making a will

[simba20]

I know that there are do-it yourself kits, but I'd rather consult with a lawyer as I have some special money concerns.

Anyway, before I set up a consult, I'm trying to figure out all the things I need to consider (paperwork to bring if neccessary), so here is some things I have thought about (off the top of my head):
-- who our child would go to in the event something happens to the both of us
-- assests that we own
-- insurance policies
-- debts we have

Please feel free to add or tell me if anything is uneccessary. I realize that debts may be, but I also plan on creating a "go to this" file should something happen to me and the hubster is still alive or vice versa. My grandfather lived until he was 97 (passed two years ago). He had a "GO HERE" file for my aunt who handled everything. All details for CDs, bonds, accounts, what to do with his retirement apartment, etc were spelled out as what to do.

I've seriously started thinking about a will, because we get the same repremand all the time "Oh you have a child, you need a will." So I figure, why not.

 

[wdwfan16]

I know that there are do-it yourself kits, but I'd rather consult with a lawyer as I have some special money concerns.

Anyway, before I set up a consult, I'm trying to figure out all the things I need to consider (paperwork to bring if neccessary), so here is some things I have thought about (off the top of my head):
-- who our child would go to in the event something happens to the both of us
-- assests that we own
-- insurance policies
-- debts we have

Please feel free to add or tell me if anything is uneccessary. I realize that debts may be, but I also plan on creating a "go to this" file should something happen to me and the hubster is still alive or vice versa. My grandfather lived until her was 97 (passed two years ago). He had a "GO HERE" file for my aunt who handled everything. All details for CDs, bonds, accounts, what to do with his retirement apartment, etc were spelled out as what to do.

I've seriously started thinking about a will, because we get the same repremand all the time "Oh you have a child, you need a will." So I figure, why not.

Also bring a list of backup guardians.

 

[Kies99]

If you have a lawyer in mind to set up your will, when you make the appointment they'll tell you what you'll need to bring (if not, be sure to ask).

 

[SSRFred]

You need to choose a person to be the Executor of the Will.

 

[DLW8]

We recently created a will as well, and did use a lawyer as I wasn't 100% sure of the "DIY" versions online.

We had an initial meeting with the lawyer (at our house) where she asked all the questions and then she returned a few days later with the copies to sign, and we had to have 2 witnesses there to sign as well. The witnesses cannot be people noted in the will (from my recollection) at least not those listed as executor and/or guardians or backup guardians.

It was kind of a scary thing to do, but since DH and I were traveling alone we wanted to have this done before we got on the airplane. Now at least I have the calm sense that at least this document is finalized if something should happen to us.

I do like the idea of a GO HERE file...if I leave this earth before DH, he will have NO idea where to find all the info!!

 

[tzolkin]

I do like the idea of a GO HERE file...if I leave this earth before DH, he will have NO idea where to find all the info!!

I've just started working on a list for DH with everything detailed out and notes about how things are filed.

He's always joking that if I run off he won't know how to access anything or pay our bills. I do most everything online and I made him a list of all the user names and passwords, but there are so many other things that he just wouldn't think about or be able to find.

 

[DISdreamin']

While you are at it, you might read up on and/or ask about health care proxy, power of attorney for your spouse, and about revocable living trusts. These are some of the things we considered when doing estate planning after the birth of our first child. Good luck! It's certainly no fun, but I know we slept a lot better knowing it was done.

Oh, and you should also look into your life insurance situation prior to meeting with an attorney to be sure your current level of coverage is sufficient. I found that it was nice to have a ballpark idea of amounts when discussing things with our attorney.

 

[MichelleinMaine]

While you are at it, you might read up on and/or ask about health care proxy, power of attorney for your spouse, and about revocable living trusts.

PLEASE PLEASE also do the living wills and POA's. My MIL just passed away after an unexpected and quick illness. It was agony trying to decide her final wishes. She also left no will, whole other story...

 

[Gigi22]

You should also get your lawyer to advise you on how to leave your insurance.

 

[DISdreamin']

You should also get your lawyer to advise you on how to leave your insurance.

Absolutely agreed! I believe good advice in this area is essential when you have minor children - it becomes an issue, I think, if both parents were to pass and leave life insurance where they were each others only beneficiary. Not good!

 

[mafibisha]

This is an informative thread, thanks.

Anyone know about *updating* a will? Since we made ours, we've had another child who must be added.

