Two questions regarding wills

[GoodbyeYellow]

We are now living in a different state than where we drew up our will several years ago. 2 kids are now grown with partners, and for these reasons and others (see below), we think it'd be a good idea to get a new one written here in CA.

1. How does one go about shopping for an attorney that is both effective and cost-efficient? IIRC we paid around $300 for the last one but that was straightforward. We don't really know enough people here to get referrals of this sort but if that's the only way then we can try.

2. This will will (dang I wish they had called it something else) be a bit different, in that its disposition will change depending on what the children are doing at the time of it being read. Nothing too fancy but not straightforward either; suffice to say there may be unequal distribution but it depends. Someone recommended software like Quicken's Willmaker; has anyone used software rather than an attorney?

Bonus: Is it recommended to do different things with different types of accounts, eg tax-deferred vs taxable and so on?

 

[CardsFan]

Bonus question only:

We have everything POD/TOD to each other with DS as secondary. We have a will, but it will (see I did it too) not play a big part in distribution of assets.

Regarding the possible unequal distribution: I am sure you have reasons for this, but a trust might be a better idea. That said I am just SGOTI, and have no experience with trusts.

 

[OldShooter]

How to find a good attorney? Network, network, network. Talk to your CPA, your GP attorney if you have one, independent insurance agent if you have one. In our market the city magazine publishes an annual directory of "Superlawyers" based on recommendations from others in the legal trade. Maybe you can find something like that. Maybe local bar association, committee members on the trusts & estates committee? Lawyers serving on the state attorney regulator board? Regardless of method, even dartboard, interview two or three. Excess self-confidence is a trigger for me. Someone who tries to BS me ditto. Good war stories of other similar estates would help convince me. Asking questions instead of just blasting me with boilerplate. Easy and comfortable communication? Consider looking for someone younger who will probably be around to help after you're gone. Our attorney is our executor and her firm will do the work if she is unable.

(Spoiler: DW was an SVP in a megabank trusts & estates department, so she knows all the local people and can easily pick.)

 

[pb4uski]

We need to do the same in that our wills are almost 20 years old and we live in another state now.

While I haven't updated it and need to, the last time I did 100% of our assets were joint or had a beneficiary designation so if one or the other of us dies it should be relatively easy for the surviving spouse... they will become the sole owner or the new owner of those assets and there should be no need for probate.

The rub comes if we die simultaneously. In that case, ~63% of our assets are covered by beneficiary designations so our kids would become the new owners of those assets, but ~37% (mostly our two homes, cars, boats, camper) would have to go through probate.

 

[GoodbyeYellow]

The rub comes if we die simultaneously. In that case, ~63% of our assets are covered by beneficiary designations so our kids would become the new owners of those assets, but ~37% (mostly our two homes, cars, boats, camper) would have to go through probate.

Curious... why the 63/37 split? Is this something you wrote into the original document (doubtful) or due to the passage of time and acquisition of the now-37%?

 

[RE2Boys]

Bonus: Is it recommended to do different things with different types of accounts, eg tax-deferred vs taxable and so on?

Remember that for most retirement accounts such as tax-deferred, what the will specifies will be totally meaningless, the designated beneficiaries on the retirement account will govern who gets any survivor benenits.

 

[MuirWannabe]

Remember that for most retirement accounts such as tax-deferred, what the will specifies will be totally meaningless, the designated beneficiaries on the retirement account will govern who gets any survivor benenits.

True, unless you remove the beneficiary designations from the IRA accounts. Which is what I have done. In my case, I want the will to dictate.

 

[pb4uski]

Curious... why the 63/37 split? Is this something you wrote into the original document (doubtful) or due to the passage of time and acquisition of the now-37%?

No... if I take our assets then 63% are accounts that you can have primary and secondary beneficiary designations on (traditional and Roth IRAs, HSAs, whole life insurance, brokerage accounts, etc.) and 37% are jointly owned and assets that you typically can't have beneficiary designations for (real estate, cars, boats, etc.).

Just the way the numbers work out.

 

[single2019]

True, unless you remove the beneficiary designations from the IRA accounts. Which is what I have done. In my case, I want the will to dictate.

What’s the rationale for doing that?
I prefer the beneficiary designations, as they can be changed easily.

 

[MuirWannabe]

What’s the rationale for doing that?

I prefer the beneficiary designations, as they can be changed easily.

We have a trust in place for one of our adult children. The other two children do not have a trust. Not much point in creating a trust in your wills if you turn around and leave a huge chunk of your money to your descendants per stirpes as beneficiaries on investment accounts. That was our reasoning.

 

[Sunset]

A Will written in 1 state, is usually good in any State. Of course OP should check but it is common.

Here in IL (in case anyone from IL has $$ left after paying property taxes) for the last 9 years, a person can attach a TOD/POD to their deed, so that upon death the property can avoid the dreaded IL probate.