her to have to deal with my siblings re: the animals or the contents of the house. Also, the pickup truck (approx. worth $5,500) or horse trailer ($2,500).

My siblings will not contest or want anything but that is an assumption (fairly safe but one never knows, we don't get along well and they are financially way better off then myself). I want to make sure there are no head aches and my friend can sell the truck/trailer for quick cash to care for horse/donkey.

Is there a simple, low cost Will that I can do myself to take care of these things? The total value probably less than 15k.

I'm slow to think on the spot and didn't think that house/barn contents/animals are not part of the property included in the LBD. Discussing this with my friend on the phone tonight she brought these issues up.

Also, is there a statue of time regarding the filing of the LBD and my death that the LBD is effective? I'm very healthy but if I croak tomorrow, is the LBD good? I don't know, my friend is obsessively ethical and cannot assume anything. She may need to sell the horse trailer and truck right away to get cash to pay for horse/donkey board until the house and property are sold. The funds of which are to go to the care of horse/donkey for their natural lives.

Also, will the value of the property go up at the time of my death, like in an inheritance? Taxes go up?

Also, location is Michigan.

Thanks.
 
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  #2  
Old 04-25-18, 09:01 PM
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Plenty of places to do simple wills, from online to offices staffed with just paralegals who can help you fill everything out and have it witnessed, notarized, recorded whatever is needed. Make sure that the value of all property when sold is to be used for the care of the critters. That might be the only issue. You'll need to choose someone you've known and trust for a long time...otherwise it becomes a contract and w/o you around to enforce it...well. Kinda hard to tell someone who maybe hit hard times themselves that they CAN'T use the money you gave them for themselves.
Have you thought about possibly giving it all to a reputable rescue who would take care of them?

I don't think inheritance taxes are a factor for this amount.
 
  #3  
Old 04-26-18, 05:06 AM
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one thing the attorney impressed up me was the liability of having the pickup truck included. If I'm at fault in an automobile accident where I die, will whoever I will my truck to...be liable for any lawsuit against it?
 
  #4  
Old 04-26-18, 05:09 AM
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I would think that any liability against you after your death would be levied against the estate and not an individual.
 
  #5  
Old 04-26-18, 12:41 PM
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Hmmm, you don't have one of those AI trucks do you? So your truck won't be liable.
Estate, yeah, they could probably try to make a claim on anything not in some sort of trust.

That's one thing I find funny about the insurance policies for paying credit cards and incoming bills and such if you die (that's what they make it sound like anyway). If you are the sole signer on a card, and you die with a minimal estate, they can't go after your family. The debt dies with you...part of the companies risk. That's as long as you didn't put everything in trust or a family members name JUST to avoid the debt. SSA uses the same kind of thinking. I believe any transfer of property or fund to a trust has to be 5 yrs(?) before, so SSA won't attach it to pay your care?
 
  #6  
Old 04-26-18, 03:13 PM
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I don't know what an AI truck is? Mine is a f150.
 
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Old 04-26-18, 03:17 PM
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Artificial Intelligence...just some joking.
 
  #8  
Old 04-26-18, 03:42 PM
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O, haha, some puter wiz i am...

a simple will to include all household contents, all contents of barn, horse trailer and pickup truck will take care of it so my friend won't have to deal with my siblings? Friend wants everything to be legal and I want everything to be a non headache for her. oh, and include all current animals.
 
  #9  
Old 04-26-18, 03:53 PM
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My wife and I recently went through updating our will and trusts. One thing I found interesting and annoying is how laws can vary from state to state. So, you need to make sure that any will you prepare is tailored to the laws of your state.
 
  #10  
Old 04-26-18, 05:44 PM
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Seems like it would cover it to me. By current animals...you mean current at the time of the reading of the will (or whatever it's called?)? I mean, you could acquire a dog or cat, hamster, whatever. Yeah, that can be just put in vague terms like "all existing pets and livestock" or similar.
 
  #11  
Old 04-27-18, 03:00 AM
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My wife is a caregiver and yrs ago she took care of a lady who had no kids [husband already passed] She left the bulk of her estate to whoever agreed to care for her dog. Her nieces fought over the custody of the dog! The better things are spelled out in the will the more likely it will be that your wishes are carried out.
 
  #12  
Old 04-27-18, 05:55 AM
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Yes, current meaning all existing animals. Thanks!

What about the liability of the truck. Where does the estate end? If I will all household contents, all contents of barn, horse trailer, all existing animals and pickup truck...is that the end of the estate (property is in Lady Bird Deed)? Or, can they sue her and the lawsuit include 'ALL' of her possessions, business, etc. or just mine she receives in the Will? She receives the property in the LBD so would it end up including that as well?

Again, just the contents of the Will?
 
  #13  
Old 04-27-18, 06:05 AM
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Why haven't you discussed these concerns with your lawyer? he's better equipped to answer them than us.
 
  #14  
Old 04-27-18, 06:08 AM
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Because lawyer would charge me by the hour and want to do the Will which is expensive she said. Lawyer thinks, bc my siblings most likely won't want anything of mine as they are all better off financially and live a distance away, the LBD was sufficient. My friend thinks she can't sell the truck/trailer without them signing off and it being a headache.

I thought a simple Will. Now I'm concerned about a lawsuit from an accident that kills me and is my fault with the pickup.
 
  #15  
Old 04-27-18, 09:00 AM
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I wouldn't think any liability of yours could transfer to another person. I suspect they could attach your items of value. BUT there really isn't any need to worry about stuff that may not happen.
 
  #16  
Old 04-27-18, 03:21 PM
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Truck and trailer can be retitled with your name as well as hers. It need to say "and/or"...or just "or"...if it says "and" that means both people would have to sign off to transfer title at sale...the other 2 only take one signature. I don't know if there was an accident if that would make her liable or not...I doubt it, since you would be the driver and your vehicle insurance would only be in your name as the only operator. You could ask your insurance agent about that...they don't charge anything for questions.
 

Last edited by Gunguy45; 04-27-18 at 10:48 PM.
  #17  
Old 04-27-18, 03:36 PM
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That's very helpful, thank you. I'm a senior citizen and my local commission on aging has, periodically, an elder law legal firm come in for estate planning. I did see them once and decided to go with the Elder Law Lawyer a friend of mine used for his dad's situation.

I'm going to go there and hope they can also give me advise. I tried to have questions for my lawyer who did the LBD but it seems I didn't know enough at the time. The more I know, the more questions I have.
 
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