Making a will

[skycat]

My wife and I haven't made a will yet. With our kid coming up on a year old, it's something we really need to do.

The important part is of course decalring who we want to become our son's gaurdian should anything happen to us, and have some sort of provision about how our estate gets passed on to him.

Has anyone tried any of the software available for this? There seems to be a lot of it, but I haven't had any luck finding out if it's any good or not. I'm guessing that if we go to a lawyer, even a relatively simple will would still end up costing us $$$. Of course, we'll do that if there are clear advantages.

[Okla-homey]

My wife and I haven't made a will yet. With our kid coming up on a year old, it's something we really need to do.

The important part is of course decalring who we want to become our son's gaurdian should anything happen to us, and have some sort of provision about how our estate gets passed on to him.

Has anyone tried any of the software available for this? There seems to be a lot of it, but I haven't had any luck finding out if it's any good or not. I'm guessing that if we go to a lawyer, even a relatively simple will would still end up costing us $$$. Of course, we'll do that if there are clear advantages.

Find a lawyer to draft your will. I bet the fee won't be as bad as you think. Also, and this is important, your lawyer is also your counselor and can help you think about options and contingencies you might not otherwise anticipate.

[85Sooner]

Legal zoom.com is great

[usmc-sooner]

Put your estate in a trust, that way you don't have to pay for the probate of the will. Plus it can take up to a year to get the probate done. The trust is the best way to go.

[SoonerStormchaser]

Note to those of you retired military types:

Go to your local base legal office and get your wills done for FREE!

I did mine last week...Mrs. SoonerStormchaser is gonna be one wealthy woman if something happens to me. I told her that if she plans on killing me for my money, she had damn well better make it good, cause I didn't marry her just to kill me in a half-assed attempt!

[OCUDad]

1. Unless you have a very complex financial structure to manage, a simple "sweetheart will" ought to do the trick.
2. The advice to put things in a trust is excellent advice.
3. A simple will is not very expensive; if you go the trust route, the will should be part of the package (which will inevitably be more expensive - but worth it for your children).
4. As to choosing a guardian for your child, can't help you there - but just in case, it may be beneficial to have the child's guardian and the executor of your estate be different people.

All this free advice comes from a non-lawyer - so you can decide whether or not it's worth it. :)

Oh, and 5... we hope you don't have to put this stuff into action for a very very long time.

[TMcGee86]

My wife and I haven't made a will yet. With our kid coming up on a year old, it's something we really need to do.

The important part is of course decalring who we want to become our son's gaurdian should anything happen to us, and have some sort of provision about how our estate gets passed on to him.

Has anyone tried any of the software available for this? There seems to be a lot of it, but I haven't had any luck finding out if it's any good or not. I'm guessing that if we go to a lawyer, even a relatively simple will would still end up costing us $$$. Of course, we'll do that if there are clear advantages.

I'm a probate lawyer in Texas. We only charge $600 for a couple to do their wills, POAs, DOGs, etc.

Are you in Texas? If so, and you really dont want to go to a lawyer, you are actually best off by just handwriting your will.

Forms can be bad because many times they are not state specific. And I can tell you that no two states are the same when it comes to probate laws.

I would highly suggest you go to a lawyer, and if they try and charge you more than $600 hang up on them and try another.

[usmc-sooner]

2. The advice to put things in a trust is excellent advice.



yes it was. :D

[TMcGee86]

Put your estate in a trust, that way you don't have to pay for the probate of the will. Plus it can take up to a year to get the probate done. The trust is the best way to go.

Depending on the state, Trusts can be a much more expensive way to go than a will.


Trusts are a hassle to manage and if you do anything wrong you end up still having to probate your estate in the end.

In Texas, probate costs are so low that unless you have land out of state, or some complex financial situation, trusts are basically a scam.

[OCUDad]

yes it was. :DDespite the source. :D

[OCUDad]

Depending on the state, Trusts can be a much more expensive way to go than a trust.Ah, the precision of legalese. :rolleyes:

[skycat]

Yeah, I'm in Texas. Looks like I'll be calling a lawyer. I guess I'll see if anyone at work has somebody to reccomend.

The joys of responsibility.

[Hamhock]

do you know anyone who's stuff you could plagiarize?

trust is not a bad idea, but as someone mentioned they can be a real hassle. it only takes one forgotten asset to get dragged into probate. any of you lawyer types know if a pour-over will fixes this?

if you're gonna do a trust, you gotta make sure you do it right or they're more harm than they're worth.

