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Re: Will
Old 11-03-2006, 09:55 AM   #1
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Re: Will

I havent drawn up a will yet either, and i have a 3 year old and a wife. Yes, i'm well aware i need to.

Grab ahold of something ok, cause this wont be easy to take; .......... I'm not perfect.
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Re: Will
Old 11-03-2006, 10:00 AM   #2
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Re: Will

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Originally Posted by Azanon
I havent drawn up a will yet either, and i have a 3 year old and a wife. Yes, i'm well aware i need to.

Grab ahold of something ok, cause this wont be easy to take; .......... I'm not perfect.
Make sure you do one with a lawyer in your state. I know of several cases where people went to willworks.com or some other Internet site, and the courts in their state disallowed the will because it was not applicable under their states laws............ :P
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Re: Will
Old 11-03-2006, 10:03 AM   #3
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Re: Will

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Originally Posted by FinanceDude
Make sure you do one with a lawyer in your state. I know of several cases where people went to willworks.com or some other Internet site, and the courts in their state disallowed the will because it was not applicable under their states laws............ :P
I was actually hoping I could get off cheap just using something like Quicken (or some commercially available will software) and getting a notary if i need one to sign it. When i think of lawyers, i just visually imagine money flying out of my pocket.

This covers both the umbrella/disability, and this will; Like many here i'm pretty financially savy, BUT i'm also cheap (well, i prefer frugal). I try not to waste money wherever possible, and I think that has a lot to do with why I have a pretty good amount of it (well, compared to the average public).

(edit) - but my wife's dad/step mom would be like going to hell for my Son (my wife agrees with this), so i probably should do a will very soon to make sure my parents got my son in case of the worst.
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Re: Will
Old 11-03-2006, 10:05 AM   #4
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Re: Will

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Originally Posted by Azanon
I was actually hoping I could get off cheap just using something like Quicken (or some commercially available will software) and getting a notary if i need one to sign it.
I would use a lawyer for this. If you really want to try to cheap out, you might consider signing up with Pre Paid Legal for a few months (can drop it any time you like). They throw a basic will in with the membership, which is ~$25 a month. In contrast, I paid $1800 for estate planning work (including a will) a couple of years ago.
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Re: Will
Old 11-03-2006, 10:08 AM   #5
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Re: Will

Wow, $1800? I dont recall your net worth Brewer; but i'm coming along OK for my age, but i just dont think i'm worth that kind of expenditure yet....... Am I? I have it, but that's a lot of money to me.
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Re: Will
Old 11-03-2006, 10:14 AM   #6
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Re: Will

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Originally Posted by Azanon
Wow, $1800? I dont recall your net worth Brewer; but i'm coming along OK for my age, but i just dont think i'm worth that kind of expenditure yet....... Am I? I have it, but that's a lot of money to me.
I am sure brewer did a RLT, with a pour-over will, and maybe living directives. Does that cover it?

If so, not a bad price..........
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Re: Will
Old 11-03-2006, 10:18 AM   #7
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Re: Will

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Originally Posted by Azanon
Wow, $1800? I dont recall your net worth Brewer; but i'm coming along OK for my age, but i just dont think i'm worth that kind of expenditure yet....... Am I? I have it, but that's a lot of money to me.
Why on earth would I disclose my net worth to you on a public forum?

I live in a state with hefty estate taxes that start with an estate of $625k. If you start throwing in life insurance proceeds, etc. it doesn't take long before you get tagged if you do not plan. We also got medical directives, etc. set up.
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Re: Will
Old 11-03-2006, 10:19 AM   #8
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Re: Will

I just got an idea; tell me if you think I would be a jerk to ask this.

If i offered everything i have including my son (to my dad) in the event that we both died, do you think I should ask him to pay for the will? Have you ever heard of such an arrangement? We have a good relationship so i dont want to come across like a jerk, lol.
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Re: Will
Old 11-03-2006, 10:20 AM   #9
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Re: Will

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Originally Posted by brewer12345
Why on earth would I disclose my net worth to you on a public forum?

I live in a state with hefty estate taxes that start with an estate of $625k. If you start throwing in life insurance proceeds, etc. it doesn't take long before you get tagged if you do not plan. We also got medical directives, etc. set up.
You mean to everyone here? I guess that's a concern if you think someone here actually cares what you're worth. I was only interested for the sake of comparing it to the exhorberant amount you paid for a life insurance policy.

We've had threads where people posted net worths before. Some realized it wasnt a big deal; some didn't realize that.
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Re: Will
Old 11-03-2006, 10:23 AM   #10
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Re: Will

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Originally Posted by Azanon
I just got an idea; tell me if you think I would be a jerk to ask this.

