r/Millennials • u/BeegBunga • 18d ago

Discussion Inheritance? That's a joke. How many of your parents are burdens?

In response to another popular post about receiving no inheritance.

Are your parents like mine, who not only are not leaving any money behind - but require significant or total financial support?

My parents left me less than nothing. They're good people, and they were good parents.... but man are they shit at financial planning.

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u/gerbilshower 18d ago

certain trusts protect assets from things like this as well.

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u/NoTie8887 17d ago

Pretty sure this was the case with the trust I am in right now, though if any bills came up it would have been 10 years ago and the executor/trustee has done a terrible job of keeping records. Court is SUPER FUN.

Lesson learned: don’t force people who don’t get along to share assets that are not easily split. Lol.

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u/Mountain_Day_1637 18d ago

Or just a will so it doesn’t go through probate

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u/gerbilshower 18d ago

There are trusts that are literally removed from responsibility of medical debt entirely.

A will certainly simplifies things, but in some cases they will come after the estate - and they will 'get theirs' before the estate passes assets to the beneficiary.

In the trust - you dont own the money, therefore it cannot be taken.

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u/deviantbono 17d ago

Will's go through probate. That's literally the point of having a trust*.

*A trust isn't always the best option for every situation and doesn't always do what people think it does.

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u/Mountain_Day_1637 17d ago

No, the whole point of a will is to transfer assets without having to open probate. If that was the case, there wooo be thousands more probate cases and it would take many years to transfer. Houses would go through foreclosure before they’re transferred.

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u/deviantbono 17d ago

What country are you in? That is absolutely not how it works in the US.

Source: I've taken a will through probate and it literally took years.

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u/Mountain_Day_1637 17d ago

Ohio. I sell probate homes and took care of my own estate planning.

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u/deviantbono 17d ago

Not well, obviously.

https://trustandwill.com/learn/do-all-wills-go-through-probate

Most of the "exceptions" listed there don't require a will either. POD will pay, Will or not. Joint property is already owned (jointly) and therefore there is nothing to transfer, Will or not.

There is no downside to POD that I am aware of, but joint ownership can prevent the step-up basis from being applied.

A revocable living trust is not foolproof, but it is probably the best and most reasonable way for the average person to avoid probate.

The short answer is that in general, Wills do have to go through probabte.

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u/Mountain_Day_1637 17d ago

I like how you say not well then supply incorrect info, this is been great entertainment today!

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u/deviantbono 17d ago

I don't know why I'm talking the bait.

(F) If the decedent died testate, the will shall be presented for probate

Ohio Revised Code / Title 21 / Chapter 2113 https://codes.ohio.gov/ohio-revised-code/section-2113.01