Wills, what to inlcude?

[Lewski709]

I feel like over the past two weeks I have begun to get my life in order as far as getting DH life insurance and beginning to save more by purchasing bonds for my two DS's education down the road. Now for the will!

I don't want to buy a program or go to an attourney. I know I can make one myself and want to do that but I have some questions:
Do I make one myself or jointly with DH? or both?
What kinds of things, other than the obvious....who gets the kids, the house, money, vehicles need to be included?
If DH and I have an insurance policy and I am the beneficiary, but I we both die....who gets the money? Is this something I would put in a will?
Where do I keep a will once it's notarized? How would anyone know I had a will?

HELP!

 

[AirForceRocks]

I would really go to an attorney or a para-legal about this. There are just too many important details to leave this as DITY project.

JMO

 

[Toby'sFriend]

It usually doesn't cost very much for a married couple to get wills prepared by an attorney so I really think that is the best avenue. This is especially true when you have children and custody issues.

If you really want to do it yourself, I would recommend this site which has state specific forms that you can purchase for a reasonable price.



http://www.uslegalforms.com/

Where do I keep a will once it's notarized? How would anyone know I had a will?

I would suggest one copy in your home, one in a safe deposit box, and one on file at your lawyer's office. Tell all your relatives (including your children) where they are located.

 

[mus muris asinus]

I agree with AFR. Wills are too complicated, IMO, to try doing yourself.

 

[Kimberle]

I agree, you really need to see an Attorney, especially if you have minor children.

We did our's a few years ago. You & your dh should each have one, you do not do one jointly. Besided wills, we did various other documents such as power of attorney's, living wills, etc.

Don't skimp on this one.

 

[Eeyore1954]

ITA with AFR ... this is too important to try to do it alone. I am just starting the probate process for my father's estate and after consulting with a probate attorney, I am thankful he left a well thought out and prepared will. It should go through probate without any problems and it included an article that states I do not have to post bond, provide accounting or inventories to the court, etc. This one article relieves a lot of work and financial burden on me as his executor.

If you truly object to using an attorney, I'd recommend using an online resource, such as http://www.legacywriter.com/. This is $20 for a will in all states but LA. It's not an ideal solution, because it cannot handle complex situations -- it produces essentially a simple will.

For my DW and I, we bit the bullet and went to an attorney. Yes, it cost some bucks, but we have a solid document that we know will pass probate in our state. This is not something you should skimp on.

You can get wills notarized by any notary public. My dad kept his in a strongbox at his house with a notarized copy in his safety deposit box. We made copies and gave them to another couple we trust with instructions on where our original is located.

 

[Shannon G]

I'd be very careful about writing a will without the advice of an attorney. States vary in the requirements for a will to be considered valid, and if your will is not considered valid under state law, it's just as if you died without one. To have an attorney draft a basic will should not cost very much, and IMO, it's well worth the piece of mind that it has been done correctly.

As for the life insurance, life insurance is a non-probate assets, meaning that the death benefit passes directly to the named beneficiary, not under the deceased individual's will. If you and your husband were to die together, most states have what they call a "simultaneous death statute" that creates a presumption of who survived when death occurs very close together or from a common accident. For example, it might say that, if you die in a common accident and it cannot be determined who died first, his assets pass as if you had died first, and your assets pass as if he had died first. In such a case, his life insurance would pass to the contingent beneficiary, if one has been named. If no contingent beneficiary has been named, the contract will typically state who the default contingent beneficiary is - it is commonly the insured individual's estate, in which case the proceeds would then pass under his will. The default rules under state law regarding simultaneous death can be "trumped" by specific instructions in the beneficiary designation. For example, his life insurance beneficiary designation could state that your are the beneficiary, but only if you survive him by X period of time.

It is very important to name a contingent beneficiary to any life insurance policy, because most states provide at least some level of creditor protection for death benefits passing to a named beneficiary, so the death benefits will be paid to the named beneficairy without being subject to claims by the insured individual's creditors. But, if the death benefits end up back in the insured's estate and pass under his will, they are now fair game for creditors. This could make a big difference if you and your DH both die, in how much actually goes to your kids.

 

[Lewski709]

not so much an objection as a time factor for us to both get together with an attorney. I figure, better something now, even if it's done myself, than nothing at all UNTIL we can get to an attorney.

 

[C.Ann]

I agree - see an attorney..

