Estate Planning cost and landmines?

[Sunset]

Estate planning/wills/trusts are done in the state of residence, pursuant to the laws of that state. If we move to another state before we die, do we need to re-do everything in the new state?

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Imagine what a mixup that would be... So for Wills generally they are recognized around the Country regardless of which State you did it in.
Recognizing them from other Countries is a less sure thing.

https://www.findlaw.com/forms/resources/estate-planning/last-will-and-testament/is-my-will-valid-in-another-state.html

 

[Dash man]

Estate planning/wills/trusts are done in the state of residence, pursuant to the laws of that state. If we move to another state before we die, do we need to re-do everything in the new state?

It would be worth getting a review from a local attorney. If it complies with state law, you wouldn’t need a new one.
Is the attorney who wrote the trust and will licensed in the new state? Sometimes they are licensed in multiple states, especially if nearby.

 

[H2ODude]

We did the complete suite of wills and other docs in 2015 with a highly recommended attorney (certified in all sorts of tax practice too). Best $900 we ever spent, because little over a year ago discovered DW well into Alzheimer's. As in many cases, has anasognosia, failure to recognize she has a problem. So, me being able to use POA to tidy things up priceless.

It dawned on me that yeah, she could survive me and then what? Got same attorney to do rev trust, Wrote the check yesterday for $3,500 which included everything redone (except earlier docs still pertinent to DW) and recording her POA and re-titling house in trust name. Son and daughter become trustees if I check out first (well, also if I go second and lose my marbles).

I know lawyers love words and that helped turn the docs into about a 3/4" pile. But, the details and "what ifs" covered were thing's I cannot imagine being part of a DIY project. Frankly, it took me quite a while of reading to grasp it all. Some of the language pertinent to special conditions I wanted was pretty complex.

His final instructions were to keep it all in a fireproof safe. Looked on Wirecutter and for $99 got one delivered; if I had shipped it somewhere UPS would have charged that much! (pretty heavy) Yesterday loaded it up and knowing I have a professionally done plan complete is pretty comforting.

I get that there are simpler ways to avoid probate and simple wills can be done without a lawyer. In our case we could see dependency (incompetency?) coming and the trust was the way to structure it. OTOH, there are plenty of ways to suddenly become incompetent (stroke, mv accident, etc.) that simply transferring ownership of accounts doesn't provided for. The trust we have would pretty much cover any such event, holds our assets (substantial) and provides for our two kids to jointly use it to care for us. Just consider that for your own situattion and choose well. Cheers.

 

[rayvt]

His final instructions were to keep it all in a fireproof safe.

Also take a look at https://www.fidsafe.com/ Fireproof safes are not perfect.

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[Slim11]

I recently talked to an outfit called https://legacyassuranceplan.com/ They would do all that stuff for a one-time fee of $3300.

I think that trusts were a good idea at one time, but changes in most state laws have better alternatives for most people. Beneficiary deed for the house ($25 to record it). Created at rocketlawyer.com for free or $25. Beneficiary title on the cars.

For brokerage and bank accounts, set beneficiary or TOD designation on the accounts (zero cost).

These keep those assets out of probate, just like a trust does.

You can get a free will as long as it is fairly simple at www.freewill.com. They can do a trust, too. Although I didn't feel a trust was necessary.

Health care POA and living will, just google it, there are plenty of template forms you can download and fill out.

Depends on how much you want to spend and how confident you are that you can do these things yourself. I did, and it isn't hard.

A local lawyer would do a will for $500 ($800 for a couple). But freewill was good enough for my needs.

I think it depends on your needs, not how there are changes in state laws or better alternatives. Give me a better alternitave to care for a minor child for 10 years making sure they have a house paid for to live in, collage paid after that, and then when they mature enough to get a little money. Thats what I am trying to do now. Not really easy. I am not married, and significant other is not good with or trusted with $$$$. Forgot to add , taxes on non related people on inheradance in NJ. Dont want to throw 15 or more percent out the window.

Then there are the people that are trying to sheild the home from medical bills. So they need to have 0 assits for like 5 years before having the government step in and pay for a full time nursing home.

So a lot more to cosider then just a will. And leaving people as beneficiaries of an account. That stuff is easy.

 

[DrRoy]

Funding the trust is an essential step, but one that you can do yourself, if it reduces the fee.