online wills

[bangerjim]

Nice thing about a LIVING trust is you (as the trustee) can make changes to it any time by generating a document, having it notorized at your bank (mine is free) and attaching it to the trust. Totally legal.

A will is a bit different.

Banger

[alamogunr]

The nice thing about being of modest means is that the things covered in this thread are cheaper for us.

[bangerjim]

The nice thing about being of modest means is that the things covered in this thread are cheaper for us.

Whatever that means............Bottom line: NO one should go thru life without even a simple will. Unless the only thing you own are the clothes on your back. Probate and lawyers will take everything you have when you die without a simple will. A living trust is much better as your monetary status in life increases.

[alamogunr]

I didn't mean that we don't have wills, living wills, powers of attorney(general & health care). While we are comfortable, our financial situation is not complicated. It could get complicated for our sons if they ignore guidelines for inherited IRA's but I have included information for these and referred to legal and tax help if they need it.

I do admit that I don't care to add to the financial well being of the legal profession any more than necessary.

[Don Purcell]

My wife and I had a living will made up 4 years ago and it cost around $1500.00. Sounds like a lot but all bases were covered as we also have a handicapped son to get things set up for. I guess some of the do it yourself programs may be O.K. but I wonder if it is like some things that people try to scrimp on that will effect a lifetime of work and the survivors end up spending many times more in lawyer fees to maybe or maybe not get things straightened out to their satisfaction let alone the possible hard feelings between family members that will linger a lifetime.

[rondog]

Simple. At my funeral everyone will get a Tazer. Last one standing gets all my stuff.

But seriously, this is a very foggy subject for us, we have nothing in place. We went to a trust seminar once, and they stressed that wills are pretty much useless because of all the legal holes in them, whereas trusts are much more watertight and bulletproof. But I still don't know squat about it all.

Not that it really matters, my stepdaughter would skip the funeral and come straight to the house to steal everything she could get out, and take it all straight to the nearest pawnshop.

[blackthorn]

We have used a lawyer to draw-up a will, but we are using a charted accountant to act as executer along with whichever one of us survives the other. The reason for this is so there will be no chance of argument among the children of our blended family. In the case of both of us dying, the CA becomes the sole executer. CA’s work is charged by the hour while any executer where we live is entitled to charge UP TO 5% of the estate value. Of course if we were to use the Public Trustee, a Lawyer or the Bank, they are more than likely going to charge the full amount allowed under the law. Several years ago we got everything possible in order for when we pass. Funeral (cremation) arranged and paid for etc. etc. WE THOUGHT!

The above is all predicated on the assumption that we are here one moment and gone the next, but what happens when our last days are lived in a mental, and perhaps physical fog? Recent events in the lives of my EX and her current husband however, have raised a very real and very ugly possible hitch which could happen to anyone. 20 some years ago my ex remarried a man (her cousin) (that is another story) 4 or 5 years her senior. At this point he is around 85 and she is almost 81 and BOTH of them have developed health problems along with some form of dementia to the point that the social-service authorities have determined they can no longer live independently and have insisted they move into an assisted living situation. My oldest son has been drafted into the job of managing their financial affairs and has been tasked with the responsibility of making sure critical life decisions are handled in their best interests, as well as being the executer when the inevitable end comes. Unfortunately, the seriousness of their condition only became apparent after they had reached the current level of disability and so no provision was made in advance. My son is now trying to get through all of the red tape required to get the necessary documents that will allow him to discharge his duties as their caretaker. SO---now Gail and I are undertaking to find out what we must do to ensure no similar ***** can happen with us. Over the next while we will decide what happens when/if neither of us is able to drive and we are forced to relocate from our current home into a place we can manage. We will also have to talk to our Lawyer to determine what documents must be put in place before we wait too long and they become a “must have” that is not there. Getting old sucks!!

[Char-Gar]

Your do-it-yourself, online will is just as good as they ones that attorneys draft, until you die. Every state is different, and every estate is unique. At attorney will see the issues and pit falls you do not. Most attorneys are quite happy with these DIYS, for they make far more money trying to fix the issues surrounded your estate and you have gone to heaven or wherever.

I have a self drafted will, but then again, I was a Texas Attorney for over 50 years.

[jmort]

Agree with the posts recommending Living Trust if you have real property
Only sane option unless you want to stick it to your heirs

[Char-Gar]

Trusts only pay off in two cases;

1. If you are leaving your estate to a minor or some other person who can't be trusted with money or other property.

2. If you estate (real and personal) exceeds $5,600,000.00 per person as that that amount is excluded from Federal Estate Taxes for 2018. You can also gift that amount while you are living without paying gift taxes, but that amount you gift will be deducted from the Estate Tax exclusion.

