Do you have a will, or trust? (1 Viewer)

[Hot Sauce Guy]

At 52, it occurs to me that I am not immortal.

Sucks, right?

Have any of you gone through the process of preparing a will, or established a trust so that when you shed this mortal coil, all your stuff / pets / business / those 3 shiny nickels you’ve managed to save goes to some sort of specific distribution rather than the state taking it all?

If so, did you do it through an attorney, or a specialist, or with some sort of online service?

Just starting to think about it. Frankly it’s a miracle I’ve lived this long, much less saved the 3 shiny nickels.

 

[IvanKaramazov]

There's nothing complicated about our estate, but we went through a local attorney. It wasn't expensive, and we also squared away which kid makes end-of-life decisions in the event that my wife and I are both incapacitated, so that's a fun discussion.

 

[Hot Sauce Guy]

we also squared away which kid makes end-of-life decisions in the event that my wife and I are both incapacitated, so that's a fun discussion.

Fortunately/unfortunately I don’t have kids, so that’s a relatively easy one for me.

I do own a business, so that has value. Would also be nice to know my dogs will go to a friend rather than a shelter.

Anyone tried self-service for this? What was your experience like?

 

[Uruk-Hai]

My most recent was done through a local attorney about 10 years ago. My estate is not complicated, but I wanted to make sure I didn't miss anything and it was worth the couple hundred bucks for that peace of mind.

I would also strongly suggest laying out your medical directives, as Ivan mentioned above. All of my health care providers (as well as the systems they work under) have mine, as do my immediate family members.

 

[-OZ-]

With minor kids, darn straight we have a will. And living will. Ours are done free through “work”.
Probably should update the will as we currently have the kids living with my in laws and MIL getting most of our money to raise the kids. Now with two adult children that should be changed.

 

[-OZ-]

There's nothing complicated about our estate, but we went through a local attorney. It wasn't expensive, and we also squared away which kid makes end-of-life decisions in the event that my wife and I are both incapacitated, so that's a fun discussion.

We’ve been having the discussion with my parents recently, they got theirs done through their assisted living facility.
My MIL is dealing with the mess when her mom and husband are basically incompetent now and they don’t have things in place. Straight up ugly. And she’s dealing with it from a thousand miles away.

 

[beer 30]

In the same bhote. I'm a little older than you, two grown kids with a very simple estate. We have a very old will I did when we had our first child and haven't really updated since so we have something but I'd rather have something done local and my lawyery. Curious as to cost some of you have seen going down this road? Less than $1,000? More? Need to know how much to squirrel away.

 

[need2know]

A trust. And everyone should have something. You don't want other people deciding what to do with your stuff

 

[New Binky the Doormat]

yes - the whole smear - trust, will, power of attorney, living will, etc.

 

[Osaurus]

Yes. At some point I need to switch everything over to a trust for fund distribution.

 

[Hot Sauce Guy]

A trust. And everyone should have something. You don't want other people deciding what to do with your stuff

exactly.

 

[Keerock]

:sehr0n:

 

[need2know]

In the same bhote. I'm a little older than you, two grown kids with a very simple estate. We have a very old will I did when we had our first child and haven't really updated since so we have something but I'd rather have something done local and my lawyery. Curious as to cost some of you have seen going down this road? Less than $1,000? More? Need to know how much to squirrel away.

i cant remember exactly how much it was but it was around1K for the trust. But its nice knowing every little thing is taken care of.

 

[Phil Elliott]

FWIW - Make sure you have beneficiaries established in your monetary accounts. Beneficiaries override the will.
Also you should have updated list of accounts/passwords in a secure place. It can be a problem getting into accounts if you don't have authority and passwords.

 

[Stoneworker]

At 52, it occurs to me that I am not immortal.

Sucks, right?

Have any of you gone through the process of preparing a will, or established a trust so that when you shed this mortal coil, all your stuff / pets / business / those 3 shiny nickels you’ve managed to save goes to some sort of specific distribution rather than the state taking it all?

If so, did you do it through an attorney, or a specialist, or with some sort of online service?

Just starting to think about it. Frankly it’s a miracle I’ve lived this long, much less saved the 3 shiny nickels.

I have a will (for house), trust (for everything else to avoid probate) and bank accounts payable on death directly to listed beneficiaries.

Used Nolo Willmaker software and an estate planning book. IIRC around 60-80 bucks and has all the legal documents you need for most straightforward estates (will, trusts, health directives, etc.) and tailors them per state laws. Made by Quicken so works like tax/accounting software. Updates every year for law changes.

 

[Hot Sauce Guy]

At 52, it occurs to me that I am not immortal.

Sucks, right?

Have any of you gone through the process of preparing a will, or established a trust so that when you shed this mortal coil, all your stuff / pets / business / those 3 shiny nickels you’ve managed to save goes to some sort of specific distribution rather than the state taking it all?

