Putting my silver in my Will vs. Living Trust?

[richarca]

I'm not sure if this is the appropriate location for this post, but here it goes...

I have a fair amount of Silver Bullion, Rounds, ASE, copper, scrap jewelry, etc. It is stored in a safe. I have left instructions for whoever inherits these things, regarding what each item is, how to come onto this site and ask for info on how to sell, and minimum prices for certain items.

I am also in the process of creating my Last Will and Testament. The program is allowing me to create a Living Trust as well, which I'm still learning about. I know that I want my chosen person to have my safe (cryptocurrency, important documents, and all mentioned bullion) when I die, but I'm unsure how to word it in my will or living trust. Do you think I should detail the items (precious metals) in the safe, as recommended, or simply state that the person inherits "The contents of ______ safe, serial number ####)? I plan to detail the other items in the safe in the will, but I don't want the tax man or some other government entity/creditor coming after the contents of that safe if I have it written down on public record.

Any advice would be helpful.
-A

[Rosco]

Mum is the Word

[Recyclersteve]

One question I have is regarding the location of the safe. If, for instance, it is at a bank, have you given them instructions with the other person's name as someone acceptable to retrieve the contents?

Also, some things become null and void upon death- for instance, if you had a brokerage account and named someone as Full Power of Attorney. The minute you die they lose the ability to take money out of your account. You will want to check with the party holding the safe and ask them how they handle it when someone says "My dad/friend/whatever died and I want to pick up the stuff he was keeping for me."

I'm not an expert at all on these matters, but just wanted to mention this to help you think the consequences through very thoroughly.

[NDFarmer]

My suggestion would be hire to a lawyer to make your will. They know all the tax laws. But unless your estate is worth several million there won't be any taxes owed. But a lawyer will make sure everything is worded correctly and goes by the laws in your state. By doing it yourself you might not do something right and void the will. And then the state would step in and take over. And you don't want that to happen. Yes it will cost a couple hundred dollars to hire an attorney but it is worth it to know that everything is done right.

[Cu Penny Hoarder]

A "fair amount" is a relative term. Unless the amount is in the millions, I would negate a will, a living trust and lawyers.

Pick a close family member that is honest and trustworthy. Give them a sealed envelope with the contents of your safe, the combination and specific instructions (how to calculate the current value and how/where to sell) in the event of your death. No use in getting the government/state and blood suckering lawyers more involved than they need to be. Pass anonymous wealth down with anonymity.

[johnbrickner]

Normally, and if their were a number of children/heirs involved and either significant or complicated asserts involved I'd say got with an expert estate planner. Now having said that, I personally agree with Cu Penny, "Pass anonymous wealth down with anonymity" especially if the one on the receiving end knows what the stuff is all about and is aware.

[reddirtcoins]

One thing I would add is IF there is one penny and 2 humans plan for the worse. Humans will stab each other in the back when it comes to money. If more than one then seperate the piles now each with their own instructions with the other not knowing.
M2C