When my DH was first diagnosed with cancer we went and made out our wills and there were quite a few issues we would have handled improperly without the advice of an attorney.. Two of the things that complicated matters for us was that we each had children from a previous marriage and I owned property (this house and the lake house) before we were married to each other.. There was also an issue of disinheriting two family members and it had to be worded VERY specifically.. Better to have a proper will than everything a mess once someone passes on..

I don't recall the exact fee we paid the attorney (we also did power-of-attorney's at the same time) but I believe it was only around $100.. Money well spent!

 

[Briar Rose 7457]

You may be mistaken about that assumption, Lewski>

If a will is not prepared properly in accordance with the law of state you live in, it will be treated as a nullity. It will not be given any effect whatsoever, and your property will be distributed as if you never had a will.

Some states allow handwritten wills. Others do not. Most states expect the will to be witnessed by two competent individuals.

Do you want to leave your estate to your children per capita or per stirpes? You didn't understand the question?

Then don't try to do it yourself.

 

[airhead]

I should really have one done..

 

[s&k'smom]

Hi Lewski709, I used to work with an attorney who did estate plans and I would recommend seeing one. It may cost some money but this is so important. Not only wills but you may want to think about power of attorney and a health care proxy (to make medical decisions for you should you become incapacitated). This way not only are the children taken care of but your wishes will be followed. I have a child with special needs and we were able to have a trust set up for him specifically with guardians named so that he would be taken care of. It's worth the effort.

 

[Dan Murphy]

Originally posted by Lewski709
.........Now for the will!...........go to an attourney.........

My opinion.

 

[caitycaity]

dh and i used a computer program for our current wills. if/when we have kids, we'll be going to a lawyer.

no way would i just write one myself without a program. and if i had kids, i'd even feel uncomfortable using a program and not a lawyer.

 

[Shannon G]

not so much an objection as a time factor for us to both get together with an attorney. I figure, better something now, even if it's done myself, than nothing at all UNTIL we can get to an attorney.

But that's my point - if you do it yourself, it may not be considered a valid will under state law, in which case it will no different than if you had done nothing at all. Even worse, even if it is considered valid, a poorly written will can actually CREATE complications where none existed before. "I name X Guardian of my children." Do you mean guardian of the person? Guardian of the estate? Both? Does this apply only to children in existance at the time the will was written or also to "after-born" children? If the will doesn't specify, state law will have a presumption in place to answer the question, and it may not be the answer you wanted.

 

[Lewski709]

Ok Ok Ok....I will go to an attorney. Now, who to leave the kids to? I, seriously, don't know other than DH.

 

[ChibiJones]

I had to take a wills class for my paralegal degree. I agree with everyone else, go to an attorney. An estate-planning attorney is going to know things like how to minimize your tax liability and the formalities you have to comply with. There are things you don't know that could end up costing you or your estate much more than the attorney fees to do it right.

For example, we discussed an actual case in which the couple did a do-it-yourself will leaving everything to the surviving spouse, and then one of them died in an accident. One of the more minor things they did wrong was not witness the will properly. The amount of money the estate spent convincing the Probate Court to allow that will was probably 2-3 times what it would have cost to have an attorney write the will up. If they hadn't been able to get the will allowed, the wife would have had to share title to the family home with the minor children. If that had happened and she ever wanted to sell it, she would have had to go to court for approval.

Don't be penny-wise and pound-foolish.

 

[Briar Rose 7457]

If you don't name a guardian, the probate court will appoint one. If you don't want your relatives fighting it out in court, you should make a decision yourself.

You have the option of naming one individual as a financial guardian and another as a personal guardian. So if you MIL is good with the kids but bad with money, you can have her take the kids and have your brother take care of their finances.

 

[ohanafamily]

Lewski709, I agree that you need to see a lawyer.

My will is a bit more complicated than most, but I have a very controlling father who will fight my wishes. It is a fact of life.

A couple of things I just found out though... It is not good to list individual items going to different people; when the will hits the courts many will make the executor get appraisals for the items. It can be bad on jewelry, cars, and other valuables.

Make sure that any insurance to your kids goes into a trust...Imagine a 14YO with $100,000 as their inheritance spending it overnight...

The Estate planner should also talk to you about setting up savings for the kids to go to college...

JMHO...

 

[Lewski709]

Oh boy! I really am in TROUBLE. Where do the kids go, who is the executor, controlling family members.........YIKERS