Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Alternative Will and Medical Directive Sources?
Old 04-28-2018, 07:48 AM   #1
Full time employment: Posting here.
 
Join Date: Jul 2009
Posts: 692
Alternative Will and Medical Directive Sources?

We’re retired military so have access to the local Navy base legal department staff to prepare Wills and Medical Directives - no trusts or more complex documents, though.

Now no longer working, have planned to work with a local attorney on living trusts for us both.

It occurred to me that there may or may not be a reason to get the wills and medical directives produced by the same attorney ... my initial thought is that the Will and Medical Directive stand on their own, so the obviously more expensive trust attorney would simply refer to them.

Then if further occurred to me that perhaps the military attorney system, that I have used over many years - and it is generally a legal “mill” with near zero personal interface and very, very generic looking documents - might not be the best course of action?

Other options include simply preparing it myself using software matched to my state - Florida.

Would appreciate experience and thoughts?
__________________

stephenson is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-28-2018, 08:09 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 4,325
Also in Florida. I don't have any of these types of documents set up yet, so looking forward to the responses.
__________________

__________________
TGIM
Dtail is offline   Reply With Quote
Old 04-28-2018, 08:13 AM   #3
Full time employment: Posting here.
CaliKid's Avatar
 
Join Date: Apr 2016
Location: Cali
Posts: 917
The military documents are an ok back up until you get your trust in place. Your trust attorney will do a new will (since it will be a pour over will) and likely a new health care directive (so they use their forms). I doubt the cost will be any different if they do the health care directive or not so just get them all done by an actual experienced estate planning attorney. There are way too many ways for people to mess these things up... and people likely won't know until you are gone that it was messed up.
__________________
______________________
Hoping to get out around September 1, 2022... I hope, I hope, I hope. Until then off to work I go....
CaliKid is offline   Reply With Quote
Old 04-28-2018, 08:28 AM   #4
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 2,222
Quote:
Originally Posted by CaliKid View Post
I doubt the cost will be any different if they do the health care directive or not so just get them all done by an actual experienced estate planning attorney. There are way too many ways for people to mess these things up... and people likely won't know until you are gone that it was messed up.
My thoughts also. While I can appreciate the save money with the military legal help, to me this is one area where having it done in one document and by a professional specializing in that area is the proper way to get it done.
__________________
The advice we're giving you is invaluable, that's why it's free
Experience is a good teacher, but the tuition can get expensive real fast

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is offline   Reply With Quote
Old 04-28-2018, 08:37 AM   #5
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 2,461
In California, it cost us $400 to have an estate attorney draw up a package that included POA's for both health and financial matters, and pour over wills for both of us.
All our finances have either beneficiary or TOD's set up.
__________________
Retired Jan 2009 Have not looked back.
AA 50/45/5 considering SS and pensions a SP annuity
WR 2% SI 2SS & 2 Pensions
Souschef is offline   Reply With Quote
Old 04-28-2018, 09:16 AM   #6
Thinks s/he gets paid by the post
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 3,434
Quote:
Originally Posted by CaliKid View Post
... just get them all done by an actual experienced estate planning attorney. There are way too many ways for people to mess these things up... and people likely won't know until you are gone that it was messed up.
+++++ 1 !

The documents themselves simply implement an estate plan, which as @CaliKid points out, is easy for non-experts to mess up. The probability of things getting messed up increases if pieces of the task are farmed out to different technicians. After many years in project management I am confident in guaranteeing this.

As a percentage of our estate, the legal fees spent to create our estate plan and for its periodic tune-ups are measured in basis points. I suggest that you compare your potential legal costs to the value of your expected estate and decide whether it is really smart to cheap-out in this area.

And @CaliKid is absolutely correct in pointing out that mistakes may not be found until you're gone. My wife was an SVP in investments and trusts at a major bank and I couldn't tell you how many times she came home with a horror story about badly drafted documents and the problems they created. Often the issues are tax-related but they can also stress or destroy family relationships.
__________________

OldShooter is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Steve Ballmer creates Government Sources and Uses database REattempt Other topics 19 05-01-2017 03:26 PM
Sources of Cash, and Tax Status of These haha FIRE and Money 26 12-21-2013 10:55 AM
Alternative sources for daily portfolio position recaps justplainbll FIRE and Money 46 10-10-2011 06:13 PM
Income sources RonBoyd FIRE and Money 9 02-28-2009 06:57 PM
Sources of Job Stress Jay_Gatsby Young Dreamers 2 08-04-2005 08:26 AM

» Quick Links

 
All times are GMT -6. The time now is 11:57 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×