Yesterday's Tractor Co.
Shop Now View Cart
   Allis Chalmers Case Farmall IH Ford 9N,2N,8N Ford
   Ferguson John Deere Massey Ferguson Minn. Moline Oliver
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   Traditional YT Forum ViewClassic View   RegisterRegister 
 ProfileProfile    Log inLog in 

Last will and testament

Goto page Previous  1, 2

 
Post new topic    
View previous topic :: View next topic  
Author Message
Bob
Tractor Guru


Joined: 03 Jan 1998
Posts: 52484


Report to Moderator

PostPosted: Thu Jan 10, 2019 8:10 pm    Post subject: Re: Last will and testament Reply to specific post Reply with quote

Olliejunkie wrote:
(quoted from post at 23:04:29 01/10/19)
CVPost-Fordy20 wrote:
(quoted from post at 19:17:46 01/10/19) One of the best and most efficient charities is Medical Teams International in Tigard. I think their overhead is somewhat under 6%. The contact is Tracy Holland at 503?624-1005. Other good charities are the Union Gospel Mission, Salvation Army, and Community Action in Hillsboro. Contact one of them and they?ll help make all arrangements and every thing you leave will do some good.

A charity will make sure my tractors go to collectors and not scrappers and dismantlers?


"A charity will make sure my tractors go to collectors and not scrappers and dismantlers?"

Is there any guarantee a museum will keep your stuff in perpetuity, or that a the museum itself will survive long into the future?

I personally know of museums that have sold off stuff after a period of time, and at least one farm machinery museum that was liquidated.
 
Back to top
View user's profile
Olliejunkie
Tractor Expert


Joined: 22 May 2016
Posts: 2429
Location: Eugene Oregon

Report to Moderator

PostPosted: Thu Jan 10, 2019 9:38 pm    Post subject: Re: Last will and testament Reply to specific post Reply with quote

Bob wrote:
(quoted from post at 21:10:03 01/10/19)
Olliejunkie wrote:
(quoted from post at 23:04:29 01/10/19)
CVPost-Fordy20 wrote:
(quoted from post at 19:17:46 01/10/19) One of the best and most efficient charities is Medical Teams International in Tigard. I think their overhead is somewhat under 6%. The contact is Tracy Holland at 503?624-1005. Other good charities are the Union Gospel Mission, Salvation Army, and Community Action in Hillsboro. Contact one of them and they?ll help make all arrangements and every thing you leave will do some good.

A charity will make sure my tractors go to collectors and not scrappers and dismantlers?


"A charity will make sure my tractors go to collectors and not scrappers and dismantlers?"

Is there any guarantee a museum will keep your stuff in perpetuity, or that a the museum itself will survive long into the future?

I personally know of museums that have sold off stuff after a period of time, and at least one farm machinery museum that was liquidated.


Well that wasn't actually the question I asked. Theres is no quarantee w ihth anything but I bet the two museums I mentioned would be much safer than a charity who would call a scrapper to haul everything away.
 
Back to top
View user's profile
oldtanker
Tractor Guru


Joined: 01 Sep 2004
Posts: 13617
Location: Mn

Report to Moderator

PostPosted: Thu Jan 10, 2019 9:41 pm    Post subject: Re: Last will and testament Reply to specific post Reply with quote

Olliejunkie wrote:
(quoted from post at 21:04:29 01/10/19)
CVPost-Fordy20 wrote:
(quoted from post at 19:17:46 01/10/19) One of the best and most efficient charities is Medical Teams International in Tigard. I think their overhead is somewhat under 6%. The contact is Tracy Holland at 503?624-1005. Other good charities are the Union Gospel Mission, Salvation Army, and Community Action in Hillsboro. Contact one of them and they?ll help make all arrangements and every thing you leave will do some good.

A charity will make sure my tractors go to collectors and not scrappers and dismantlers?


No, if they don't want the stuff for one reason or another they will sell the stuff. If they list it and it doesn't sell they will auction it. They are charities, not preservation societies. They may tell you they won't sell to scrapper but I wouldn't bet on it.

If you can find a museum that has the space and the desire overall condition may be a factor. Most museums have a limited budget and having to do a ground up restoration or paying to have it done may not be practical.

