Online Will and Trust Software

[rayvt]

Could be moot, from what I've seen, these lawyers just turn to software, and don't even know what it does and can't explain what it churns out anyhow. -ERD50

Same for accountants doing tax returns. Years ago I used to have one doing my taxes. I did all the work gathering my information, and he just turned to his IBM desktop computer and typed the data in. Hell, I can do that and it only costs $30 instead of the $couple-three hundred he charged.

For simple things, their only value-added is their professional signature at the bottom of the form.

 

[PatrickA5]

Always important to review Wills and see if they're current.

An example: FIL (who recently passed away) had a JOINT Will with his first wife (common back in the 90's). She died and he remarried. When it came time to probate the Will, the question became whether or not the 2nd wife was entitled to anything. Parts of the Will had the first wife's name specifically and parts only said "surviving spouse". You can see where this is going. Fortunately, 2nd wife agreed to sign something saying she wasn't entitled to anything probated through the Will (she was beneficiary to an IRA, so she was taken care of).

FIL was too cheap to even review the old Will, much less pay anything to have a new one drafted after MIL passed.

 

[gayl]

My parents had an AB Trust & will drawn up by an incompetent attny (my cousin) but fortunately I ran into a VERY HELPFUL Wells Fargo Estate banker when I had only a day left to have the funds from sale of final property released. I learned so much (too much?) from him. In California the house should've been titled differently. So he helped me understand how to title mine to have it 50/50 DS & DD. At this point, Schwab, checking, savings are equally split among all 8 heirs (TY Schwab advisor). Home titled properly (TY Wells Fargo guy, UPS Notary, and county). All other assets under small estate affidavit (TY Sonoma Co clerk). I purposely have not had jewels, paintings, coin collection appraised by the kids who don't care for those (yeah we didn't want my folks stuff either). I have requested that DGS1 get the coins as we collected them together. But hey, I'll be gone!!

1/2 page simple will witnessed by 4 siblings
Retitled home notarized & witnessed by DD, DS, me
Designated beneficiaries on everything else

NO ONE knows my net worth. It'll be a pleasant surprise

 

[HI Bill]

I've used WillMaker Pro. All accounts except checking and savings have beneficiaries identified. The house is in joint title. Question: What happens to the house after the second spouse passes if there's no will, and no direct descendants? Does the state take it?

 

[CRLLS]

Typically, all assets not predetermined via joint ownership, TODs, PODs are dictated by your Will upon your death. If there is no will, your state's intestate rules are followed. Those do vary somewhat from state to state. Search your state's rules for a definitive answer.

 

[F.I.R.E User]

Can Will be part of beneficiary I put on for example 401k? What about POA? POD?

I am in Texas.
What’s best free online site to do it?

 

[SojoMojo]

This is a timely topic since I finally decided to prepare my estate and met with an estate attorney last week. I'm single; no kids; and the only thing of real value are my financial accounts (POD beneficiaries named so no Will needed) and my home. I was going to do a TOD on my home, but the estate attorney pointed out some pitfalls of a TOD in my state. She said I have an easy Will for her to prepare. She estimated the charge at around $500 (hourly billing) since I also asked her to prepare a Durable Power of Attorney, Health Care Directive, etc. I thought that I could prepare everything using a do-it-yourself legal forms, but I kept thinking of Aretha Franklin whose last Will was handwritten and stuffed in her living room couch. I want my beneficiaries to find everything legal and tidy when I die. My estate attorney says she'll have a record of my Will so if I need to make changes or if my heirs need a copy, they know where to go.



I remember talking with a well known local estate attorney about 15 years ago who did estate planning for residence of a nursing home. She charged a discounted flat $200 fee for a consultation and Will, but she was always amazed that residence who had assets of over $5+ million complained the loudest about her $200 fee.



If you're comfortable with a DIY estate planning, do it. If you screw up and it's not acceptable to the courts, you'll never know.



In a perfect world, I want to die with just $5 in my pocket to divide among my heirs.

 

[F.I.R.E User]

This is a timely topic since I finally decided to prepare my estate and met with an estate attorney last week. I'm single; no kids; and the only thing of real value are my financial accounts (POD beneficiaries named so no Will needed) and my home. I was going to do a TOD on my home, but the estate attorney pointed out some pitfalls of a TOD in my state. She said I have an easy Will for her to prepare. She estimated the charge at around $500 (hourly billing) since I also asked her to prepare a Durable Power of Attorney, Health Care Directive, etc. I thought that I could prepare everything using a do-it-yourself legal forms, but I kept thinking of Aretha Franklin whose last Will was handwritten and stuffed in her living room couch. I want my beneficiaries to find everything legal and tidy when I die. My estate attorney says she'll have a record of my Will so if I need to make changes or if my heirs need a copy, they know where to go.



