Best estate planning process/software

[Finance Dave]

We have a will, but needs updated. Our situation is very simple...only one marriage for both of us, no kids, etc. Last time we did our own with software, thinking of doing the same again. There are new softwares out there.

What are your ideas? If you approve of doing your own, what software do you recommend?

We will also be updating other documents such as Health care proxy and durable POA...so I'd like to have those in the process/software. Don't need much in the way of legal help. Only complication is that our preferred executor is out of state...not ideal but just means they'd have to post a bond and make a few trips of 2 hours.

 

[FLSUnFIRE]

No software suggestions. With a simple estate you could probably get away with named beneficiaries and perhaps a lady-bird deed if your wishes are simple.


With the POA/proxy, I'd consider using an attorney in your state. Several recent posts here about POAs not being accepted. When working with my parents setting up their documents with an attorney (a firm specializing in estate planning in their state) they included lots of specifics and wording to increase the odds of it being accepted in various circumstances and institutions. Hopefully it will be work smoothly when I need to step in but as trustee and first in line to step in when they are incapacitated I feel much more comfortable having had an attorney/firm work it and that will be around to answer questions I'll likely have.

 

[DrRoy]

I suggest that you do some online research on will software. There are probably reviews.

 

[DuluthGA]

I used freewill . Com

 

[pb4uski]

We used Willmaker. Our estate plan is also very simple, albeit more complicated than the OPs. We have 2 kids.

70% of our assets are financial accounts and can be handled with beneficiary designations. Most of the rest are 2 real properties that we have enhanced life estate deeds for so they will go to our kids when the second of us dies without having to go through probate.

The rest is just 2 cars, a few boats with trailers and personal items which would be well under the small estate limit.

 

[Rjhasti]

I used freewill . Com

was free will really 'free'. has to be a catch?

 

[DuluthGA]

It was really free. They are sponsored by other non-profits. They state they are not giving legal advice but for uncomplicated estates appears to be good. I’m using it to replace a 35 year old will as a place holder until our parents trusts happen and ours becomes complicated, Yahoo has this to say. https://finance.yahoo.com/news/freewill-review-pros-cons-210549010.html

 

[Rjhasti]

It was really free. They are sponsored by other non-profits. They state they are not giving legal advice but for uncomplicated estates appears to be good. I’m using it to replace a 35 year old will as a place holder until our parents trusts happen and ours becomes complicated, Yahoo has this to say. https://finance.yahoo.com/news/freewill-review-pros-cons-210549010.html

thank you..........that was helpful.

I assume that is the same for their trust service also?

 

[PatrickA5]

We're getting all of our estate paperwork updated by our attorney next week. Cost is only $500, so not much money. The way things stand now, almost everything will go through using POD/TOD beneficiaries. DW owns 50% of a house with SIL that will have to go through probate if it's not sold.

I used Willmaker for SILs Will, POA, Healthcare Proxy. It's pretty simple. I would only use software for the simplest of situations - which might fit your case.

 

[Finance Dave]

Thanks all, keep comments coming.

I’ve done extensive reviews online of software, but want advice of those on this board. We have done the hard work already of making all car titles TOD, beneficiaries are all set properly, we have letters to each other to open upon death, I have a password-protected (she has password memorized) file with all our websites/accounts/values/passwords, we have prepared a list of people to contact if other dies, and I wrote a 1 page document she can give to a financial advisor to get comfortable with how she can set up a simple portfolio if I pass since I handle all our investments.

We did all this thoroughly 6-7 years ago…just need to refresh now. I’m thinking the software route is best but as usual want the views of those on this board. Our doctor has copies of our health care proxies and our executor has sealed copy of everything and knows location of originals and key files within our house if we should die together somehow.