| JohnW |
I'm guessing someone on this board (Laborlitigator?) will be able to help me assess what's best for my situation:
I am a married man with 1 child (almost 1), mortgage, etc. Very normal like (Oh...plus I have an MDX :-))
I would like (need) to put together a will...we already have asked friends to be the guardians of our son.
Question: Can I get away with using the available software out there to construct a will? Is that an acceptable approach? Or, should I contract a lawyer who deals with family practice to do it?
I haven't looked into either option at all - I just know they're available and before I invest time/money in either one, I would like to know before hand what makes sense.
Rgds,
JohnW |
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| hammermdx |
quote:
Originally posted by JohnW
I'm guessing someone on this board (Laborlitigator?) will be able to help me assess what's best for my situation:
I am a married man with 1 child (almost 1), mortgage, etc. Very normal like (Oh...plus I have an MDX :-))
I would like (need) to put together a will...we already have asked friends to be the guardians of our son.
Question: Can I get away with using the available software out there to construct a will? Is that an acceptable approach? Or, should I contract a lawyer who deals with family practice to do it?
I haven't looked into either option at all - I just know they're available and before I invest time/money in either one, I would like to know before hand what makes sense.
Rgds,
JohnW
I agree LL will be more of an expert here but in my opinion I would use an attorney. You want to make sure there are no issues if and when the time comes and your will ends up in probate court, especially since you have a child involved. Also, depending how complicated your will is, i.e. trusts, real estate, executor of your will, etc. if it were me I would see an expert who will also keep a copy of the will on file in case it needs to be used. Good Luck. |
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| DaleB |
Hopefully it will be a one time thing, but use an attorney to write up a will. If you are single, it's probably not that big a deal.
Plus, the attorney will have a copy on file and can make changes if necessary for you for a nominal fee. Keep the original in a safe-deposit box.
And if complications arise in your life, you have someone who can help you untangle the legal aspects.
You might want to consider a 'Health Care' disposition too. These are available online, etc. And it should reflect the state you are in.
Basically, it's an agreement between you and a spouse, etc. can even be a friend if both of you die in an accident, etc.
Morbid, but basically allows you to decide if you want to remain on life support under dire circumstance, and gives someone(s) the authority to remove it. |
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| socalJD |
My simple rule of thumb is $1 million in assets.
Once you exceed $1mm in personal assets, get thee to a lawyer that specializes in Estate planning, since establishing a trust is probably the best way to avoid probate issues from a catastrophic event. If you're way below $1mm, a simple will should suffice for now . . . |
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| laborlitigator |
quote:
Originally posted by JohnW
I'm guessing someone on this board (Laborlitigator?) will be able to help me assess what's best for my situation:
I am a married man with 1 child (almost 1), mortgage, etc. Very normal like (Oh...plus I have an MDX :-))
I would like (need) to put together a will...we already have asked friends to be the guardians of our son.
Question: Can I get away with using the available software out there to construct a will? Is that an acceptable approach? Or, should I contract a lawyer who deals with family practice to do it?
I haven't looked into either option at all - I just know they're available and before I invest time/money in either one, I would like to know before hand what makes sense.
Rgds,
JohnW
JohnW,
You know what my answer is going to be. Spend a few extra dollars and have an attorney do it. For around $150 to maybe $200, at least, you'd get an assessment from a professional. If anything, at least you've got peace of mind.
However, should you want to try the software approach around $50, for your fact pattern, I don't see any problem in using it. Just don't go trying to put conditional clauses in there because they could be later determined as unenforceable. ie. The MDX to my wife as long as she remains celibate for the rest of her life.
Good luck to you. |
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| A2MDXer |
JohnW,
OK I guess I am biased as well but I would get a will from a professional - it doesn't cost too much. However, if you are hesitant to go and may end up putting it off, the software would be better than nothing (assuming you don't really screw it up :) ). One of the benefits of a will would be that you can name a guardian for your child if something terrible happened to you and your spouse. That's worth the costs right there. |
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| renov8r |
If you own a business and/or are in any kind of a "partnership" no matter how 'causal' {even something like doing a little work 'on the side" with 'freinds'} then it doesn't matter how much you're worth you NEED a lawyer who SPECIALIZES in estate planning AND SMALL BUSINESSES -- I have seen the death of a friend turn his other 'partners' in to maniacs who assumed that money he earned was their's too -- I'm not talking about alot of money either, less than the price of many new cars, but meanwhile these "friends" sue the 'estate' of a guy who had the unfortuante luck to get a fatal disease BUT the foresight to heavliy insure himself.
The end result was a lot of hard feelings/broken trust at a time when I'm sure the family would have been better protected by a more comprehensive pre-plan.
Bottom line: you don't need to be "rich" to need the expertise of a lawyer who can out manuever "the worst case scenario"...
quote:
Originally posted by socalJD
My simple rule of thumb is $1 million in assets.
Once you exceed $1mm in personal assets, get thee to a lawyer that specializes in Estate planning, since establishing a trust is probably the best way to avoid probate issues from a catastrophic event. If you're way below $1mm, a simple will should suffice for now . . .
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| laborlitigator |
| I think having a will done is similar to having your taxes done. Unless you have the simplest set of facts, pay the extra coin to have an expert do it. |
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| BaldEagle |
I tried using software 5 years ago to do a will. The software did an interview and after the third question it advised me to see an attorney. My finances and personal situation was too complex to do it myself. If this software had been available 25 years ago it would have probably done a more than adequate job preparing a will at that time.
