Pierre and Mary

I know this is not very pleasant topic but next year we are planning to take a few trips. Unfortunatelly, things do happen and we are thinking about making some changes to our Wills. It seems that lawyers, we spoke to, are charging a small fortune for preparing them. Did you find any inexpensive way to have your Will written?

mj

The good news is you have the foresight to keep your wills current. The bad news is you're trying to skimp on an expense w/potentially profound financial implications for your heir(s) and/or a surviving spouse.<BR><BR>No, I'm not a lawyer. My SO is a registered rep. for a life insurance company and offers the following:<BR><BR>Lawyers are NOT financial "experts".<BR>Financial "experts" are NOT lawyers.<BR><BR>If you want a properly constructed will, use both a lawyer AND a financial advisor.<BR><BR>If have not done so, review your financial goals with a professional and yes, she does this type of thing on a regular basis at no charge to her clients - her fees are derived from commissions for any "products" she sells.<BR><BR>As a normal part of the financial planning process, wills are reviewed and changed to fit financial goals.<BR><BR>My SO (and all financial advisors) work w/lawyers for just such needs and the fee associated w/the will are (usually) less than if you did a "one off" will with an attorney.<BR><BR>In any event, the fee is the fee and you get what you pay for.

Hmm

I think that this is a pertinent, even if unsavory topic. I do not think that it is impossible to find a lawyer with appropriate education and expertise in personal/estate financial planning.<BR>

kfferfg

Our overseas trip a few years ago prompted us to create wills also. The attorney will picked was "reasonable" at about $400 (compared to your trip costs, that's nothing). She was well versed in how we needed to set up finances. Go ahead and take the plunge. (If you do it yourself on a computer program, that will cover the basics but quite a bit will be left out.) Also make sure someone back home has a temporary power of attorney in case both of you are incapacitated, but not deceased. We set ours to take effect the day we left and end the day we revoked it (when we returned). That way someone could take care of bills, etc. until we could.

Thyra

I don't know if this is possible in every state, but my parents here in California, just had their wills updated by a service called "We the People" which can draw up contracts (wills etc), and is half the cost of hiring an attorney.

Bob Brown

I think you should have a will, regardless of whether or not you travel. The only clause in my will that is traffic specific relates to death under conditions where there is no way to determine who died first, my wife or I. In reality it does not matter, but legally there seems to be some kind of problem if that eventuality is not covered.<BR><BR>I strongly suggest that you not write your own will, despite the number of computer assisted aids on the market.<BR>I say this because my aunt wrote her own will because she was trying to save a few dollars. As it turned out, her money saving efforts turned out to be very expensive. The cost was not only money but also pesonal feelings. The ruckus arose because of the use of the term "personal things". Hard to believe, but the phrase led to a family dispute and the end of people speaking to one another.<BR>The executor of the will finally was forced to seek legal opinion on just that one phrase. What is or is not a personal thing? I.e. is an automobile a "personal thing?" By the time the settlement costs were paid, the attempt to save a few dollars ended up costing far more than two sets of legal fees.<BR><BR>I honestly think it would have been simpler if she had died with no will.<BR><BR>I think an issue that is more important is to have some kind of insurance that would cover transportation in case the worst happened while you were away from home. <BR><BR>

Pamela

I am NOT an Attorney NOR CPA for the record. Pierre and Mary it is interesting that you brought this topic up. My father, who has been practicing law for 40 years, says that it is always an excellent idea to have not only a Will but also a Living Will.<BR>I have talked with him about what he thinks about those cheap will kits etc..Well of course any Attorney will tell you not to use them. But he went on to further say that in many instances those "simple wills" leave out much to be determined. Then it costs more money for the family of the deceased to hire an Attorney to clean up the issues that were not addressed in the Will. Basically what he said was you get what you pay for. He has had several clients who thought they were smart until they found out otherwise. I would use common sense. Seek out Counsel that fits your budget and needs. Seek out other professional advice from a CPA, Financial Advisor etc...Make sure though that they are independent from one another. Then there is no conflict of interest created. Good luck and excellent post. <BR>

xx

Not top be morbid, but my mother died ina tragic accident on a trip with no will and some major assests. It was hell. Major lawyer fees (about 10,000), time in court, etc. <BR><BR>Have a lawyer write a will for $500

jane

xx sorry about your mother...

figaro

Please - when you consider making up your will also prepare a Power of Attorney and a Health Care Proxy - the Power of Attorney designates someone you trust to be able to make financial decisions for you and a Health Care Proxy designates what YOU want to do if you are incapacitated. All three documents go hand in hand, and I really feel one is not more important than another.

