Making out a WILL next week.

Forum: General Discussion
Author: [General Discussion] Topic: Making out a WILL next week.
Coloneljim PM Coloneljim
Joined: Dec 2006
Posts: 13318
 
Coloneljim
Participation Meter
Posted: 5/28/2012 2:12:28 PM
Talk about depressing. My wife makes an appointment to have a will made out. Is there anything I should know going in besides the obvious?  What do I have to bring? Any tips or advice would be welcomed.
Kelly_Slater PM Kelly_Slater
Joined: Apr 2009
Posts: 7621
Jamaica
 
Kelly_Slater
Participation Meter
Posted: 5/28/2012 3:18:31 PM
I will send you my govt. name so you can include me 

I already have direct tv so cash is king 

Johnzimbo34 PM Johnzimbo34
Joined: Jul 2010
Posts: 1178
Texas
 
Johnzimbo34
Participation Meter
Posted: 5/28/2012 3:41:42 PM
I suggest DIY if you don't want to feel like you got hosed. I took an existing will to an attorney for some modifications...easy peasy...until she says "This is a simple change...we will only charge you one hour for this...$225" Yikes
depeche2 PM depeche2
Joined: Feb 2002
Posts: 67006
Illinois
 
depeche2
Participation Meter
Posted: 5/28/2012 3:45:01 PM
The attorney should have an estate planning intake form for you to complete.  Some info to provide:

1. Listing of your assets with title and beneficiary designations
2. Names of fiduciaries -- executor, trustee, agents, etc.
3. Identify beneficiaries (i.e. kids) and ages for distributions.

Those are the basics.  Let the attorney know if you have any special issues or special beneficiaries.  Also consider all contingencies, like if any beneficiary predeceases you.
depeche2 PM depeche2
Joined: Feb 2002
Posts: 67006
Illinois
 
depeche2
Participation Meter
Posted: 5/28/2012 3:45:59 PM
QUOTE Originally Posted by Johnzimbo34:

I suggest DIY if you don't want to feel like you got hosed. I took an existing will to an attorney for some modifications...easy peasy...until she says "This is a simple change...we will only charge you one hour for this...$225" Yikes


Seems like a perfectly reasonable fee to me.
depeche2 PM depeche2
Joined: Feb 2002
Posts: 67006
Illinois
 
depeche2
Participation Meter
Posted: 5/28/2012 3:47:22 PM
QUOTE Originally Posted by Johnzimbo34:

I suggest DIY if you don't want to feel like you got hosed. I took an existing will to an attorney for some modifications...easy peasy...until she says "This is a simple change...we will only charge you one hour for this...$225" Yikes


And it's never easy peasy to amend another attorney's docs, or worse yet DIY docs, because you have to read them carefully to make sure everything is clear and fits.  Can't just read a small part and change.  Could be malpractice.
jmw59 PM jmw59
Joined: Sep 2005
Posts: 14120
Louisiana
 
jmw59
Participation Meter
Posted: 5/28/2012 4:42:16 PM
plan to give some away.  tax benefits are very good with planned giving

congrats on a will.  you need that garbage if you have a spouse and/or children
jmw59 PM jmw59
Joined: Sep 2005
Posts: 14120
Louisiana
 
jmw59
Participation Meter
Posted: 5/28/2012 4:44:05 PM
oh yeah,

make sure your attorney has experience in drawing up this garbage.  many an attorney does not no garbage about wills/estates. 
Coloneljim PM Coloneljim
Joined: Dec 2006
Posts: 13318
 
Coloneljim
Participation Meter
Posted: 5/28/2012 6:05:54 PM

Great information. It has me feeling a little more comfortable going in. Thanks fellas. 

And for Kelly, make sure you keep checking your mailbox for that check you'll be getting when I croak.

Johnzimbo34 PM Johnzimbo34
Joined: Jul 2010
Posts: 1178
Texas
 
Johnzimbo34
Participation Meter
Posted: 5/28/2012 7:55:04 PM
QUOTE

Originally Posted by depeche2:



And it's never easy peasy to amend another attorney's docs, or worse yet DIY docs, because you have to read them carefully to make sure everything is clear and fits.  Can't just read a small part and change.  Could be malpractice.

Twas the same attorney who created the original. I am sure they would have charged well over $500 to create the original but my company picked up the tab. Had that not been the case, I would have used Legalzoom

 

Midnight1 PM Midnight1
Joined: May 2007
Posts: 5940
Florida
 
Midnight1
Participation Meter
Posted: 5/28/2012 9:55:01 PM

Don't be depressed.....

This is your chance to leave your stuff to those u love....

I-Got-5-On-It PM I-Got-5-On-It
Joined: Jun 2009
Posts: 17551
United Kingdom
 
I-Got-5-On-It
Participation Meter
Posted: 5/29/2012 6:45:40 PM
make sure to leave the wife out of it

that'll keep her quiet in future
Forum: General Discussion
You have entered the forum as a GUEST. 
You must login/register to post or reply.