I owe nothing except a mortgage

Do you have a will Letty?

It would eventually go to your next of kin if you had no will, but it would be a hassle.

Also, I would also state very clearly in a will regarding all money going to your children who exactly gets what.

What about your other assests? Car, art, personal belongings.

Don't underestimate the importance of estate planning.

My mothers estate was finally settled this very month after being in probate for FIVE YEARS!!!

Bottom line was she kept the will exactly as her husband, my father, who predeceased her by 10 years. Problem was, times had changed, some of his ideas about how to handle some items were just downright incorrect, and she would not listen to the advice of her attorney and accountant to make changes.

Don't let this happen to your children.

Make sure everything is up to date and done in a clear fashion.

I have a holographic will, Chai, and I intend to do a video that designates my personal possessions. I checked with my banks, and the "pay on death" seems valid. I know there is a way to avoid probate for this house and lot, I simply don't know what it is. I guess I will have to see a lawyer, but will await my niece's response before deciding. I just wondered if I needed to designate an heir when a house is mortgaged.

Thanks, incidentally, for your advice.

Re: I owe nothing except a mortgage

You can put your house in a living (inter vivos) trust. That performs pretty much the same function as a "pay on death to..." instructions to your bank. Talk to a lawyer about drafting the trust documents (most lawyers will give you a fixed rate for that kind of service). As for your holographic will -- I just hope you have some kind-hearted heirs.

Yeah, that's the term I was looking for joe.

We considered doing that with my stepdaughter, as she'll get her house anyway.

Then we started thinking...We trust her, but what about whoever she ends up with?

I've heard tales of people being forced out of their homes by the heir, maybe not from them directly, but from their spouse.

Be careful.

sorry, y'all. I have been having trouble with AT&T. Thanks, Joe. I guess I need to do that as soon as possible. I had always thought that a holographic will was better because it is hand written.

Holographic wills are fine if you're a sailor on a sinking ship and write "I give everything to my children" on a piece of paper that you then put into a bottle and throw out to sea. For those who are not in extremis, on the other hand, the more conventional method of drafting a will is still the best.

Wow! Joe, I just found out that Florida does NOT recognize a holographic will. I guess the reason that I had no problem when my husband died is because we held everything jointly.

Thanks, I will most certainly follow your advice.