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Where there's a will...

January 6th, 2012 at 08:11 pm

Please slap me now, I'm ashamed to admit we have a house, child, retirement plans, too much personal property, half interest in my late-mother's home, a dim-witted dog, a three-car garage with two cars, and ...no will. My goal for the next three weeks of my break is to get some things done--probably most importantly a will. Should we do it ourselves with a kit? Do we need an attorney? Does our dual citizenship complicate this? I'm willing to throw a couple hundred dollars at this endeavor if need be.

Advice?

10 Responses to “Where there's a will...”

  1. PauletteGoddard Says:
    1325881958

    Dual citizenship shouldn't complicate things, but you might consult a lawyer knowledgeable in international tax. I had a will done with the help of a US lawyer. You'd certainly save a lot of money doing it yourself. We paid $600 ten years ago but I had some living will/healthcare directives to throw in a month away from giving birth, and we both had wills done. Coincidentally I was today thinking of revising my will.

  2. creditcardfree Says:
    1325882018

    We have our will's done by the lawyers for the Army (JAG officer's). I think a free consultation with a lawyer might give you some good idea on price and if the dual citizenship would make a difference. It seems it might for assets in another country.

    In the meantime, an will from an online source would suffice until you get something more official put together. I think Dave Ramsey endorses US Legal Forms.

  3. ceejay74 Says:
    1325882785

    Having just done this, some stuff is fresh in my mind:

    - If your husband has UK property in his name only, it might complicate things. We still need to consult with a UK property lawyer to see what to do about NT's flat in his name. Otherwise, it shouldn't really matter.
    - If you have life insurance policies and retirement accounts in one of your names, those are handled outside a will, so make sure the correct person is designated (and sometimes you can designate contingency heirs, like your main heir is your husband, but if you and he die in a crash together, your daughter gets the money instead).
    - You may want to consider healthcare directives as well, denoting your wishes in certain gray areas (like whether or not to keep you alive on life-support or for how long).
    - If you have tangible assets you want handled outside the will, do up a dated list (could be handwritten) and list them and who you want them to go to. Keep it with your will.
    - Burial/cremation wishes aren't included in wills or healthcare directives, so make sure you communicate these to loved ones another way. You could write them out, date them and keep them in the same place as your will.

    It wouldn't be a bad idea to consult with an attorney, but since you don't have a super-unusual situation (as far as I know), you could probably do it yourself (using a service, but cheaper than hiring an attorney).

  4. MonkeyMama Says:
    1325883184

    *SLAP* (You are certainly not alone, but is not a good excuse. Wink )

    If you want it done right, you will need an attorney. If you care at all about what your heirs will go through when you are gone, you need an attorney. All I can say about those will kits is that "They are better than nothing," but even then I don't know if that is really true, because you can end up with unintended consequences.

    A good estate plan/will can cost you a few thousand dollars, easy. But this is not the kind of thing to scrimp on. You'd probably want living revocable trusts - trusts makes things infinitely easier for your heirs when you are gone, and helps you avoid many problems.

    If you want to know why I have a will, trusts and life insurance, (since my 20s) it's from seeing really bad situations all the time with my clients. I didn't need to be sold to get a trust - I had seen the difference it makes in action - it's night and day.

  5. CB in the City Says:
    1325883762

    I had mine set up through an attorney several years ago and did not regret it. It was a very simple will and I think it cost around $200-400 at that time; would probably be more now.

  6. baselle Says:
    1325885661

    From the heir perspective, second monkeymama on the ease of the trust.
    With the retirement plans, you also want to check on and if necessary update the beneficiaries. Those are handled separately from the will. For example, if you try and give to your heirs the proceeds of your 401K through the will...not going to happen. It goes entirely to your beneficiaries.

  7. ThriftoRama Says:
    1325893947

    We don't either. I'm ashamed. It's on the list for early this year.

  8. Dido Says:
    1325907998

    The advice about the usefulness of a trust may vary depending on the complexity of your assets and your state laws. People sometimes think that a trust will get them out of paying estate taxes, and it doesn't do that. In some states I guess probate is a big deal but here in PA, it's pretty simple, and for many people, using a trust would be just more money in the attorney's pocket and not essential. But an attorney's advice could be invaluable if the situation is complex.

  9. My English Castle Says:
    1325956663

    Appreciative round of applause to all of you. Discussion has ensued, and we will begin at least a cursory DIY will this weekend. My experience with my mom's healthcare directives this past summer seemed instructive and we'll attempt those as well.

  10. MonkeyMama Says:
    1326060861

    To add to what Dido said - it just depends on the state. If you own a house, that is complex enough. Complexity is kind of the least of it, in California. If you own ANY assets you would want to avoid probate, and would save your estate a lot of attorney fees in doing so. BUT, it sounds like it is a good idea to get a more clear opinion from people in your own state. State laws do vary largely.

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