Also, whats the going rate for making a will these days? Anyone know how much $$ an update will cost?

 

[Luv Bunnies]

I would recommend reading up on Living Trusts vs. Wills before making a decision. My mother-in-law had a Living Trust and when she passed away it was remarkably easy for my husband and his brother to gain access to her assets without probate. In fact, we have an appointment with an attorney next week to discuss a living trust for us.

 

[Disney1976]

This is an informative thread, thanks.

Anyone know about *updating* a will? Since we made ours, we've had another child who must be added.

Also, whats the going rate for making a will these days? Anyone know how much $$ an update will cost?

You can execute a "codicil" to make minor changes, though as an estate planning attorney, I would suggest that if it's been 3-5 years since you last did your estate planning, you may want to have an attorney review everything and make recommendations, as laws do change.

Can't really tell you costs, since that really varies from state to state and even attorney to attorney (I think where I work we're on the cheap side, but that's me).

 

[Disney1976]

I would recommend reading up on Living Trusts vs. Wills before making a decision. My mother-in-law had a Living Trust and when she passed away it was remarkably easy for my husband and his brother to gain access to her assets without probate. In fact, we have an appointment with an attorney next week to discuss a living trust for us.

A trust isn't suitable for everyone -in fact, I would say for 85-90% of people, a trust would be a waste of money because it would be "overkill."

Also, in some states (like in Florida) creditors can still come after assets in a trust up to two years after a decedent's death. Therefore, while assets in the trust will pass without probate, a probate would still be required to cut off claims of creditors before the 2 year mark (unless a family wanted to wait two years to distribute the assets of the trust). Typically with a trust, when a decedent passes, we do a trust administration and a probate for assets that were not included in the trust.

 

[NeverlandClub23]

I'm a paralegal at an Estate Planning law firm (it's all we do). Everyone's needs are different and there are a ton of options out there. You should meet with a good attorney and consult with them (ours-and most-consultations are free). Our attorneys will honestly tell you if a will or trust would be better for your situation and answer all of your questions about both (and tell you things you may have not thought about). Trusts can work better in different situations (a messy blended family situation, tax planning, leaving multiple properties to be maintained by a trust, leaving a business, etc.) but are usually more extensive (and expensive) and can avoid probate (assuming your assets are retitled into your trust properly). Wills are a good basic to have (and everyone should at least have them regardless of age). We do 'will packages' that can range anywhere from $800-$1,500. This includes the will (one each for husband and wife) with guardianship provisions if you have minor children, who you want your beneficiary's to be, who you want your Executor(s) to be, if you have no living beneficiary's where you want the money/assets to go, who your personal property should be distributed to, a General Durable Power of Attorney, Memorial Instruction forms (preferences about where/if you want to buried, etc.) and an Advanced Medical Directive. All of it is about 40 pages.

 

[deerhart]

you will also need to know how all your property is titled including bank accounts, homes, cars etc..

you will also need to know who all the beneficiaries are for insurance, accounts, 401(k) etc..

 

[ceecee]

If you have a minor child, I would definately ask about a trust.

 

[ssmith010]

This has been on my to-do list as well. Thanks for all the insight.

 

[bigmama67]

Another Estate Planning paralegal here. We did our Wills, POAs, and Health Care Directives just before I went in to have DD (our second child)...what were we waiting for? LOL. Anyway, I signed everything and the Will mentioned DS's name and then "and any other children born or adopted" of my marriage to DH. Two months later DH came in to sign his so I had them redo the Wills and add in DD's name. However, the "born or adopted" language covers it; if that's already in there, there's no need to change things with subsequent children.

Another thing that we do a lot of here in NJ is build a "disclaimer trust" into the Will. Basically it gives the surviving spouse the option of placing any funds they do not need immediate access to, into a trust which is created through the Will. It's what is known as a "testamentary trust" so it does not have its own name or tax ID number, though it does still require a Trustee (who is named in the Will). The spouse can even be the Trustee. If assets are disclaimed they are not considered to be owned by the spouse, so they do not incur any estate tax, and it can still be written to give the spouse income and/or principal from the funds if necessary.

DH and I each have one large term insurance policy which gives us peace of mind.

I hope this doesn't sound too confusing. Disclaimer trusts are a great way to make your Wills more flexible because even if you have little in the way of assets now, this can change and you don't want to get slammed with taxes down the line.