Rick
 
Back to top
View user's profile Yahoo Messenger
Olliejunkie
Tractor Expert


Joined: 22 May 2016
Posts: 2429
Location: Eugene Oregon

Report to Moderator

PostPosted: Thu Jan 10, 2019 10:04 pm    Post subject: Re: Last will and testament Reply to specific post Reply with quote

At the great Oregon steam up grounds they have lots of programs and volunteers to fix equipment. I dont know if its associated with the Harrisburg museum directly but I know people that are involved in both.
 
Back to top
View user's profile
John T Country Lawyer
Regular


Joined: 01 Aug 2007
Posts: 193


Report to Moderator

PostPosted: Fri Jan 11, 2019 4:30 am    Post subject: Re: Last will and testament Reply to specific post Reply with quote

Ollie, good questions. If you want certain property to pass to certain people or institutions especially with specific provisions, CONSULT AN ATTORNEY regarding a Will or Trust NOTTTTTTTT lay persons on a tractor forum. That being said while a properly professionally prepared Will or Trust stands a good chance your wishes will be carried out, be advised in general Courts in some situations disfavor excessive RULING FROM THE GRAVE...

John T BSEE,JD Attorney at Law
 
Back to top
View user's profile
Geo-TH,In
Tractor Guru


Joined: 05 Aug 2009
Posts: 17507
Location: terre haute

Report to Moderator

PostPosted: Fri Jan 11, 2019 5:25 am    Post subject: Re: Last will and testament Reply to specific post Reply with quote

JT,
What's your opinion of a Revocable trust? I was told my property will go directly to my kids, no probate, no lawyer needed.

Same with my market investments, name on my investments are the trust.

Is it true without a trust, a lawyer will charge a commision to close an estate, 10%+?

Is there something better than a Revocable trust? I was told that if I were to put my kids name on my property a divorce or a bankruptcy could screw things up.
 
Back to top
View user's profile
rockyridgefarm
Tractor Expert


Joined: 04 Apr 2000
Posts: 2449
Location: SW WI

Report to Moderator

PostPosted: Fri Jan 11, 2019 5:29 am    Post subject: Re: Last will and testament Reply to specific post Reply with quote


My grandpa died 7 years ago. He put the farm into a trust set up to survive 20 years past his death and his 9 kids are the beneficiaries. The farm couldn't be sold and had to be run by all of them together. Some of my aunts live 1000 miles away. Within a couple years, the kids got together (mom, aunts and uncles) and agreed to break the trust and sell out. The farm is now owned by a guy who grandpa didn't like very much.

My point is, once you're dead, it's awful hard to demand that your stuff be kept. There's just no way to be sure that any entity will see what you see in your stuff. Enjoy it now and don't sweat what happens when you're gone.
 
Back to top
View user's profile
John T Country Lawyer
Regular


Joined: 01 Aug 2007
Posts: 193


Report to Moderator

PostPosted: Fri Jan 11, 2019 6:14 am    Post subject: Re: Last will and testament Reply to specific post Reply with quote

Hi Neighbor

What's your opinion of a Revocable trust? I was told my property will go directly to my kids, no probate, no lawyer needed.
Same with my market investments, name on my investments are the trust.

Its one of many tools in an estate plan which in certain situations IS GREAT but maybe NOT in others. Trust property passes directly outside of probate (non probate transfer) to those so named in the Trust generally no courts no lawyers needed yayyyy YES real and personal property can go directly to your kids OUTSIDE OF PROBATE BUTTTTTTTT there are other estate planning tools to do the same...?..

Is it true without a trust, a lawyer will charge a commision to close an estate, 10%+?

Absent a Trust, attorneys obviously charge a price to settle an estate. HOWEVER even with a Trust they may be hired to draft any necessary transfer documents...? Ive seen prices from 1% to 3% to even 10% all subject to how much work is involved..... There is also a cheap n quick method to settle an estate using a simple Small Estate Affidavit


Is there something better than a Revocable trust? I was told that if I were to put my kids name on my property a divorce or a bankruptcy could screw things up.