If i offered everything i have including my son (to my dad) in the event that we both died, do you think I should ask him to pay for the will? Have you ever heard of such an arrangement? We have a good relationship so i dont want to come across like a jerk, lol.
Az, just find a lawyer and pay for a will. I imagine your dad would take care of your family in the event your wife decides to cash in on the life insurance of your demise, but it would be an act of love, not a tit-for-tat arrangement.
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Re: Will
Old 11-03-2006, 10:25 AM   #11
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Re: Will

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Originally Posted by brewer12345
Az, just find a lawyer and pay for a will. I imagine your dad would take care of your family in the event your wife decides to cash in on the life insurance of your demise, but it would be an act of love, not a tit-for-tat arrangement.
LOL, well if it costs $1800, i might just end up never doing it, and I would think frankly (given a choice) he might actually prefer to pay for it, for the sake of knowing i have one.

I can assure you he's much less concerned about my 250K or so net worth as he is my son (priceless). They love that little boy.
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Re: Will
Old 11-03-2006, 10:26 AM   #12
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Re: Will

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Originally Posted by brewer12345
Az, just find a lawyer and pay for a will. I imagine your dad would take care of your family in the event your wife decides to cash in on the life insurance of your demise, but it would be an act of love, not a tit-for-tat arrangement.
Why do you think i keep my life insurance policy so small!
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Re: Will
Old 11-03-2006, 10:27 AM   #13
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Re: Will

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Originally Posted by Azanon
I was actually hoping I could get off cheap just using something like Quicken (or some commercially available will software) and getting a notary if i need one to sign it. When i think of lawyers, i just visually imagine money flying out of my pocket.
There's a difference between being frugal/cheap and being blissfully ignorant.

The advantage to a program like Quicken or Willmaker is that you learn the vocabulary and the issues... estate tax limits, marital deduction limits, whether or not to do a QTIP or a revocable living trust, how to handle kids from other marriages or how to handle the possibility of an inheritor wanting to disclaim a bequest. You won't have to pay the lawyer for their time spent going over the basics and you can jump right into the more complicated questions. You can type up your own will for your specific situation and ask the lawyer detailed questions. The lawyer will probably type up your own will as you sit there, but they'll be using a much more comprehensive professional version of a commercial program.

I don't do my own root canals or appendix surgery, and I'd never do a will without a lawyer. More importantly, if your beneficiaries would be hurt by losing your assets, then they shouldn't let you do a will without a lawyer either.

Willmaker has been including a free copy of "Work Less, Live More" with each purchase...
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Re: Will
Old 11-03-2006, 10:35 AM   #14
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Re: Will

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More importantly, if your beneficiaries would be hurt by losing your assets, then they shouldn't let you do a will without a lawyer either.
This is the part i'm keying in on- i'm thinking of asking my "rich dad" (geez, i sound like kirosikai) to pay for it, lol.
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Re: Will
Old 11-03-2006, 10:39 AM   #15
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Re: Will

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Originally Posted by Azanon
This is the part i'm keying in on- i'm thinking of asking my "rich dad" (geez, i sound like kirosikai) to pay for it, lol.
Your Dad isn't the beneficiary of your assets. Your wife and kid are.
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Re: Will
Old 11-03-2006, 10:41 AM   #16
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Re: Will

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Your Dad isn't the beneficiary of your assets. Your wife and kid are.
Well i dont want to start an old discussion or debate; but i'm guessing that if i'm the only one that died, it would be a no-brainer that my wife would be the full beneficiary of my assets and my child. My assets because her name is listed as the beneficiary (or is on the actual account itself), in most all cases. My son because well, he's her son too. They'd have to go through probate maybe, but that's a mild inconvinence.
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Re: Will
Old 11-03-2006, 10:43 AM   #17
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Re: Will

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They'd have to go through probate maybe, but that's a mild inconvinence.
I am glad I am not your son.
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Re: Will
Old 11-03-2006, 10:46 AM   #18
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Re: Will

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I am glad I am not your son.
Brewer, sometimes you are in left field. If i died, but my wife didn't, how in the world could you conceive that his own mother wouldnt by default retain full custody of him? We have issues, because sometimes you are really out there.
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Re: Will
Old 11-03-2006, 10:50 AM   #19
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Re: Will

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Brewer, sometimes you are in left field. If i died, but my wife didn't, how in the world could you conceive that his own mother wouldnt by default retain full custody of him? We have issues, because sometimes you are really out there.
Hmmm:

- You don't want to pay for even basic estate planning
- You don't carry eough life insurance to protect your wife and son
- You fantasize about having someone pay for the will and taking care of your responsibilities if you croak
- You don't appear concerned that your survivors could be stuck in probate waiting for Godot and racking up beaucoup fees

So I merely state that I am glad I have no relation to you.

And I am the one who is out of touch?

Those purple unicorns need to bring you some magic fairy dust.
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Re: Will
Old 11-03-2006, 10:53 AM   #20
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Re: Will

Congradulations on completely evading my accusation. Do you think anyone didnt notice that?
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