I remember talking with a well known local estate attorney about 15 years ago who did estate planning for residence of a nursing home. She charged a discounted flat $200 fee for a consultation and Will, but she was always amazed that residence who had assets of over $5+ million complained the loudest about her $200 fee.



If you're comfortable with a DIY estate planning, do it. If you screw up and it's not acceptable to the courts, you'll never know.



In a perfect world, I want to die with just $5 in my pocket to divide among my heirs.

Single, 45, no kids here. Fairly good health so far. How are you planing to die with near zero?

 

[Caskem]

I would use a lawyer regardless. Then you have someone to fight for your wishes when you no longer can.

 

[tenant13]

I’ve just done a whole bunch of paperwork for my end-of-life - living trust, will, living will, powers of attorney, healthcare rep. etc.. It was a bit under 5k - which I consider reasonable given my situation. I already hate doing my own taxes and managing my money so while it was likely possible to save with a do-it-yourself approach, when I found a lawyer I liked, I took the bullet and let her take care of everything.

 

[zippy2020]

State laws differ, and THAT'S what counts. We can give you free advice up the wazoo, and it's worth exactly what you paid for it.

For one thing, notarization is not, in fact, always necessary. In our state, for example, it isn't required.

If you have a simple estate, and already have your legal power of attorney and healthcare power of attorney properly executed, then a simple will may suffice. You may want to include a cover letter listing specific bequests - for instance, if you promised one heir an object, saying "oh, you can have that when I pass away", then put it in writing to avoid future arguments like, "Hey! I always wanted that xxx - that's not fair!"

Having RE can complicate things. Probate is sometimes simple, sometimes not. Remember that your executor/trustee has the fiduciary duty to financially maintain the estate before it can be disbursed.

This means that all bills must continue to be paid. Access to estate funds is suspended unless your executor is also on the accounts. Otherwise, they must use their own money, until the death certificate is submitted and the court approves reimbursement of collected receipts.

Do remember if you have multiple beneficiaries, there's a very true old saw: "Never say you know someone until you've split an inheritance with them." (don't ask how I learned the hard way about that one, LOL!)

No matter what path you take, do make sure to educate your executor/trustee about what you want (and more importantly, what you DON'T), and where to find your papers and important contacts (don't forget the final IRS filing due date!).

Try to keep your legal docs updated, with copies to your executor/trustee, especially the Healthcare PoA. In an emergency, I can almost guarantee you nobody at the hospital will be able to find it. Whoever is your Healthcare Agent, they need to have that document in their hands in order to follow the HIPAA regulations.

I've noticed most medical people will 'wink' at spouses making decisions (but not always), but if you've got multiple heirs and everybody shows up, only the HA is allowed to make any necessary legal decisions.

 

[maestro]

You say you're just 'updating your will'. Why not just do that, take it to a notary and sign, along with an affidavit from witnesses? No offense to lawyers here, but what's the big deal leaving them out of the equation, if it's a simple will? It would be perfectly legal in Texas, but yes, I understand 'state' matters.

 

[Retired Expat]

When thinking about wills don’t forget about Power of Attorney, Advanced Medical Directive etc.

Personally death is easy as I won’t care and my heirs or executor will need to work it out. But becoming incapacitated or suffering from debilitating illness may mean others will need access to my funds to care for me. Or know what my wishes are. That is much scarier than death

 

[Sunset]

I would use a lawyer regardless. Then you have someone to fight for your wishes when you no longer can.

Not true.
When a lawyer does a Will and it's completed, they are done with the job and have no obligation to defend/fight/support the Will.

 

[ychuck46]

I am contemplating updating my will. Many years ago I went to a lawyer and was underwhelmed. I have an offer from Trustandwill.com. I think legalzoom.com may be another alternative. Just looking for a standard will,nothing special. I would appreciate any opinions you would like to share. Boo

For a simple will there are plenty of free templates online that are usable in all 50 states; no need to pay for software, advice, etc. For a trust definitely bite the bullet and hire a lawyer that works in the trust and probate field. There are too many things that are unique when it comes to that area that you want expert advise. We went that route and are very happy.

 

[Mansderm]

Question. I paid some big bucks for a Trust that attorney said to put "everything" into. Then a friend mentioned they do that because they charge a percentage of the estate in the trust to settle it when you die. So I transfered nearly everything out of it and did "transfer on death" to my 2 sons. The houses remained, but then when I sold one home, the attorney had to handle the transfer of the home out of the trust to the new owner....more money. I currently have another property for sale and again require services of attorney since it's titled in the trust....more money. Once this sale is done, there won't be anything in the trust. My current property is not in the trust and I want it to go to one son, so I will need to see the attorney again. Since my 2 sons are grown and level headed and responsible, I don't really see the need for maintaining the trust. Am I missing something? It seems like the trust becomes "the gift That keeps on giving"....to the attorney.