Lexma90

Pierre & Mary - <BR><BR>In addition to all the good advice above, you mentioned that you want to make some changes to your wills. It should not cost as much to change your will as it would to initially prepare them; are you sure the attorneys you spoke to knew you just wanted to revise a current will?<BR><BR>On the subject, before my husband and I travel, we make sure that the executor & the person who would be our children's guardian if anything happened to us know we'll be out of the country, have the will, know where it is, etc.

Ann

I would hope that taking a trip isn't what prompted you to make out a will. That's something that should be automatic, like health insurance and paying your taxes.<BR><BR>Speaking of taxes, unless you anticipate that your estate will be worth more than $1 million, you probably don't need a tax advisor/estate planner for your will. But given the increase in housing prices over the past several years, many people do have much more than that in assets. In that case, you simply need to go to a tax advisor/estate planner. Just because someone is a CPA does not mean they can help you with estate planning. However, you should make sure that your estate planner is a CPA or lawyer or both. An excellent place to find these people is at local community colleges. They often teach tax classes there part-time, and have a large local client base. If your will requires a lawyer, they can direct you to someone.<BR><BR>One note on something I discovered after my father died. It's not a good idea to leave any papers that your executor or family need to access after your death in a safe deposit box at the bank. Upon your death, the only thing that may be removed from the box is a will by a person whose is not on the safe deposit box account with you--NOTHING else. You have to wait until the estate is settled before you can get to these papers. So make sure you have copies of insurance documents, etc., in your house. We didn't have problem with this, fortunately, as my mother shared the box with my father, but the bank pointed out that my mother should now be careful with what she leaves in the box.

Zoe

I work for a wills and estates lawyer in Alberta, Canada. You do not want to do your own will. Yes, you can, but chances are you will neglect something. Just finished probating an estate that a farmer with assets of over one million wrote himself. He didn't want to spend the $ on a lawyer. His will left various quarter sections of land to different relatives and the oil well leases on them to other relatives. So - does the beneficiary have the right to renew the lease? Can the beneficiary will the lease to someone else? None of these issues (and others) were covered in his will, along with neglecting to put in a residual clause. His estate spent more money fixing the problems than he would have spent going to have his will drawn up by a lawyer initially. Perhaps you don't have these assets but if the will is not correctly witnessed you have a problem. Or perhaps the will isn't dated as when my uncle did his will. Lawyers know the terminology that works in order to probate a will. If you have children and need to appoint a guardian, this is even more important. Do you complain over paying for insurance so that your family is looked after? A will is not for your benefit but for your loved ones.

Art

In addition to a will, look into a living will and a trust which can save tens of thousands or more. It can avoid probate, which can cost a lot. You must make sure that you put all of your property into the trust, as anything that is not will have to go through probate. This is not true in all states, but quite a few. <BR>

orgy7

I tend too travel a bit. especially too third world countries.. i made my will last year. at the age of 27.. I used willmaker7 software. it is all legit and all you need is too get it notarized.. <BR><BR>I'n my will I asked that I be cremated and my ashes be thrown down a sewer drain. in the cities of Hartford. CT, USA. (the ciry where I was born, and some in Peraira, Colombia. (the ciry where I was raised as I todler).. NO JOKE<BR><BR>Wills are fun not morbid.. or is it that i am morbid and not fun...

suzir

An additional note about Power Of Attorney. My Dad had both, health care and financial. He was admitted to a nuring home after a series of strokes left him mentally incompetent and unable to care for himself. (In home care would have been an option if we could have found a reliable service). <BR>But-- within a couple weeks of admittance both the nursing home and stock broker wanted him to sign new POA's. The one's on file were "more than 6 months old"! <BR>

Portia

Suzir, I don't know what state you're in, but what they told you sounds very fishy. First of all, if your father was mentally incompetent he couldn't have legally executed a power of attorney. Second, if he had durable powers of attorney, which go into effect when the drafter is incompetent, they shouldn't expire, at least not in the states w/which I'm familiar.<BR><BR>My point is that people shouldn't think that powers of attorney normally need to be renewed every six months or anything.<BR><BR>Again, any good estate planning attorney should be familiar with your state's power of attorney law.<BR><BR>(BTW, I'm not currently practicing, but I am an attorney familiar with powers of attorney.) <BR>

Gerry K

As movie actor George Raft said prior to his death, "During my movie career, I earned thirteen million dollars. I spent eight million dollars on women, whiskey and gambling. . . And the other five million I blew."<BR><BR>Sounds like a better plan to me. No lawyers to deal with.<BR><BR>GK

hmm

orgy7: I'm not sure what state you are in, but I believe that in some (perhaps most?) states a typed Will needs to be witnessed, i.e. your signature needs to be witnessed, not just notarized.