Process for doing a Will?

[PRINCESS VIJA]

I understand the we will need to go see a lawyer, but I have some questions to help me get started.

1. How to go about finding a good lawyer.

2. What kinds of things should we have in place before we go see the lawyer.

3. How is debt dealt with in case the will needs to be put in effect.

Any other helpful hints to get started?

 

[golfgal]

I would ask your friends for personal recommendations for estate planning attorneys. Each office will have their own procedure. When we did our will the attorney sent out a list of things to consider, who will take the kids, who do you want to have for executor, etc. They gave examples of how to distribute funds to kids, etc. and reasons behind why people did what they did to get you thinking. They will also walk you through scenarios about if you all die, etc.

As far as debt goes, the executor would pay off debt from the estate and then if any money is left, distribute that however according to the will.

Our kids won't really see any money from our estate until they are 35. There are provisions for college money and weddings but the bulk of the money won't come until they are 35, finished school, started a life of their own, etc. I know of one friend that has his set up so his DD won't get the principal of his estate until she is 65-but will get interest payments over time. His thinking is that she would make different life choices knowing that she had a huge chunk of money coming at a young age.

 

[minkydog]

I strongly recommend going with an estate attorney. I know some people like to do their wills online or with special software. The problem is, if you don't have the specific language that your state requires, your will might be invalid. That's what happened with my father. It took us several weeks to get the will qualified and it was just a hot mess!

I don't know if you have kids, but guardianship is a BIG hurdle for most people. It was for us. Of course, our situation is a little different from most. We have a very handicapped child to prepare for the future. So devising the financial part of his inheritance required jumping through some special hoops. But just figuring out the guardianship was *my* personal difficulty--we have no one in the family who feels qualified and wants to take Christian. (I don't hold it against anyone. I totally understand, believe me.) So we set up TWO guardians, one for Christian and one for the other kids. Christian's guardian will probably need to put him in residential care immediately and will need to provide for his financial needs, so we have a special needs trust to take care of that. DD17 is almost at the age where she won't need a guardian, although she has plenty of aunties who would open their home to her if she needs is.

As far as leaving the kids money, we decided to leave it to them in increments. A certain amt at age 25 and the bulk at age 35. I figure that covers college/weddings and middle age/mortgages.Frankly, what they do with the money is none of my business. I'll be dead. There's not going to be that much. Christian's trust will get most of the money, since he's the one who will need full care. The other kids will get more modest amounts. I hope that they will understand why we did it that way. I don't want them to have to undertake the physical burden of caring for their brother while they are trying to establish their own lives. I don't want them to have to come out of pocket for his care, either. It might seem to them(now) that we loved him best. But later I think they'll realize that we loved them equally by providing for Christian in this way.

 

[dennis99ss]

first, talk to your friends. Are any of them lawyers? Do they know any?

With regards the will, it depends on the amount in the estate. For simple estates, an easy simple will, spouses get everything, and then divided equally among kids, is easy to do. Likely any lawyer you are referred to can do this.

If the estate is large, and you are worried about estate taxes, etc. you need to go to an estate lawyer.

What you need -- your names and ages, place of residence, kids names ages place of residence. How you are dividing the estate. who is executor -- the person who will handle the paperwork if you die. Who an alternate executor is. Who the guardian of the children is. who the alternate guardian is.