? about wills

[AllieHound]

H and I still haven't completed a will. :-|

Do we need to go to a lawyer, or would something simple like LegalZoom or just using a template and having it notarized work?

It'd be extremely simple. We'd just need to designate a guardian for Max and determine who gets our dog. We'd also like to designate certain items to certain people (i.e. H has a freaking metric ton of mechanic's tools- he'd like for his brother to get all of them, etc.)

Our life insurance both pays out via our employer, so our beneficiaries are already designated there.

What should we do?

[Deleted]

1) Do not use legalzoom. The hardest part of doing a will isn't drafting the terms (although they can ge complicated) it is making sure the will is properly executed. When I was practicing I had clients with computer generated wills that the court refused to accept because they weren't properly executed.

2) You need life insurance outside of work. Work life insurance is good if you die suddenly in a car accident, but if you die of cancer and spend 2 years fighting cancer, you've probably quit your job and don't have life insurance. I would get a term coverage policy.

[SJ]

I would definitely see a lawyer. Around here a basic estate plan with a reputable lawyer can be as cheap as $500 if you go outside the city. It's worth the money.

[Deleted]

Jul 9, 2012 6:36:53 GMT -5 SJ said:

I would definitely see a lawyer. Around here a basic estate plan with a reputable lawyer can be as cheap as $500 if you go outside the city. It's worth the money.

I would expect to pay between $500-1000 for a basic I love you will with powers of attorney, health care proxies, etc.

OP another thing to consider when determining guardianship is do you want the same person to have physical guardianship of your child and any assets that would go to your child if both of you passed? Your child would be eligible for SS survivor benefits which will probably be several hundered dollars a month plus the life insurance policies. I always recommend separating the two. My sister #5 is guardian of my kids but sister #4 is trustee/guardian of the estate

[AllieHound]

Jul 9, 2012 6:34:36 GMT -5 @septimus said:

1) Do not use legalzoom. The hardest part of doing a will isn't drafting the terms (although they can ge complicated) it is making sure the will is properly executed. When I was practicing I had clients with computer generated wills that the court refused to accept because they weren't properly executed.

2) You need life insurance outside of work. Work life insurance is good if you die suddenly in a car accident, but if you die of cancer and spend 2 years fighting cancer, you've probably quit your job and don't have life insurance. I would get a term coverage policy.

That's what I figured, but LegalZoom makes it seem so simple, lol. Now I just have to find a weekday time that H and I are both free. Ugh.

#2- I didn't think of the extended illness issue. Plus, I guess that now we have a child, we'll need more than 3x our income to ensure that my parents (who would be his guardians) could settle our debts and provide for him without effing up their retirement. Bah. I'll start looking into plans.

[Deleted]

Most attorneys will be flexible on meeting times. I usually met with clients first thing in the morning or late afternoon when I was practicing and even did some executions after 5pm

[drloretta]

Get a lawyer. Different states view the legality/enforceability of DIY wills differently. I'd invest in a lawyer who could make sure your i's are dotted and your t's are crossed, esp when there's a child involved.

[beachdweller]

Like PPs mentioned, I'd definitely get a laywer. H and I are both lawyers and we would not do them ourselves because we are not trust and estate specialists and there are lots of intricacies to the law. We have fairly simple wills and the fee was $800 for a reputable attorney.

[chessie]

My parents just did one it was 150 for a simple will. Anyone else, depending on the laws in your state, sometimes a simple statement with a notary signature will suffice

[AllieHound]

Bless Ohio. I just called the lawyer who did H's grandpa's estate...$150 for a simple will. $250 if we need to set up a trust.