Do we need a will?

[Dawg52]

While I strongly encourage getting a will, it's possible it won't be needed. For my dad's estate everything was TOD, POD (including the house). There was never any need to go through probate. Household items were just split between my brother and me. We've got a similar set up with our own assets, but have a will - just in case.

Same for my mom's estate. Plus I was the only beneficiary so it was easy.

 

[blueskyk]

Since we recently moved to another state, I’ve been debating whether or not to use LegalZoom for wills and a living trust for DH and I. People generally recommend against this if the estate is “large” or “complex” which feel like vague descriptors to me.

I feel like DH and I are at the “simple” end of the spectrum - here’s our situation:

Assets consist of house (paid for), a couple of older cars, one race car (Stock Eliminator class worth about $24K) and IRAs and ROTH. That’s it. The plan is to divide whatever remains between a few family members (we have no children together). Total net worth about $1M.

Is this a simple situation appropriate for LegalZoom documents?

 

[ExFlyBoy5]

Since we recently moved to another state, I’ve been debating whether or not to use LegalZoom for wills and a living trust for DH and I. People generally recommend against this if the estate is “large” or “complex” which feel like vague descriptors to me.

I feel like DH and I are at the “simple” end of the spectrum - here’s our situation:

Assets consist of house (paid for), a couple of older cars, one race car (Stock Eliminator class worth about $24K) and IRAs and ROTH. That’s it. The plan is to divide whatever remains between a few family members (we have no children together).

Is this a simple situation appropriate for LegalZoom documents?

That isn't complex and a simple will program would probably be appropriate. Don't forget anything that could have value such as jewelry, firearms, etc.

I have also noticed that a lot of people who don't have wills also don't have POA's, advanced directives, POLST arrangements, etc. which in my opinion are far, FAR more important that a will.

 

[blueskyk]

That isn't complex and a simple will program would probably be appropriate. Don't forget anything that could have value such as jewelry, firearms, etc.



I have also noticed that a lot of people who don't have wills also don't have POA's, advanced directives, POLST arrangements, etc. which in my opinion are far, FAR more important that a will.

We don’t have anything else that is of value, no art, heirlooms, or jewelry and one shotgun for skeet.

We do have advanced directives (updated for our new state), POAs and wills from our previous state. As an aside, I don’t usually see this discussed - the idea that if you move to a new state, you need new documents...

 

[zippy2020]

Always check your state laws. In CA no notary is needed - just 2 witnesses, not named in the will as beneficiaries. Also, you'll want to learn how YOUR state defines the order of estate inheritance. This was especially true in our case, outlined below.

There's an old adage that says, "Never say you know someone until you have split an estate with them."

Boy, was that true! Sticky situation and hurt feelings the first time I settled what was a SIMPLE estate - no RE, 1 car to sell, an apt to clean out, 2 heirs 50-50.

Conversely, my FIL's estate was simple: everything was in an RLT and went to MIL, and my spouse would eventually inherit anything left. Despite this, we still ended up misunderstanding something the lawyer told us. We were just lucky the IRS never came after us.

We are childless and our estate wasn't large. But we weren't leaving it to the most obvious heirs - everyone blood-related to us is employed in good jobs and doing well. We wanted to leave our estate to a member of our extended family who really is going to need help someday.

When we went to a lawyer to set up our RLT, we learned that because this heir is not blood-related to either of us, the document had to be specifically worded because we were disinheriting other people who could normally claim to be in the order of CA's estate inheritance.

Also, be aware one of the major differences between a will and a trust is that an executor is paid for time and expenses from the estate, before disbursement.

A trustee, OTOH, is paid for estate expenses but NOT for time. This is a major oversight for a middle-class estate in trust; even without inheritance disagreements it can take considerable work to settle an estate. All of which, of course, has to take place on weekdays between normal business hours, which is very inconvenient for working people!

Our trust, should a successor trustee be necessary beyond my spouse and I, specifies the trustee is to be paid current professional trustee rates for their time, in addition to the expenses.

We were advised that if listing more than one heir in will or trust, it's considered safer to obtain a release from ALL possible beneficiaries, if you make any future changes. For a trust, in fact, it's mandatory in our state. It helps forestall any legal challenges of the sort that claim "so and so unduly influenced our poor old relative to grab some $$$$$".

 

[rk911]

...but have a will - just in case.

that says it all.