Updating Will

[AtlasShrugged]

Preparing your estate documents by yourself is akin to removing your appendix by yourself. What could go wrong?

 

[zippy2020]

Just something to think about:

When we needed a lawyer to update (again) my MIL's trust, she was 82 at the time so I specifically searched for an estate attorney who specializes in eldercare. We were very pleased by this attny's work - she did a much better job explaining the various scenarios to consider, than the previous attny MIL used to do a first trust update some years before.

We used this same attny to do our trust a few years later. We, too, thought ours was "simple", as we're childless and had selected our heirs - one on his side, one on mine. The attny meticulously drew up a family tree - numerous divorces/remarriages on both sides - and explained that our "simple" choice really wasn't.

We were disinheriting other kin that had a legally equal blood/marriage relationship to us as our heirs - something we hadn't thought of.

I agree with the others that (especially these days) a good professional is well worth the relatively small amount of money it costs to anticipate potential problems.

 

[brett]

I believe that too many people focus on the cost side of the equation and ignore the benefit component.

 

[Scratchy]

Morning All -
We are in the process of updating our wills. Basically we are pretty simple couple - 401ks, traditional and Roth IRAs, own home, no debt (maybe a car loan in the future).
To save money looking to use Legalzoom.com. From what I can see for basic wills it is ok.
One question I have is the use of a Spousal Testamentary Trust. The purpose we would like to use it for is to protect our hard earned assets to ensure they go to our children in case down the road one of us becomes a widow/widower and should remarry (with potential of assets inherited by the new spouse and their family). It seems straight forward, agree to establish a trust upon death, identify who are the beneficiaries of the trust after the living spouse dies.

Appreciate your feedback on using legalzoom.com and also use of the spousal testamentary trust.
Thanks

It sounds from what you write that either a living revocable trust or testamentary trust would be appropriate. In my opinion, you certainly need a lawyer to advise you on the options and execute the documents properly.

Many people I know have an estate plan but don't fully understand it. I don't know how they could have made the right choices if they don't even know their plan entails. Therefore I suggest that before you see the attorney, go through Nolo's Willmaker/Trust and read "Beyond the Grave". You will be in a better position to assess whether the attorney you chose is up to the task, understand what the attorney says, and ask the right questions.

Good luck.

 

[athena53]

When I was married to my first husband I knew I'd never get him to an attorney to talk about wills so I git Willmaker and we made up simple wills and signed them in front of (non-beneficiary) witnesses. I worked for attorneys who did wills and title searches while in school during the summers. I am not qualified to practice law but they looked good for simple estates and the instructions were well-written and mentioned multiple scenarios. The interview format meant that the provisions you wanted would be assembled into the correct format.

Trusts are more complicated, IMO. I had a Revocable trust that left provisions for DH if I predeceased him (he was 15 years older) and I wrote a new one after he died. Both attorneys (first one had retired) asked a LOT of questions about possible scenarios that let me know they'd seen the kinds of things that could go wrong. My situation is pretty uncomplicated- one child, no plans to remarry, one house and two brokerage accounts.
I still don't think I'd do a rust on my own.

 

[Montecfo]

Agree that paying a lawyer makes sense in many cases. But not if your affairs are not complicated.

 

[CaliKid]

Preparing your estate documents by yourself is akin to removing your appendix by yourself. What could go wrong?

It's not quite the same but the biggest winner when you do it yourself if the probate attorney, after you die, who gets to clean up the mess you leave behind (or you may leave behind). Why would anybody, who cares about their loved ones, do that or risk doing that!? Makes no sense. Hire an experienced PRO!

 

[Sunset]

Agree that paying a lawyer makes sense in many cases. But not if your affairs are not complicated.

Many folks fail to consider how using POD/TOD which bypasses the Will , makes the entire Will governed estate much smaller and simpler.

It could be as simple as the household goods and a car.

