is there a ***Making a WILL*** for dummies?? :)

[mafibisha]

So we DO have a will made, but can't find it I called the law group where I think we had it made, and they can't find it, ugh.

I also got in on the Susie Orman free on-line will-maker giveaway on Oprah last year, and am finally trying to make it.

I seriously need Will Making for Dummies!!

Firstly, if we can't find our old will, does this new one even count?

Second, Susies online program is making both DH and I make separate ones, even though we're each other's first beneficiary and next, our kids. Our other will had us together. Or at least I thought we were; maybe not?

Going to a lawyer is big bucks that I'd rather not spend right now. Really cannot spend right now.

Why I'm REALLY doing this is because I don't remember if our will said "AND FOR SUBSEQUENT CHILDREN." I think it did, because we wanted more (and then had them ) but I'm not sure. And, well, ya never know about life ....or...

Okay so if any of that made sense, or you have any ideas, please let me know. Thanks much.

 

[Darcy03231]

I used to work in a law office that did a fair amount of probate work and I know you're not going to want to hear this - but you should definitely consult with an attorney. You have no idea how many "home done" wills came through that weren't valid because they didn't conform to state law.

If you really want to do it yourself I suggest you see if your local probate court can give you a copy of the laws in your state to make sure it complies.

Good luck!

 

[mafibisha]

I used to work in a law office that did a fair amount of probate work and I know you're not going to want to hear this - but you should definitely consult with an attorney. You have no idea how many "home done" wills came through that weren't valid because they didn't conform to state law.

If you really want to do it yourself I suggest you see if your local probate court can give you a copy of the laws in your state to make sure it complies.

Good luck!

Ok, thanks. I really DO want to what y'all think I should do.

So if I don't ever find the will we made when first married, then what?

And can you or anyone describe what a revocable trust is? And should we have one?

TIA.

ETA: Why are people like Susie Orman allowed to sell their will-making kit? Googling it, there are many varieties of it. There are other types of software available, so if they're not always legal, why are they allowed to be sold?

 

[hffmnheidi]

Even though you're married, you have to have a separate will from your spouse. My parents had to get separate ones and that was what their attorney told them, just in case something would happen to one or both of you at the same time. My parents also got a living will/power of attorney form for us, the children and you have to choose your oldest child at least in IL, to make medicial decisions if they are unable.

 

[MrsToad]

Ok, thanks. I really DO want to what y'all think I should do.

So if I don't ever find the will we made when first married, then what?
And can you or anyone describe what a revocable trust is? And should we have one?

TIA.

ETA: Why are people like Susie Orman allowed to sell their will-making kit? Googling it, there are many varieties of it. There are other types of software available, so if they're not always legal, why are they allowed to be sold?

As to the bolded part, DH and I have each had two wills, one when DS was little and we made note of preferred guardians, and the other when DS became an adult. I believe both wills had a line in them that said something like, "I revoke any/all previous wills."

 

[mrsklamc]

Yup!

http://www.amazon.com/Wills-Trusts-Dummies-Aaron-Larson/dp/0470283718

 

[disneygirl1971]

and you have to choose your oldest child at least in IL, to make medicial decisions if they are unable.


I live in Illinois and have never heard this. What happens if your oldest child happens to be an idiot or you no longer even speak to them or have contact with them? I thought you could choose anyone you wanted to be your medical or financial power of attorney. Wouldn't that be anyone's right to choose whomever you wanted?

 

[mafibisha]

Yup!

http://www.amazon.com/Wills-Trusts-Dummies-Aaron-Larson/dp/0470283718

Love it!

Thanks ALL for the feedback!

So can anyone describe a revocable trust, for dummies? Do you have one, getting one, or should have one?

(ha I do have a degree but financial stuff has always driven me crazy! )

 

[*pixie*dust*]

Love it!

Thanks ALL for the feedback!

So can anyone describe a revocable trust, for dummies? Do you have one, getting one, or should have one?

(ha I do have a degree but financial stuff has always driven me crazy! )

Some people have the idea that a trust is only for the elderly or wealthy. Most any person that has assets and/or children should have a living trust. A living trust is not only for the purpose of avoiding probate when you pass but it can also have tax savings as well. Even more than the previous things, a trust allows you to decide how your affairs will be handled both while you are living and after you pass. (It is also changeable) Oftentimes it has medical directives, Power of Attorney, estate division, guardianship for minor children and a number of other things. A plain old will can be easily contested-- a trust cannot. It is completely worth the cost of an attorney for the security of knowing your plans are legally put in place. I highly encourage a trust.

 

[hffmnheidi]

and you have to choose your oldest child at least in IL, to make medicial decisions if they are unable.


I live in Illinois and have never heard this. What happens if your oldest child happens to be an idiot or you no longer even speak to them or have contact with them? I thought you could choose anyone you wanted to be your medical or financial power of attorney. Wouldn't that be anyone's right to choose whomever you wanted?

My parent's attorney told them they would have to go to court if they didn't want their oldest child listed as the decision maker. Because their wishes could be contested by the children in court(because they're the immediate living relatives) and drag out for years. Now, our family is close, so there were no problems like you're suggesting, but contacting a lawyer if you'd have questions would probably be the best thing to do in a case like that.

 

[rhpools]

Next time have it filed at your local courthouse.

 

[PattySwind]

Quicken Willmaker.

 

[heatherleigh]

Don't have personal experience with this, but I have heard radio commercials for "legalzoom.com". It is endorsed by reputable radio hosts as well.

