Hi, I am looking for serious answers ONLY PLEASE. I recently lost my mother and as trustee I had to deal with all the legal issues. I now know the importance of preplanning. Does a married couple need seperate wills? What about a trust? I have one daughter age 28 who will be named as trustee and of course will have to deal with all the legal issues. Where on line can I find some good legal info on preparing a will/trust on my own? Are there any legal professionals who can assist with this for a very resonable fee? I believe I can capable of doing a majority of the prep work with a bit of guidance but might need some legal help to check it all over and possibly give a few suggestions. We do own a home and 40 acres of land . This is not yet pd. for but we have no other outstanding debts or loans. I also have gone to my bank and had my daughter added to my account and got her a key and use of my safe deposit box. Now I know that when my mom passed that having immediate access to the safety deposit box was so helpful as she left cash for immediate expenses and important paper work in there. I did learn that I definitely should have gotten a bit moreinfo from her in regards to banks where she had accounts as this info was no where in will/trust. There was also no info in will and trust in regards to investments she had through Edward Jones. I did know about that though as she had me take her to their office a few times. Now I had some of those investments passed on to me and am planning to have my daughter placed on that account in case of my death.Well of course hubby would have access to it if just I died but what if we both pass at once. What would be the most important things to have in safe deposit box for my daughter? Funeral plans, house/mortage info, bank accounts, some cash etc????I would definitely appreciate some good info from others who have gone through this and or are currently involved in planning for this. Thanks, Karen
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I got a book called Quicken Wills and Trusts from my library.
Also available at bookstores for about $29
It had a cd in it. I read the book cover to cover and filled out the forms and printed them all out.
Then went back to the library and had them notorized for free.
Went to walmart, bought a fire proof box, and told family where it was kept
Note: If you have real assets, go see a lawyer.
But reading this book will help you know what you want and can save you time and money at a lawyers office. Cost is about $1,500.
We didn’t have real assets. Just a home and two cars, and an account
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Major point: Any beneficiaries you have set in your accounts will “override” anything in a will. Make sure these are in place first. Also do your local savings and checking accounts
Separate wills that are created together is the “norm” but it depends a great deal on the specifics of your situation.
Legalzoom.com has a lot of general info available for free as does your local library.
yes, each person needs a separate will.
a trust, if you set one up, has to be done in accord with the law of where you live — hire an attorney to advise you on this.
NO — do not add your daughter to accounts. get the attorney’s advice before doing any such thing. depending on state, the way to effectively do that is to create a trust, put accounts in the trust’s name with you as trustee, and then have daughter become a trustee only if and when you are no longer able to handle that.
this keeps assets out of her name and away from her creditors.
the minor cost of the attorney is a lot cheaper than losing tens of thousands because you did it wrong.
[example: daughter is in auto accident and found to be at fault. the party who was hit sues for much more than her insurance covers, so insurance settles for maximum amount of the policy and suddenly there are some lawyers chasing daughter for tens or hundreds of thousands of dollars -- which, if they win, they could seize from the joint accounts or where ever the joint accounts sent the funds to try to escape their reach.]
Please accept my sympathy for the loss of your mother. It is one of the great personal heartbreaks most of us ever endure.
You are wise to make estate plans now. They can always be changed or modified if the need arises.
In my opinion, you do not have to be lawyer to write a good will. But you must be sure you do the job RIGHT.
As to wills, each spouse executes his or her own will. Each will should have a simple clause which directs that in the rare event that you both die under a joint circumstance (such as a tree falling upon you while at a picnic), you shall be deemed to have died simultaneously. If a dishonest lawyer (I am afraid there are a few) tries to say that one spouse outlived the other for some time, it may cause the assets to fall from the first to die, to the second, and then finally to the final beneficiaries. That would increase the costs of administration.
Some people have large number of items which are to go to certain survivors. Each and every item could be listed as separate clauses for each beneficiary but that can become a long, long list. It may be better to list just the major items such as a tractor or boat or valuable painting in the will. Or it suffice to paste a 3×5 card to the bottom of a table or chair or the back of a dresser on which you write — “For Jane White, with love from Aunt Angie Vance” and specify in the will that you have glued labels which specify who will receive some select household possessions.
Collections like coins or stamps or books or whatever may be left to individuals or they can be sold at auction by a reputable auctioneer, and what you get is what you get. Otherwise, an appraisal may cost more than the accumulation is worth! If there are no other experts in the family, its best the owner direct what to do with these things while they are able to do so.
“Specific bequests” of money sometimes are a problem. A Harry may write his will knowing that at the time he writes it he has $100,000, so there are ample funds to leave a memorial fund of $10,000 to his church and a $5,000 to another favourite charity, with all the rest and residue of the estate is then to go to his younger brother, Jack. Unfortunately Hiram needs a lot of help and care the last many years of his life and when he dies there is only $19,000 left. Brother Jack only receives $4,000. In this instance, it would have been better for Jack if his brother had specified 10% only to the church, 5% to the charity, and the rest and residue to the dear brother.
You must name an executor or executrix, and then designate an alternative who will serve in that capacity if the first named is unable or unwilling to serve for any reason.
The only reason I have created these flowery, involved senarios is to point out the pitfalls that can surround a simple will. I like your ides of writing your own wills and having a lawyer review. A simple will should cost perhaps $500. Shop around Initial consultations to get the lay of the land should be free!
You will need separate wills. Don’t try to do it on your own. There is a chance it could be wrong. And who are your loved ones going to call when one of you passes? The 1-800 number on the back of the software box?
Spend the extra money and use a local law firm who does wills/trusts. They will know the proper protocol. And when the day comes that someone passes, your family will have a number of a law firm to call to assist in the execution of the will and to answer any questions.
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