 

[Sunset]

It's not quite the same but the biggest winner when you do it yourself if the probate attorney, after you die, who gets to clean up the mess you leave behind (or you may leave behind). Why would anybody, who cares about their loved ones, do that or risk doing that!? Makes no sense. Hire an experienced PRO!

Hiring a PRO makes sense in some situations. Problem with Wills and Trusts, etc, is that you don't know they did a good job, or a bad job, until many years later when dead.
Possibly the PRO does a terrible job, it happens.

Self education is very important, then hire a PRO and PRAY they did it right.

 

[Montecfo]

Many folks fail to consider how using POD/TOD which bypasses the Will , makes the entire Will governed estate much smaller and simpler.

It could be as simple as the household goods and a car.

That is in fact part of my point, but everyone does not understand that.

 

[BubbaChris]

That is in fact part of my point, but everyone does not understand that.

I think the reason folks don't hear much about POD/TOD is the significant limitation of not being able to name an alternate beneficiary.

If the point of most members of this board is to have enough assets to RE. Often that will mean a simple, but limited, option may not be wise.

Best regards,
Chris

 

[Dash man]

Many folks fail to consider how using POD/TOD which bypasses the Will , makes the entire Will governed estate much smaller and simpler.

It could be as simple as the household goods and a car.

POD/TOD has its own problems. Tax returns still have to be filed. Funeral expenses still need to be paid. Possibly Estate taxes have to be paid. The Executor has to have access to the account funds to pay for these things before transfer is made or he may have to take someone to court to get the funds back. POD/TOD does not allow contingent beneficiaries, so if the person named dies before the account holder, it goes back to the estate and probate. It’s still best to get an attorney involved.

 

[CaliKid]

Hiring a PRO makes sense in some situations. Problem with Wills and Trusts, etc, is that you don't know they did a good job, or a bad job, until many years later when dead.
Possibly the PRO does a terrible job, it happens.

Self education is very important, then hire a PRO and PRAY they did it right.

I completely agree but I think you substantially increase the odds it was done right if you hire an attorney who focuses on estate planning, is a bar certified specialist in estate planning (if offered by that state), has at least 10 years experience in the field, etc....

 

[ncbill]

please also remember to update your wills.

DW's childless aunt & uncle left a mess because they didn't.

everyone expected aunt to die first given her long-term physical ailments...so of course uncle died suddenly, leaving everything to aunt, despite the fact that uncle's sisters had been unpaid caregivers to aunt for decades...after hubby died she needed a guardianship.

then when aunt died she still had her mother (died 40 years earlier) as backup executor if hubby predeceased her.

now nieces & nephews on opposite sides of the family are fighting over some vague language in the will...even which jurisdiction should handle probate is being contested.

 

[Montecfo]

I think the reason folks don't hear much about POD/TOD is the significant limitation of not being able to name an alternate beneficiary.

If the point of most members of this board is to have enough assets to RE. Often that will mean a simple, but limited, option may not be wise.

Best regards,
Chris

If affairs are not simple I suggest hiring an attorney, as I said. But having sufficient assets to RE does not make ones affairs complicated necessarily. And a small estate may not be simple. It is not size as much as complexity.

Being knowledgeable of the process is always valuable, regardless of path.

 

[Sunset]

POD/TOD has its own problems. Tax returns still have to be filed. Funeral expenses still need to be paid. Possibly Estate taxes have to be paid. The Executor has to have access to the account funds to pay for these things before transfer is made or he may have to take someone to court to get the funds back. POD/TOD does not allow contingent beneficiaries, so if the person named dies before the account holder, it goes back to the estate and probate. It’s still best to get an attorney involved.

I was actually going to include having a $10K checking account not labeled POD/TOD would be helpful, but didn't want to complicate my post.

This is how it has recently worked out for us, POD/TOD on nearly everything, means probate not required (and no 1 yr IL delay), plus a checking account with some $$.

An attorney had been used for creating the Will in this case, but it's not really needed.

However I agree a Will is always useful, even if everything is labeled POD/TOD as folks might die within 30 days of the decedent, in which case the Will rules.