The attorney that I had do the will charged about $800. He sit up a living trust and the will he prepared will prevent a considerable amount of our assets going to the IRS when we check out.
You may at this time be able to do your own will but as your personal situation evolves a good tax attorney will be a must. Most will software will make you aware of when this may be required. |
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| crmsnidol |
| FWIW, when my daughter was 5 mos old my wife and I had to take a plane to Hawaii so I thought it was wise to put a will together. I bought Willmaker 7 from nolo.com and was very happy with it. I'm not sure the version they are up to but the program was very much like using Turbotax - it interviewed you through the process, pointed out your options by the state you reside in and let you go back for amendments. The program actually tells you which states require a lawyer and which are perfectly fine with computer-generated wills. My state for example, required that I have two witnesses (not part of the will) sign and initial every page. |
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| Tispco |
| I unfortunately have been through this. My wife died unexpectedly during childbirth at age 38 four years ago and we had no will. As her spouse, the will was not important. Her estate and responsibility for the kids automatically went to me. Had something happened to both of us, our estate and responsibility for the kids would have ended up in probate. Also, at the time in North Carolina, computer generated wills were pretty much always thrown out. I would strongly recommend using an attorney. As long as you are discussing your will, you might want to discuss what each would want the other to do if something happens. I had no idea what my wife wanted from where to bury her and her funeral to giving me her blessing to remarry. There are a lot of unanswered questions to this day. Another side note, make sure you have adequate life insurance. At the time, we had insurance on me (about $300k which was no where near enough) and none on her (We had figured that I would be able to work if something happened.) I had to go back to work relatively soon after and it was and still is very difficult. Lastly and most importantly, tell her you love her. You never know when something may happen and you or she will be gone. |
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| Blackura |
My condolences, Tipsco. Your advice is wonderful and should be heeded by all. A good friend just lost his Mom unexpectedly and told me the same thing about "always be sure you tell her you love her."
Peace. |
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| DaleB |
Here is a copy of a typical form. If both you and your spouse are in critical condition (for example), etc. this can be used to convey your wishes with regards to life support.
A close trusted friend or relative can be reponsible in that situation.
Otherwise a spouse or close relative (if you are single) would be the primary one.
It is usually a good a idea to have your family physician keep a ocpy in your file(s).
I am very sorry for your loss, Tipsco...these are not easy matters to discuss, but necessary unfortunately. And can save the rest of the family much grief if something does happen.
http://midcoastcare.com/advance_hea...e_directive.htm |
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| hammermdx |
quote:
Originally posted by Tispco
I unfortunately have been through this. My wife died unexpectedly during childbirth at age 38 four years ago and we had no will. As her spouse, the will was not important. Her estate and responsibility for the kids automatically went to me. Had something happened to both of us, our estate and responsibility for the kids would have ended up in probate. Also, at the time in North Carolina, computer generated wills were pretty much always thrown out. I would strongly recommend using an attorney. As long as you are discussing your will, you might want to discuss what each would want the other to do if something happens. I had no idea what my wife wanted from where to bury her and her funeral to giving me her blessing to remarry. There are a lot of unanswered questions to this day. Another side note, make sure you have adequate life insurance. At the time, we had insurance on me (about $300k which was no where near enough) and none on her (We had figured that I would be able to work if something happened.) I had to go back to work relatively soon after and it was and still is very difficult. Lastly and most importantly, tell her you love her. You never know when something may happen and you or she will be gone.
Yikes, i've been through a very similiar experience. My wife died of an amniotic fluid embolism when my 3rd daughter was born at the age of 32, 11 years ago. I had no life insurance for her, never got a chance to say goodbye, and had the hardest day of my life when I had to tell my 2 older daughters what happened. A day does not go by when I don't think about her. |
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| greatscot |
quote:
Originally posted by socalJD
My simple rule of thumb is $1 million in assets.
Once you exceed $1mm in personal assets, get thee to a lawyer that specializes in Estate planning, since establishing a trust is probably the best way to avoid probate issues from a catastrophic event. . . .
Ditto on this advice, I say you get what you pay for, and when doing a Will you shouldn't scrimp.
Tispco, Hammer, sorry about your experience, my condolences, and I hope you guys doing well. |
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| laborlitigator |
quote:
Originally posted by hammermdx
Yikes, i've been through a very similiar experience. My wife died of an amniotic fluid embolism when my 3rd daughter was born at the age of 32, 11 years ago. I had no life insurance for her, never got a chance to say goodbye, and had the hardest day of my life when I had to tell my 2 older daughters what happened. A day does not go by when I don't think about her.
Hammer. . . sorry to hear that. It must have been tough. |
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| hammermdx |
quote:
Originally posted by laborlitigator
Hammer. . . sorry to hear that. It must have been tough.
Thanks LL. It happened at Nyack Hospital when I used to live in New City. Kind of keeps things in persepctive for me! |
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| hammermdx |
quote:
Originally posted by greatscot
Ditto on this advice, I say you get what you pay for, and when doing a Will you shouldn't scrimp.
Tispco, Hammer, sorry about your experience, my condolences, and I hope you guys doing well.
Thanks greatscot. |
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