 

[OldShooter]

Not true.
When a lawyer does a Will and it's completed, they are done with the job and have no obligation to defend/fight/support the Will.

It depends. In our case our attorney is also the executor of our estate. She and our trust protector are both younger than we are -- deliberately. Between the two of them they will do a good job for us if there are any issues. They understand what we want and will be able to make it happen.

 

[Sunset]

It depends. In our case our attorney is also the executor of our estate. She and our trust protector are both younger than we are -- deliberately. Between the two of them they will do a good job for us if there are any issues. They understand what we want and will be able to make it happen.

I actually left out of my comment that it was the executor's job to ensure the Will terms are followed.

For the executor service, your attorney will separately bill the estate, or even refuse to perform the action and it will go to the second choice executor. In normal life it's unlikely of course a lawyer will refuse the extra income opportunity.

I was largely making the point that a lawyer, once a Will completed, is under no obligation to do anything else.

 

[yclipse]

I have heard some of my colleagues say that they make more money from fixing the mistakes of DIY-ers than they do preparing wills.

 

[kgtest]

Getting the will witnessed and notarized is a pain for the DIY approach, but lawyers that do wills have it covered.

I remember when we were finishing up my DF will, he was having trouble finding a witness around in the office. One man band, and his assistant was apparently out.

Back then he paid less than $1,000. The key was to transfer the property into the Trust for DF. He still hasn't done that, but he's down to just 2 properties in the same state so not a huge concern.

 

[ychuck46]

Since my 2 sons are grown and level headed and responsible, I don't really see the need for maintaining the trust. Am I missing something? It seems like the trust becomes "the gift That keeps on giving"....to the attorney.

The big issue is what state do reside in, or rather what state do you intend to live your final days in. We live in a great state known for doing things right, like a favorable COL. Unfortunately the probate process is not one of them, hence our need for a trust to insure our estate goes to our only child as easily as possible.

 

[Koolau]

The big issue is what state do reside in, or rather what state do you intend to live your final days in. We live in a great state known for doing things right, like a favorable COL. Unfortunately the probate process is not one of them, hence our need for a trust to insure our estate goes to our only child as easily as possible.

How do you deal with "stuff" that isn't titled? Valuable antiques, coin collection, furniture, computers, etc. How are such things passed (or disposed of for cash) upon death?

 

[pb4uski]

^^^^ I think as a practical matter the executor just takes care of it but should keep good records in case a beneficiary of the will ever challenges it.

When DMIL died, DBIL was executor and the made an inventory of her personal items and each of her 7 kids "bid" on each item with the highest bidder winning the item. Items that didn't get bids were either sold if valuable or donated if not valuable.

 

[Koolau]

^^^^ I think as a practical matter the executor just takes care of it but should keep good records in case a beneficiary of the will ever challenges it.

When DMIL died, DBIL was executor and the made an inventory of her personal items and each of her 7 kids "bid" on each item with the highest bidder winning the item. Items that didn't get bids were either sold if valuable or donated if not valuable.

I'm sure for common household items that would w*rk well. That's what DW's grandmother's family did. But for relatively valuable items (maybe an antique worth $5K) it would be inappropriate for that to be sold to the highest bidder when that turns out to be $100.

I'm thinking the person who dies needs to have left a good accounting of approximate values of things so that the executor has a clue as to how to proceed. I think it could be problematic, no matter how it's set up - not that the decedent will care.

 

[OldShooter]

How do you deal with "stuff" that isn't titled? Valuable antiques, coin collection, furniture, computers, etc. How are such things passed (or disposed of for cash) upon death?

DW, who spent many years in the trusts & estates business has a standard recommendation.

1) Items of financial or emotional significance like jewelry, pets, possibly cars, should be dealt with in a letter supplement to the will. The attorney should always be given the latest version as supplementary letters often get revised.

2) The author of the will should mark household items that should go to a particular person with that person's name on a piece of tape on the bottom. (Forestalls "Grandma always said I should have this ... " claims.)

3) Have a meeting of the heirs and draw straws to select the first person, then take turns selecting available items without regard to value, until everything that people want is taken. (It is keeping score with uncertain valuations that gets people into trouble.)

4) Donate where appropriate and arrange for a liquidation firm to take the rest of the "stuff." Attorneys will know names of reliable firms.