If so, did you do it through an attorney, or a specialist, or with some sort of online service?

Just starting to think about it. Frankly it’s a miracle I’ve lived this long, much less saved the 3 shiny nickels.

I have a will (for house), trust (for everything else to avoid probate) and bank accounts payable on death directly to listed beneficiaries.

Used Nolo Willmaker software and an estate planning book. IIRC around 60-80 bucks and has all the legal documents you need for most straightforward estates (will, trusts, health directives, etc.) and tailors them per state laws. Made by Quicken so works like tax/accounting software. Updates every year for law changes.

Ooh, I’ll look into that, thanks!

 

[culdeus]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

 

[Keerock]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

Who do you think you're talking to here?

 

[dkp993]

I tend not to trust people and struggle with the will to do thing I really don’t want to but should.

 

[JAA]

My most recent was done through a local attorney about 10 years ago. My estate is not complicated, but I wanted to make sure I didn't miss anything and it was worth the couple hundred bucks for that peace of mind.

I would also strongly suggest laying out your medical directives, as Ivan mentioned above. All of my health care providers (as well as the systems they work under) have mine, as do my immediate family members.

this

 

[Stoneworker]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

Biggest advantage I've found vs. will for eligible assets is avoiding probate time/hassle/cost

 

[beer 30]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

My brother had a trust for his estate thinking that he would have some cash at the end of his days. He also lived in CA so maybe thought it would add some insulation from the state? I don't know but it was a total ****show closing things out because he never funded the trust. His lawyer drew it up and knowing my brother, he thought that because the document existed, everything was taken care of. Dot the i's and cross the t's if you are going to go down that road.

In my opinion, no, you don't need one for a simple estate but I'm not a lawyer and provide no guidance so don't sue me.

 

[beer 30]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

Biggest advantage I've found vs. will for eligible assets is avoiding probate time/hassle/cost

What hassle/cost would be associated with a will that establishes clear lines of succession? Genuinely curious since I'm heading down this path sometime soon as well.

 

[Stoneworker]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

Biggest advantage I've found vs. will for eligible assets is avoiding probate time/hassle/cost

What hassle/cost would be associated with a will that establishes clear lines of succession? Genuinely curious since I'm heading down this path sometime soon as well.

My understanding is processing a will in probate court takes 6-12+ months. Plus you need an attorney to represent you.

Living will/trust goes into effect automatically within 48 hrs after death.

Disclaimer: I'm not an attorney and going off memory from when I put my estate plan together several years ago.

 

[Mrs. Rannous]

My understanding is processing a will in probate court takes 6-12+ months. Plus you need an attorney to represent you.

Depends on where you live and on how complex the estate is. Probate cost us very little and took just a few weeks. (Texas)

 

[pollardsvision]

Just got mine done about a year ago. $700 with a human, local attorney.

A special needs trust for my "wife" that's brain injured, with my niece as trustee and executor. I say "wife", but we aren't married. All that is why I went with a human instead of an online will.

I hope it'll all work the way it's supposed to (all beneficiaries on accounts updated).

But we'll see. The well established law firm I used sent me the kid fresh off passing the bar. No reason to think it wasn't done properly, but I do have underwear older than this kid.

 

[Mrs. Rannous]

I tend not to trust people and struggle with the will to do thing I really don’t want to but should.

Hire an estate attorney. Otherwise, you are trusting random strangers to distribute your stuff. It often doesn't end well.

 

[Stoneworker]

My understanding is processing a will in probate court takes 6-12+ months. Plus you need an attorney to represent you.

Depends on where you live and on how complex the estate is. Probate cost us very little and took just a few weeks. (Texas)

Yes. State-by-state laws can vary greatly and also based on size. In CO, it's a minimum of six months for >$50K and/or real property.

Both informal and formal probates must be open with the court for at least six months, but full administration of the estate may take much longer.

https://www.denbar.org/Public/Public-Legal-Information/Probate-in-Colorado

 

[Yankee23Fan]

For what it's worth, I do a decent amount of probate litigation. The overwhelming majority of cases are just selfish evil people or a form document that doesn't say everything it was supposed to or completed wrong.

YMMV.

 

[Mrs. Rannous]

For what it's worth, I do a decent amount of probate litigation. The overwhelming majority of cases are just selfish evil people or a form document that doesn't say everything it was supposed to or completed wrong.

YMMV.

Yep. Also, if you move to another state, it's time to update. Different states have different wording for things.

 

[Terminalxylem]

I would also strongly suggest laying out your medical directives, as Ivan mentioned above. All of my health care providers (as well as the systems they work under) have mine, as do my immediate family members.