3. Of course if you live in New York or some other quirky state with high Inheritance Taxes that might change the equation. In Texas although we have some inheritances taxes, that does not present a problem.

[bangerjim]

Improtant notice: EVERY STATE IS DIFFERENT!

What applies to TX......applies to TX. Our state laws are different here. One must check out the laws. Fed laws are everywhere. And if you have a trust that is 4+ years old, laws HAVE changed! It needs to be reviewed and updated. That is the nice part of having a personal trusted lawyer/fianical advisor system in place, rather than just an old envelope some on-line company mailed you!

Again...depends on your net wealth and what you want to leave to your heirs with as little problems as possible.

Our situation demands the best legal tools to be in place we can get. The path my sons will have will have very few “pot-holes” in it. And I sleep well at night.

Do what you think you need to do.

[Reverend Al]

Everyone should have a simple will made out regardless of their age. My wife and got our wills updated when we got married 19 years ago, and just recently we brought them up to date again since we now have 4 grandchildren and I have developed a heart condition. My brother had a fatal heart attack at 65 and when we were cleaning out his house in his office drawer we found a still sealed and shrink wrapped stationary store will kit that he had never opened and filled out. In our case it was reasonably simple since I was his only surviving direct blood relative, but even then it took several months and about $7,500 in lawyers fees to get it all sorted out. It would have been much simpler (and much cheaper) to deal with if he'd only just filled out that will kit, but I have to assume that at only 65 he felt there was no great rush to draft a will. It is an easy thing to put off since none of us like to think about such dismal things, but it is a simple document that will ensure that your surviving family members will have one less thing to worry about when your time comes. They will have more than enough to deal with just sorting through and clearing up your accumulated possessions ...

[jmort]

I can only speak for California
Living Trust means no probate
That is a huge problem solver
Real Estate passes to the beneficiaries without probate

[Char-Gar]

I can only speak for California
Living Trust means no probate
That is a huge problem solver
Real Estate passes to the beneficiaries without probate

That would be true in Texas as well, but Texas Probate is a simple and not too costly process.

1. File an application to probate the will along with the will and a death certificate.
2. The court issues Letters Testamentary to the Executor.
3. The Executor files and inventory and appraisal of the property.
4. The Executor then pays any outstanding bills and distributes the property as per the will.
5. The Executor files a final inventory showing the property has been distributed and closes the estate.

My problems with unnecessary trusts, are they tie up property in ways that may not comport with the wishes of the heirs at some point down the road. What may seem like an expedient to avoid probate turns into an albatross down the line.

[jmort]

I agree that creation of a living trust requires serious thought as to the consequences of any provision for the disposition of real and personal property.
The worst behavior I have seen is in the areas of family law and the disposition of property after a death.

[Char-Gar]

I agree that creation of a living trust requires serious thought as to the consequences of any provision for the disposition of real and personal property.
The worst behavior I have seen is in the areas of family law and the disposition of property after a death.

That is more than true. I favor throwing each party their share and let them go hence. When they are forced by a trust to continue a relationship over property/money it is like tying cats together by the tail.

[bangerjim]

A good true living trust will have sections in it where you and your wife fill out medical stuff. I have at least 12 pages of different scenarios either of us could be in that we have pre-authorized thru the trust as to what actions and proceedures our sons should take. That relieves them of not knowing our wishes when/if we are in a state not able to make decisions.

It is really hard to go thru and fill out all thoses scenerios but I feel better knowing I have taken a big load off my kids when the time comes. Making those tough decisions now while we are of sound mind is the only to go. And it is just not a simple DNR statement!!!!!!

Banger

[Char-Gar]

A good true living trust will have sections in it where you and your wife fill out medical stuff. I have at least 12 pages of different scenarios either of us could be in that we have pre-authorized thru the trust as to what actions and proceedures our sons should take. That relieves them of not knowing our wishes when/if we are in a state not able to make decisions.

It is really hard to go thru and fill out all thoses scenerios but I feel better knowing I have taken a big load off my kids when the time comes. Making those tough decisions now while we are of sound mind is the only to go. And it is just not a simple DNR statement!!!!!!

Banger

Every person regardless of age, should have a Health Care Power of Attorney and an Advance Directive to Physicians and a DNR (Do Not Resuscitate) if that is your wish. To be certain they are valid and enforceable, the Texas Legislature has drafted these for us. We can download them, fill them in and sign them in front of a Notary. Every one of your Doctors should have a copy in your file. There should also be one close to your front door for somebody to hand to the Paramedics if they are called. They will resuscitate you unless they have one of these.

I don't know for certain, but I expect most if not all states have similar documents.

I can't begin to tell you the conflict I have seen between families members, where the "loved one" cannot communicate their wishes.