If you and your kids are joint title holders YES YOUR creditors can come after YOUR interest, but not theirs. Their interest can be foreclosed against if there's say a divorce or bankruptcy. In general some sorts of joint title with your kids isn't a good idea but may be okay in others DEPENDS ON TOO MANY VARIAVBLES
YES in some situations a NON revocable trust is better, Medicare and Medicaid planning may be one of those

Its ONLY after hours of interview and determining a persons property and wishes this might be sorted out certainly NOT here or in a few sentences

Take care neighbor George

John T
 
Back to top
View user's profile
John T Country Lawyer
Regular


Joined: 01 Aug 2007
Posts: 193


Report to Moderator

PostPosted: Fri Jan 11, 2019 6:47 am    Post subject: Re: Last will and testament Reply to specific post Reply with quote

Good point, In general Courts don't like to enforce excessive RULING FROM THE GRAVE. For example in real estate there's the famous RULE AGAINST PERPETUITIES preventing such

John T Attorney at Law
 
Back to top
View user's profile
Olliejunkie
Tractor Expert


Joined: 22 May 2016
Posts: 2429
Location: Eugene Oregon

Report to Moderator

PostPosted: Fri Jan 11, 2019 8:45 am    Post subject: Re: Last will and testament Reply to specific post Reply with quote

CVPost-John T Country Law wrote:
(quoted from post at 05:30:28 01/11/19) Ollie, good questions. If you want certain property to pass to certain people or institutions especially with specific provisions, CONSULT AN ATTORNEY regarding a Will or Trust NOTTTTTTTT lay persons on a tractor forum. That being said while a properly professionally prepared Will or Trust stands a good chance your wishes will be carried out, be advised in general Courts in some situations disfavor excessive RULING FROM THE GRAVE...

John T BSEE,JD Attorney at Law

Thank you John T. I am simply trying to see what others have done and searching for ideas. My estate basically consists of old tractors and vehicles.
I know I dont have much control over them once I'm gone but I want to give them the best chance at surviving as possible. I think I can write that up in simple will. My pensions have beneficiaries listed on them so I hope that is safe. My mother has quite an estate that I assume will be given to me. As far as I know she has no will or trust. I have tried to get her to visit with an attorney with no luck. Unfortunately she is terminally ill. I guess I will cross that bridge later.
 
Back to top
View user's profile
Hay hay hay
Tractor Expert


Joined: 02 Mar 2012
Posts: 2941
Location: Bluegrass region

Report to Moderator

PostPosted: Fri Jan 11, 2019 9:28 am    Post subject: Re: Last will and testament Reply to specific post Reply with quote

You're right To think through what you want To happen before you go to the lawyer. The key is to have your ideas thought out and mapped out then hand it over to the lawyer and say "please make this legal". Too many people go to the lawyer and ask what should I do? It is your estate, for you to You decide, the lawyers job is only to make it Legal.

That said, The lawyer who has seen a lot of the estates put together may be able to give you some insights to avoid problems. He should have an understanding of the kinds of issues that can arise after your death. Remember,even a small estate can do a lot of good in a community, like a new furnace for the church, or an annual scholarship for a needy student, or a down payment on a parsonage, or fund to maintain a local park of cemetery.
 
Back to top
View user's profile
dwag
Long Time User


Joined: 13 Jul 2004
Posts: 1178


Report to Moderator

PostPosted: Fri Jan 11, 2019 10:42 am    Post subject: Re: Last will and testament Reply to specific post Reply with quote

Contact St Judes Children's Hospital And let them work out the details.
 
Back to top
View user's profile
:   
Post new topic    Yesterday's Tractors Forum Index -> Tractor Tales (OT) All times are GMT - 8 Hours
Goto page Previous  1, 2
Page 2 of 2

 
Jump to:  

TRACTOR PARTS TRACTOR MANUALS
Fast Shipping!  Most of our stocked parts ship within 24 hours (M-Th). Expedited shipping available, just call! Most prices for parts and manuals are below our competitors. Compare our super low shipping rates! We have the parts you need to repair your tractor. We are a company you can trust and have generous return policies. Shop Online Today or call our friendly sales staff toll free (800) 853-2651. [ About Us ]

YT Home  |  Forums

Modern View Forum powered by phpBB © 2001, 2005 phpBB Group

All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy

TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.

Yesterday's Tractors - Antique Tractor Headquarters