Korean Job Discussion Forums

[ajgeddes]

[shifty]

It's best to go to a financial institution, which'll still likely be around when you've passed on. Typically a bank.

The bank will do it for free, b/c they get their money by taking about 3 percent of your net deceased estate. So when they write the will up you'll be required to list your assets and liabilities.

If you have no assets to speak of, such as real estate, they can get chary, but likely will still do it, as they know you have to die sometime. And they'll be around to collect, which will be, hopefully for them, by the time you've amassed a bunch of properties and a fleet of cars.

But the main reason why they'll do it gratis is to sell you a life assurance policy, fibbing that you need to create an immediate estate. If you fall for this, make sure you nominate a revocable beneficiary, such as a parent or sibling, in order to bypass the 3% net.

If you go to a lawyer, you'll pay his upfront fee, plus he'll collect the 3% upon your demise as well... and ....and you'll be receiving a call from a life assurance agent out of the blue that unbeknown to you gives the lawyer kickbacks. Or the agent will be present at the lawyer's appointment dressed in a heavy cloth suit. This agent will look you squarely in the eye at all times, so don't worry.

If you are unmarried, don't have that many assets, then simply write it up yourself and have it witnessed by two persons not related to you. .

Just write : The residue of my estate to devolve opon my parents.
I wish to be cremated.

That means after creditors, funeral costs and estate winding-up costs your money (if any) will go to your next of kin.

You may want to list an co-executor, typically a sibling whose duties will be to find an executor (bank or lawyer) to sort it out when you've kicked the bucket.

[Grimalkin]

Woland

Sorry to hear about your brother and the added difficulties your family had to go thro' after his death.


Reading your story I guess it makes so much sense to make a will no matter how young, or how hale and hearty a person considers themselves to be.

shifty

Sounds like the bank might be my best bet.


I do have an apartment, largely owned by the bank, but in the event of my untimely (not to mind tragic!) demise an insurance policy I have, will pay off the outstanding mortgage. So given that I have one insurance policy, I suppose the bank is unlikely to expect me to take out another.


The apartment is the sum total of my estate. The reason I'm thinking of making a will is primarily to avoid death duties that would apply otherwise.

[Dazed and Confused]

I wrote my will using the Noblo software. It is easy and cheap and leagal. Keep in mind that if you die in an accident there can be a huge amount of money involved and your family can and often does fight over it. Even silly stuff that has no monetary value, i.e. the velvet Elvis painting, can be willed to someone. So, if you've got a friend or relative that you would like to see recieve something you can do that.

[princess]