 

[Darcy03231]

Any of the packages you buy are enough to give you a basic outline. You should go to your local probate court to get the laws for your state to make sure it conforms. Unfortunately, the wills you get out of these "packages" are not one state fits all. The most important thing is to make sure your Will (and other documents such as trusts, powers of attorney, living wills, etc) conform to the laws of the state you live in at the time they were made. Since each state makes their own laws, the laws can vary greatly from state to state. One way to save money would be to do it yourself and then have a lawyer that specializes in probate law in your state review it to make sure it conforms.

 

[jgates]

I used Quicken Willmaker. Found a good code online that brought it down to about $25. For some reason I had problem with download & it wouldn't open up after 5 days. I called them & they said no problem (evidently it had happened before) & sent me a series of files via email to download.

You selected your appropriate state & it did a search for downloads of any legal updates if I remember correctly. You could 'replicate' one spouse to the other, but just had to make adjustments to any text items you had typed in to make sure they referenced the appropriate spouse.

I was VERY happy with it, and consider Quicken to be a good company. We took it to work & had it notarized & witnessed.

 

[Crystal824]

Yes, as others have stated, each state has their own rules about will, including how many witnesses you need, if it can be handwritten, etc. While you can buy packages to do wills yourself, you should make sure it conforms to your state's requirments. You and your husband need your own wills. If you make a new will, if it states it revokes all prior wills, then it should take the place of your old will.

I would go see a probabe attorney. You can usually get wills done for a 200-300 each. To me, that would be worth it knowing it was done correctly.

 

[mafibisha]

OP here with an update and a new question.

We contacted a lawyer about having a will drawn up. Before we meet with her, we're supposed to fill out a lengthy questionnaire, including information that I'm surprised they need to know.

Isn't it enough that our will states *all* our assets with out individually listing each and every one?? Does the lawyer really need everything to be itemized to the Nth degree?

As I'm typing this, I realize why they need MIGHT need some itemized - if certain things were to go to specific people, but if everything we own or have is to be split equally between 4 people, does it all have to be specified?

(I have a degree in Bus. Admin but never heard anything like this in class! or have times just changed? Or am I just forgetful!? )

 

[Cruise]

As I'm typing this, I realize why they need MIGHT need some itemized - if certain things were to go to specific people, but if everything we own or have is to be split equally between 4 people, does it all have to be specified?

What you might consider to be split "equally" between 4 people, those 4 people might not consider equal. By being as specific as possible in the will, you avoid conflict between the people named in it. That being said, you'll be dead and gone, so what do you care?

But honestly, my grandmother did something similar by leaving her house "equally" to all 3 of her sons. One son wanted to live in the house and offered to by out the other two, making monthly payments similar to a mortgage until the agreed upon price was met. My parents were fine with this, and the 3rd son (my uncle) was even fine with it. But his wife had a fit. She wanted "their" share right then and there... no payments, money up front. She also wanted more of my grandmother's things for her kids and specifically her son using the reason that he was (at that time), the only grandson among of a troop of granddaughters.

It was eventually resolved, but it caused hard feelings in the family that have lasted till this day.

 

[deerhart]

The reason the lawyer is asking for everything to be spelled out is so they have a good idea of exactly what is in your estate currently, what might be in your estate in the future, and how best to advise you regarding your options. Also, this is so you have actually thought about it and don't leave anything out.

I have a lot of people who come to my office for a simple will, say they have nothing, and by the time I get done discussing their assets, we are at several hundred thousands dollars. Most of these items, my clients didn't even THINK about being part of their "estate". I get alot of well there are savings bonds, but those will be long gone or well our house is currently worth 300k, but we still have debt. My response is well what if you die tomorrow will those bonds still be there? Or what if you don't die for 30 years and your house is paid off?

One reason to NOT use those legal programs is that they can't advise you on your specific scenario.

For example, if you have a blended family and each party leaves everything to the other spouse and then to all the children. If one spouse dies, the other spouse then gets everything and is free to change their will to leave everything just to their children.

There will also be discussions about beneficiaries on things like 401(k), life insurance etc... especially if you name your minor children as the secondary beneficiaries.


Your local probate court should not tell you whether or not your will complies with state law. The clerks there are not lawyers and are not allowed to give legal advice (which saying if it complies or not is giving legal advice).

Just an FYI, if you can't find your will, then its basically null and void because the courts can only probate the ORIGINAL signed and executed copy except in very very limited circumstances (usually only if there is evidence that someone has deliberately tried to hide/destroy the will in order to inherit). Thus if you don't have the original will to probate, your estate goes through interstate succession.

WILLS = SAFETY DEPOSIT BOX

 

[Sadie22]

OP here with an update and a new question.

We contacted a lawyer about having a will drawn up. Before we meet with her, we're supposed to fill out a lengthy questionnaire, including information that I'm surprised they need to know.

Isn't it enough that our will states *all* our assets with out individually listing each and every one?? Does the lawyer really need everything to be itemized to the Nth degree?

As I'm typing this, I realize why they need MIGHT need some itemized - if certain things were to go to specific people, but if everything we own or have is to be split equally between 4 people, does it all have to be specified?

(I have a degree in Bus. Admin but never heard anything like this in class! or have times just changed? Or am I just forgetful!? )

The lawyer will need the information to properly advise you. The lawyer will advise you regarding how to carry out your wishes with the least hassle to your heirs, least amount of estate taxes, etc. The lawyer cannot advise you on what he or she does not know. Certain items may not pass via the will but instead based on the beneficiiaries stated in other documents and so on so it is not just a simple matter of splitting x number of ways. Real estate presents its own set of circumstances. The lawyer is not being nosy but attempting to give you the best value for your money for the wills each of you will have drawn up based on what information you provide.