/ Ask Terry Questions / Dad won’t make a will!

Dad won’t make a will!

By Terry Savage on September 11, 2018 | Financial Planning / Retirement

My question is my dad lives in Florida I live in Illinois I have two siblings one which my father does not want any of his assets to go to. How do I proceed if my father doesn’t have a will or a trust he seems to believe that because all he has is cash assets that my sibling is not entitled to them. He believes after his passing I can just withdraw his money pay of his bills and divide the remaining between myself and my other sibling. How do I go about making sure my father‘s wishes handled without this becoming battle. Luckily my father is in good health at this time.

Terry Says

You have a BIG problem on your hands, and your Dad is totally unrealistic. Each child (and any his spouse, if living) are ENTITLED BY LAW to a share of his estate — unless me makes a valid will or revocable llving trust to document his wishes! PERIOD!

The minute his death certificate is recorded by the doctor/hospital/medical examiner, the state will have the right — in the absence of one of those documents — to take over the estate and appoint a probate attorney who will freeze the assets that were in your dad’s name –and let the probate court decide who gets what, according to the laws of the state of death. And this will likely take at least a year in the absence of a will!

And, for sure, your sibling will be entitled to his/her share!

Please show this answer to your father right now!! He can find an estate planning attorney in the area where he lives at www.search-attorneys.com.

And please tell him from me that he shouldn’t procrastinate. I’m superstitious, and I truly believe that if you don’t have an estate plan, you’re tempting fate. I’m glad he is in good health, but accidents do happen!

money

ASK TERRY

a personal
finance question