wills how often rewritten

[rembrandt]

My father (who beat the hell out of me as a child) called me to say that if I didn't visit him, he would cut me out of his will. Needless to say, I said no. I could almost hear him crossing out my name on the paper.

 

[imbatman]

I've lost 2 parents in the last 5 years, and their wills were completed using a $40 WillMaker software. Going through both their estate processes, not a single solitary company was interested in their wills at all (which were witnessed by 2 witnesses each and notarized) - like they never even asked to see them (so it wasn't as if the WillMaker wills were even evaluated and deemed less valid). Most their assets transferred via established beneficiaries and the rest all required their own forms and/or Affidavit of Heirship forms. Once I told them we weren't putting the wills/ estates through probate, no one cared about a will document, no matter how fancy and well organized and expensive.

Has really colored for me how much time / money I'm going to spend on mine.

 

[PatrickA5]

I've lost 2 parents in the last 5 years, and their wills were completed using a $40 WillMaker software. Going through both their estate processes, not a single solitary company was interested in their wills at all (which were witnessed by 2 witnesses each and notarized) - like they never even asked to see them (so it wasn't as if the WillMaker wills were even evaluated and deemed less valid). Most their assets transferred via established beneficiaries and the rest all required their own forms and/or Affidavit of Heirship forms. Once I told them we weren't putting the wills/ estates through probate, no one cared about a will document, no matter how fancy and well organized and expensive.

Has really colored for me how much time / money I'm going to spend on mine.

As you have found out, Wills are pretty much worthless if they aren't filed or go through probate.

When my dad died, everything passed through as POD/TOD (including the house). The Will was never probated - thus not needed.

When FIL died, he "thought" everything would pass without probate, but he had some savings bonds that he never got around to updating beneficiaries, so we had to probate his Will for those assets only.

 

[rayvt]

DIY your will(s). freewill.com will do it for, um, free. They are sponsored/funded by a number of charitable institutions.

Put TOD/beneficiary on all of your brokerage & bank accounts, then they won't go through probate or become part of your estate.
In our state, any estate under $100,000 just has to file a 1 page form and it does not go through probate.

 

[Route246]

I am generally a cheapskate when it comes to paying for things but willingly pay our CPA and trust attorney whatever hourly fees they charge. Our finances are sufficiently non-trivial that having high quality expertise is money well spent, IMO.

My parents used similar services and when I closed out their estate after their deaths the entire process was painless. The trust attorney requested a 3K retainer which included reviewing documents for sale of home and asset distribution and for filing required documents to the various government agencies.

DW and I are on a 4-5 year cycle for reviewing estate plan with our attorney. I know many on this board are in the the DIY camp when it comes to such things, but having been part of closing out a couple of estates, I can vouch for the fact that using a competent, specialist attorney will make a huge difference to those who have to pick up the pieces after you're gone.

 

[OldShooter]

I am generally a cheapskate when it comes to paying for things but willingly pay our CPA and trust attorney whatever hourly fees they charge. Our finances are sufficiently non-trivial that having high quality expertise is money well spent, IMO. ...

Amen. My cheapskate genes have me scouring the internet to save 20 bucks on a purchase but I just grit my teeth in the belief that some things, like this, are not places to be a cheapskate.

 

[livingalmostlarge]

Does moving states not constitute enough of a change in circumstances to redo a will? Do you have to redo a trust when you move as well?

 

[OldShooter]

Does moving states not constitute enough of a change in circumstances to redo a will? Do you have to redo a trust when you move as well?

Answer: "It depends." If there is any complexity at all, you should consult an attorney in the state you're moving to.

For example, not all states permit a "perpetual" trust. IIRC from talking to DW, Nevada and South Dakota are two that do. That is probably why Schwab Trust is domiciled in Nevada.

 

[meleana]

When we retired and moved out of state we redid everything.

I think when one of us passes, the other should revisit this issue.

 

[brett]

We did ours six years ago. There have been some changes, including three more grandchildren, which will cause us to revise our respective wills over the next few months.

Prior to the latest will, the previous one was eight years old. We completely redid it because our family and financial circumstances had changed so much.

This is really not such a big deal that some make it out to be. My advice to people is to stop procrastinating and get it done.

 

[oliveira]

Hi

 

[Souschef]

Hi

Bom dia

 

[catii]

Muito Porto para falar?

 

[ychuck46]

Is your estate simple? Does your state have a favorable probate process? If yes to both then you can do it yourself with online software that will cost little or nothing.

Our state, for all its positives, has a probate process that is obviously in place merely to enrich the legal profession. For that reason we did pay to have a revocable trust put in place. When my mother passed and I was the executor for her estate, I expected nothing but trouble in that state, known for high taxes, fees and so forth. Instead they were a breeze to work with. Go figure.

 

[CRLLS]

As you have found out, Wills are pretty much worthless if they aren't filed or go through probate.

When my dad died, everything passed through as POD/TOD (including the house). The Will was never probated - thus not needed.

When FIL died, he "thought" everything would pass without probate, but he had some savings bonds that he never got around to updating beneficiaries, so we had to probate his Will for those assets only.

I am not sure that is what is what he meant when he wrote:

they never even asked to see them (so it wasn't as if the WillMaker wills were even evaluated and deemed less valid).

. in DMIL's case, much of her assets changed hands via JOWROS, POD or TOD. What $$ was left was considered a Small Estate and was not required to go thru Probate. However, it is state law (Illinois) for a Will to filed with the County within 30 days. DW, who handled the estate and trust, had the Will filed and received a certified copy from the county. She never had to show the Will to anyone else. That did not exclude her from having to file the will in the first place.

DW and I both have WillMaker Wills and other final documents and are confident that they are just fine, and will be accepted by the County when the time comes.

 

[Out of Steam]

When we did our estate plan in 2020, our lawyer said to come back in 10 years unless we had major life changes sooner. There is one provision that we will probably want to change sooner than that, but it isn't problematic right now.

 

[PatrickA5]

I am not sure that is what is what he meant when he wrote: . in DMIL's case, much of her assets changed hands via JOWROS, POD or TOD. What $$ was left was considered a Small Estate and was not required to go thru Probate. However, it is state law (Illinois) for a Will to filed with the County within 30 days. DW, who handled the estate and trust, had the Will filed and received a certified copy from the county. She never had to show the Will to anyone else. That did not exclude her from having to file the will in the first place.

DW and I both have WillMaker Wills and other final documents and are confident that they are just fine, and will be accepted by the County when the time comes.

I'm just saying that a Will that is not filed with the state/county and/or probated doesn't hold any legal value that I know of. It's just a piece of paper.

In my state, if you aren't going through probate you don't have to do anything with the Will. Having said that, there may be instances where no assets have to go through the probate process, but for some reason it is necessary for the Executor to be formally appointed.