Creating a will with or without a lawyers help?

[LuckyTaxi]

My wife and I are looking to create a will in the event we both pass away and someone needs to take care of our 2y/o. Besides our home and about $40k in savings, the bulk of our estate would be in the form of life insurance. I found a lawyer that would prepare a will for us for $300.

Does it make sense to have him do it for us as suppose to one of those online services? My question is, what would I get out of a lawyer preparing one as suppose to doing one on my own?

 

[RaistlinZ]

Making sure your child is taken care of seems like something I wouldn't be bargain hunting for. Make sure it's done right.

 

[JamesV]

I agree with RaistlinZ.

My cousin is a tax lawyer, and all the things you never thought of is why she is so highly paid by large companies.

Think of that $300 as insurance instead of a outlay.

 

[rockyct]

It seems like with a will, it's one of those things you don't exactly want to cheap out on. Even $300 doesn't really seem right.

 

[ElFenix]

you need a trust for the kid to deal with the life insurance proceeds. those typically pass outside of probate.

 

[11thHour]

If you really want to help your kid out, put the assets in a trust to help keep resolution out of probate court, which is a hassle and can be very expensive.

 

[boomerang]

Another vote for a trust. My mother had one and I was the executor. It made wrapping up her affairs very much easier. Especially in light of the fact that my sister and I were the only heirs but my sister is mentally ill. No probate is the big reason. A lot of people don't understand that a will does not mean that the Probate court doesn't get involved. I can only imagine the grief I would have had to endure arguing in court with my sister if she'd contested the will. She is also a former drug addict and is a master manipulator of people.

A trust is much more expensive though and there will be some ongoing costs especially if you're young. As your wealth increases changes will have to be made. That of course would also be true of a Will.

 

[jaha2000]

You need to get a trust and plan on spending 1500-2500 by the time you are all said in done.
The last think you want to have happen is for your stuff to goto probate and the government taking 1/3 of it. Its also a much more powerful document in the courts eyes and makes the transfer of assets much easier.

 

[MustISO]

We created the wills ourselves and took them to a bank to have it notarized and signed by witnesses.

 

[TWG1572]

We went down the same road a few years ago. I'm typically a do it myself guy, but we opted for a local lawyer because this is not something you can afford to mess up. Minor details can make a big impact. We paid about $300, but found someone who provided a lot of great input and suggestions that were pertinant to our situation. There are good lawyers out there, and ones that just want to slam you through their cookie cutter will process. Find a good one.

We are relatively young, so just opted for the will vs. trust. The odds of us both dying at the same time are quite low, and if only one of us dies all the assets automatically go to the surviving spouse in our state. At some point, I'd agree that the trust will make sense. We just didn't think it was right now.

 

[spacejamz]

I would also suggest making your funeral plans/wishes (burial/cremation/etc) and your DNR options at the same time...My dad passed away last week and these are issues we dealt with.

For the DNR, there are 3 levels:
1) Do nothing
2) Only medication, i.e., epinephrine, to jump start heart
3) Allow use of CPR/Paddles

My dad had a bypass done and the doctors recommended option 2 for him as chest compressions a few days after open heart surgery would do more harm than good... Some of our family members wanted #3 but ultimately it was up to my brothers and I to make the decision and we opted for #2 based on what the doctors recommended. It is a very emotional situation and having this decision known ahead of time will save alot of grief.

 

[Brainonska511]

I would also suggest making your funeral plans/wishes (burial/cremation/etc) and your DNR options at the same time...My dad passed away last week and these are issues we dealt with.

For the DNR, there are 3 levels:
1) Do nothing
2) Only medication, i.e., epinephrine, to jump start heart
3) Allow use of CPR/Paddles

My dad had a bypass done and the doctors recommended option 2 for him as chest compressions a few days after open heart surgery would do more harm than good... Some of our family members wanted #3 but ultimately it was up to my brothers and I to make the decision and we opted for #2 based on what the doctors recommended. It is a very emotional situation and having this decision known ahead of time will save alot of grief.

My condolences.

To the OP: For living wills and healthcare proxies, absolutely go to a lawyer. What is covered, its enforce-ability, and specific wording can vary a lot depending on the state you live in.

 

[Linux23]

I would also suggest making your funeral plans/wishes (burial/cremation/etc) and your DNR options at the same time...My dad passed away last week and these are issues we dealt with.

For the DNR, there are 3 levels:
1) Do nothing
2) Only medication, i.e., epinephrine, to jump start heart
3) Allow use of CPR/Paddles

My dad had a bypass done and the doctors recommended option 2 for him as chest compressions a few days after open heart surgery would do more harm than good... Some of our family members wanted #3 but ultimately it was up to my brothers and I to make the decision and we opted for #2 based on what the doctors recommended. It is a very emotional situation and having this decision known ahead of time will save alot of grief.

Sorry about your loss.

 

[boomerang]

Make sure somebody knows where that DNR is and how to get a hold of it quick.

My mother passed away at home at about 2 AM. My sister who lived with her called 911. The EMT's came in and started CPR with my sister in the beginning telling them that she had a DNR. They told her that DNR's don't mean anything and they continued to perform CPR while my sister stood there listening to all of my mother's ribs breaking one after another. Yes, she was dead, but still. My sister called me totally frantic and at this point she was screaming at the EMT's but they were screaming back and still doing CPR while completely ignoring the legalities of the situation.

Finally, after 20 minutes they loaded her into the ambulance and took her body to the hospital. We show up and the doctor's tell us that they have her intubated but that she is unable to breath on her own. No shit, she's dead.

We told the doctor's about the DNR and they asked to see it, disappeared for a minute or two and came back with their condolences. At least the doctor's were willing to comply with the law.

The ambulance company sent a bill for their services for both the date they were there, and for another date about four days later. I knew at that point that it was the funeral home that had picked up her body from the hospital. I called the ambulance company and asked about the service they had provided on the latter date. They rattled off this and that. When I told them that she had passed away several days prior, they hemmed and hawed and said not to worry about that bill.

So now that I'm on a roll, and this won't take much longer, months later I get a bill for some medical procedure. The wording is a little off, almost like it's a translation and Google shows the address is in an industrial development. Be wary. There are predator's out there that I can only assume look at the obits and strike. Out of everything that had to be dealt with, a fake bill like they sent for $78 could easily slip through.

 

[spacejamz]

Sorry about your loss.

Thanks...

While we are on this topic, It would be a good to find out from your parents if they have a will/executor, DNR, funeral preferences as well...it is a morbid and uncomfortable subject though..

If they have life insurance, 401K's, bank accounts, at least knowing the names of the institutions is a great help...knowing account numbers would even be better. We lucked out as we found a sheet my Dad kept with his accounts and passwords. This is stuff you never think about until it is too late to ask.