This is really important, with some qualifiers:

1. Be familiar with the content of your directives. Nobody likes talking about this stuff, but it’s inappropriate to solely refer to the paperwork, when clarification is needed.
2. Make sure your family, especially your surrogate decision maker(s), know the content as well. They need to be on-board with your decisions, if you cannot speak for yourself.
3. Clear, simple language, with concrete guidance is best. Pages of legal jargon filled with hedging is less good. These guys do a great job distilling end-of-life decisions - stuff like “if I have an incurable/terminal condition, or am in a vegetative state, with no meaningful hope of recovery, do not extend my life by artificial means” is too vague.
4. Make these decisions when you are feeling OK, preferably during a dedicated appointment with your primary care provider. All involved parties (healthcare POA, surrogate decision maker) should be present, to facilitate #2.
5. Be prepared to revisit the directive whenever your health changes, and any time you are admitted to the hospital.

 

[Hot Sauce Guy]

$700 with a human, local attorney.

How much for say, a monkey dressed as an attorney?

 

[dkp993]

$700 with a human, local attorney.

How much for say, a monkey dressed as an attorney?

HSG. You missed the obvious joke. Are the any attorney’s who are actually human?

 

[Hot Sauce Guy]

$700 with a human, local attorney.

How much for say, a monkey dressed as an attorney?

HSG. You missed the obvious joke. Are the any attorney’s who are actually human?

My father?

 

[Zegras11]

yes, living will. Have special instructions for our son with Aspbergers. Did it about 8-9 years ago. Need to possibly update it soon.

 

[Terminalxylem]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

Biggest advantage I've found vs. will for eligible assets is avoiding probate time/hassle/cost

For those of us without kids, doesn’t your spouse get access to all assets by default (no probate necessary?)?

 

[dkp993]

$700 with a human, local attorney.

How much for say, a monkey dressed as an attorney?

HSG. You missed the obvious joke. Are the any attorney’s who are actually human?

My father?

Mine too, though he doesn’t even have being and attorney as an excuse.

 

[Gawain]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

Biggest advantage I've found vs. will for eligible assets is avoiding probate time/hassle/cost

For those of us without kids, doesn’t your spouse get access to all assets by default (no probate necessary?)?

No, not in any state I’m aware of. Properly beneficiaried accounts will pass through, as will accounts held jointly. But anything in your name only generally would be part of your estate. If you die intestate or have a will to probate those assets are tied up.

Source: trusts and estates at CLS 15 years ago and currently settling my moms estate.

 

[fatness]

Advanced medical directive, power of attorney, and will for my wife and myself --- $900 by a local attorney known for being particularly good at those things. I did it before my spinal surgery last August because once you're on an operating table and out, you don't know if you're coming back.

 

[fatness]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

Biggest advantage I've found vs. will for eligible assets is avoiding probate time/hassle/cost

What hassle/cost would be associated with a will that establishes clear lines of succession? Genuinely curious since I'm heading down this path sometime soon as well.

My understanding is processing a will in probate court takes 6-12+ months. Plus you need an attorney to represent you.

Living will/trust goes into effect automatically within 48 hrs after death.

Disclaimer: I'm not an attorney and going off memory from when I put my estate plan together several years ago.

Took 2 months in the case of my mom (in PA) who died last December. The only time spent after that didn't involve the state, just the time of attorney I hired to administer it (so I didn't have to hear a raft of **** from my sisters about me administering it). Anybody want to buy some sisters?

 

[Mrs. Rannous]

Do you really need a trust if you have under 10MM? I mean what is the advantage outside of estate tax situations

Biggest advantage I've found vs. will for eligible assets is avoiding probate time/hassle/cost

For those of us without kids, doesn’t your spouse get access to all assets by default (no probate necessary?)?

State law decides this. Somehow, I doubt you want to leave this sort of thing to them.

Also, the spouse may not actually die, but be only sort of dead. Being comatose or in a vegetative state means that they don't die, but the spouse can't necessarily access needed assets. Or sell a house, or get pension funds, or anything else. A will is not sufficient. You need a PoA and all that other goodness to make things go smoothly.

 

[Judge Smails]

Did a trust about 10 years ago. Great peace of mind

 

[Chemical X]

yes

 

[beer 30]

Something that's been mentioned numerous times is end of life directions. Being the youngest in a much older family, I've seen this play out a few times and although everyone involved knew the intentions of the infirmed & complied, it could have gone much differently if a sibling contested pulling the plug. Just another reason to make sure you have everything lined out well in advance.

As I mentioned upthread, my brother had a fairly straight forward trust but it was never funded. His will was a mess with hand written notes on it and executors crossed out and substituted. In addition, every one of named executors before me had passed away already and as a final hurdle to crest, my name was spelled wrong in the trust. Made for an interesting few months trying to unwind everything but most people I dealt with were understanding by having all the paperwork I needed to prove who I was, what I was doing and that my brother was, in fact, dead, it usually went my way. Had he updated things as over the years, it would have been so much easier to close his estate. COVID actually helped as it was March 2021 so there was a lot more leeway granted I think, then would normally have occurred otherwise.