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Old 06-08-2007, 10:16 PM   #21
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Use an attorney that is licensed on your state!

Also, DO NOT do something as important as this YOURSELF..............

In Wisconsin, the courts can (and have) disallowed wills that ARE not signed by a Wisconsin bar attorney. So, a "Willmaker" will done online is pretty much worthless in Wisconsin...............and a few other states I imagine..........

You can't "Vanguard" everything..................

Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)

This Thread is USELESS without pics.........:)
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Old 06-08-2007, 10:50 PM   #22
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If you expect that the survivor of either of you may have a taxable estate, I would see an estate planner. Sarah mentioned the use of bypass trusts to save estate taxes when the survivor dies. A willmaker program isn't going to work through those kind of issues. Also, given that you may have a possible inheritance, and the retirement plan is in your name, I think talking through issues with an estate planner is a very good idea. Your estate planner may want to have you think about different ownership structures or trusts to address potential future estate tax issues.

The health care directive and powers of attorney are boilerplate.

As an aside to FinanceDude, Wisconsin does not require Wisconsin lawyers to sign a will. There are pretty rigid requirements on how a will must be executed in Wisconsin, but a lawyer isn't necessary. (though witnesses, plus a notary, plus some magic language are necessary).

You guys getting wills for $350 are getting off cheap.

Another issue with wills is to be sure to update it as your circumstances or as the law changes. For example, a simple will (everything to the spouse and if spouse is dead, the kids) may be fine when you don't have a whole lot, but if you approach having a taxable estate (either under state or federal law) I would see a lawyer for an update. Or if you start a business. Or if you have a child with special needs. Or if you have a spendthrift child. Etc.


No more lawyer stuff, no more political stuff, so no more CYA

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Old 06-09-2007, 04:20 PM   #23
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I need a new will the last one was in 1983 when I filed for divorce, my divorce attorney did it at the same time. It was simple no children, single person as soon as divorce was final. My assets go to my mom and if she dies my brother. Now mom is 80, doesn't want or need another house or boat or trucks, my brother doesn't need anything either and I have had a steady boyfriend/roommate since 1986. I left my boyfriend my ROTH and taxable accounts and my niece and nephew my 401K plan but I really don't want that. I think I want something complicated like a trust for my real estate with a life tenancy for my boyfriend and him to only get an allowance from my money not a lump sum. He is also childless and an orphan so my money will either be spent by him or left to the government because he has no family, a trust with an allowance for him would let him live well never run out of money then the money go back to my family. I have been waiting because it isn't terrible the way it is and I am waiting to buy a different house first.
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Old 06-09-2007, 06:11 PM   #24
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There is no reason to wait. None of us knows what the future will bring, it could be very short. Consider his situation of you should get killed in an auto accident next month.

Once you establish a revocable living trust fund it with your current home then when you sell the proceeds go to the trust, and when you buy your new home just title it in the trust name. No big deal.

Duck bjorn.
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