Another will question

[vafoodie]

Is there any need for a lawyer to draw up a will if we have one spawn who gets it all? Anyone want to point me to resources?

 

[jazz4cash]

For us the value of having an attorney was assistance with making informed decisions on all the medical decisions, power of atty, executor, etc. I think you should at least meet with an atty before you decide.

 

[CaliKid]

Your family will find out after you are incapacitated or dead if you should have gotten it done right.

 

[Souschef]

We spent approx. $400 at a local lawyer to put a complete package together. It included POA's for financial, POA;s for health, advance directives and pour over wills. all in a nice binder.
In the binder, I also put a list of all our assets and the account numbers, addresses and phone numbers for all our accounts. I also included all the passwords for all the accounts.

 

[OldShooter]

Is there any need for a lawyer to draw up a will if we have one spawn who gets it all?...

No need. You'll be dead before any problems arise and you won't care.

 

[skipro33]

I say yes and here's why;
my estate planning atty told me that all sorts of people can lay claim on those funds even though they may not have a right to them. One such would be a potential 'love child' that may turn up upon your death. Tests can confirm one way or the other, but it can also lead to other problems if left to that. Some are not willing to find out that the deceased indeed was promiscuous in their younger years and buy off the claimant. So my will specifically gives my wealth to be divided equally to all of my progeny from a lawful marriage.

 

[Sunset]

Is there any need for a lawyer to draw up a will if we have one spawn who gets it all? Anyone want to point me to resources?

If your spawn is an adult, and you keep the will simple, you will see how a Will is expensive for what you get. As long as you don't keep making changes requiring updates, think of it as a needed expense.

OR go the Nolo route.

 

[Sunset]

Interestingly, Virginia accepts handwritten wills according to this site.
Naturally a person should follow up to make sure that is true.

What are the requirements for a valid will in Virginia?

 

[gayl]

Good question. All my investments have designated beneficiaries so it's just household items (probably worth 10-15k) leftover. I just wrote a letter and had that witnessed by 4 others

 

[calmloki]

The Guinness Book of World Records lists the shortest will in the world as "Vše ženě" (Czech, "everything to wife"), written on the bedroom wall of a man who realized his imminent death. https://en.wikipedia.org/wiki/Holographic_will

We are mucking about in the inheritance swamp - we want simple but mo' money, mo' problems. Awful tempting to croak it and let heirs split the proceeds with the various government tax groups and the law community, but the gal will persevere on the side of order.

 

[ut2sua]

I thought a trust is what you need

 

[OldShooter]

I thought a trust is what you need

A will specifies how assets are to be distributed. A will can establish a trust ("testamentary trust" aka irrevocable trust) that can receive and manage assets that are not to be immediately distributed. We have testamentary trusts in our plan, for example, to hold, manage, and distribute money for minor grandchildren and for a son who has no financial acumen, would be a sitting duck for hucksters. He is glad we are doing it.

There is also a rev (ocable) trust, sometimes called a "living trust" used before death to hold assets. These are used by people who have been ambushed by an aggressive salesman-lawyer and those for whom avoiding probate is a major goal. Rev trusts terminate at death and are entirely optional. Rev trusts are a totally different animal than testamentary trusts -- a source of confusion to many people.

(This is a simplification of a potentially very complex topic. Consult your estate planning attorney to assess your personal situation.