I sent this info directly to the poster who brought the subject up,
but there's been so many questions about it since, I thought I'd share
my experiences and add my two cents to Zoo's excellent quarter.

In Nevada an uncontested will can take up to a year to clear probate.
During that process all assets are locked up so no funds are paid out.
A friend's mother was diagnosed with terminal cancer in the fall, was
gone by winter. The woman prepared everything right down to her own
epitaph. Her properties were all owned free and clear, her three kids
in total agreement over who got what. Totally uncontested, put together
by a lawyer, the works, and still over a year to clear probate. In
Nevada you do not want to make out a will.

On the other hand, a trust is almost like a living entity. Everything
you own, are paying on/off, etc, can be placed into a trust. If you
die, the trust goes on, undisturbed by the passing of time. It does
not go through probate, it just goes on and on. The catch is the trust
needs an administrator, who can have limits placed upon them by the
trust. I.e. he/she can only spend funds for x, y, z and nothing else.
But you still need someone to do exactly that - administer. Many
states will recognize a trust you do yourself via legal aid, etc, once
notarized and filed with (here) the county recorder. Lawyers of course
are willing to draw them up for you too for about $300.

Life insurance policies will pay to beneficiaries, however here, after
a certain dollar amount (I think its $25,000), the issuing company can
and will hold payments up while they verify next of kin are not going
to contest those payments. So this is something you need to check out.

If you have several animals going several places you can opt to have
several small policies listing several beneficiaries, one big policy
with several beneficiaries with designated amounts to each, but again,
check with your issuing companies for those 'hold' clauses.

Personally I looked around at family and friends. No one in my family
is good at handling money. However I have two friends who have
excellent retirement portfolios, credit ratings, and are meticulous
with their own financial affairs. Both of them live and die by their
word. Once given it's etched in stone. I sat down with one of them
and discussed the situation, and asked if he would be willing to be
executor for my 'children'. He wanted to know who went where, how would
he know how much money to send with each, all of the nuts and bolts of
financial care for them, including things I'd have never thought of. I
have a life insurance policy with him listed as beneficiary.

Hope that helps some,

Brenda, Momma to the FurpeopleWeyr

[Posted in FML 7110]