[Taxman71]

You can cry a little now or cry a lot later. 90% of the Will, Trust and Estate contests I have handled resulted from the decedent handwriting their own will/trust or using one from the internet, CD, etc. Wills and trusts are state-specific and the specific state statutes must be complied with.

As stated above, the cost varies with the degree of complexity. However, you can get simple wills for ~$600 for both of you or simple revocable trusts for ~$1,500 to ~$3,000 generally.

Revocable trusts don't have to be a pain. All you are doing is adding additional language to the title of your property. No new Federal ID number or tax return should be needed during your lifetime.

[Taxman71]

do you know anyone who's stuff you could plagiarize?

trust is not a bad idea, but as someone mentioned they can be a real hassle. it only takes one forgotten asset to get dragged into probate. any of you lawyer types know if a pour-over will fixes this?

if you're gonna do a trust, you gotta make sure you do it right or they're more harm than they're worth.

A pourover will flips any probated assets into the trust. If the forgotten asset is real estate or mineral rights, you have to do a probate 99.99% of the time. If the forgotten asset is a vehicle or the like, you can usually still avoid probate. Bank accounts with over $5,000 in them are surprsingly difficult to transfer without a probate these days. Even if you go with a simple will, now is a very good time to ensure that all of your assets are titled either in joint tenancy, payable on death (or transfer on death for securities) or have designated beneficiaries (life insurance, 401k, IRA, etc.).

[C&CDean]

I gotta be brutally honest here. My kids are 25, 23, 20, 16, and 14. I do not have a will. I have insurance that goes to my wife. 100%. All our possessions (property/vehicles/etc. are joint).

I haven't spent my entire life busting my hump to make my kids rich when I croak. They're all able-bodied. They can go make their own damn fortune. We spend way too much time in this country making the next generation rich and lazy. **** em'. If they want a big-assed ranch they can work for it.

[Hamhock]

I gotta be brutally honest here. My kids are 25, 23, 20, 16, and 14. I do not have a will. I have insurance that goes to my wife. 100%. All our possessions (property/vehicles/etc. are joint).

I haven't spent my entire life busting my hump to make my kids rich when I croak. They're all able-bodied. They can go make their own damn fortune. We spend way too much time in this country making the next generation rich and lazy. **** em'. If they want a big-assed ranch they can work for it.


what happens when you and Mrs. Dean fall off the cruise ship whilst playing rodeo? what happens to the ranch and house and equipment and retirement?

[C&CDean]

what happens when you and Mrs. Dean fall off the cruise ship whilst playing rodeo? what happens to the ranch and house and equipment and retirement?

The kids will fight over it, and end up giving it all to lawyers. It's the American way. Besides, I'll be dead. What do I care?

[dolemitesooner]

I will spend everylast penny I ****ing have...and I will die in debt...**** a will and **** everyone else

[skycat]

It's tough for infants and toddlers to fight over cash, and about who should raise them.

[C&CDean]

It's tough for infants and toddlers to fight over cash, and about who should raise them.

Well then don't ****ing die. DOH.

[skycat]

I'd feel better about my chances for that if I had a bionic taint.

[BlondeSoonerGirl]

'Bionic Taint'...now there's a good name for a band.

[Hamhock]

The kids will fight over it, and end up giving it all to lawyers. It's the American way. Besides, I'll be dead. What do I care?


you should at least scribble something out leaving it all to the catholic church.

[C&CDean]

you should at least scribble something out leaving it all to the catholic church.

The Pope O' Rome don't need my measly jack. His ring is worth more than my worldly possessions.

[frankensooner]

Also, who you want to raise your child may not be who the court thinks should raise the child. Grandparents sometimes will fight for the the little buggers, for who-knows-why. Speak to all parties and let them know what your intentions are while you are still living. It might not help, but it might. Then again you might hurt their feeling while you are alive.

I've written a few wills in my time, practically unbustable, like old Atticus Finch's. ;) I might also mention that at present, my wife and I have hand-written (holographic) wills.

[Taxman71]

There is a pecking order for who gets to be guardian. However, the persons you nominate in your will always come first, unless the court finds thems to be unfit. Also, each kid has the legal right to name their own guardian when they turn 14:eek:

If you have kids and go for the will over a revocable trust, consider putting a testamentary trust in your will. That way, if both you and your spouse die (playing boogie nights on a cruiseship balcony), your kids won't get their full inheritance at age 18. Instead, you can dictate what ages they get the large principal distributions (ages 25-30-35-40 etc.). There are many horror stories about what happens when an 18 year old gets a few hundred thousand thrown in their lap.

Even if you think you won't have that much property, factor in your life insurance and annual growth for 10 or 15 years and it is enough cash to send a college frosh off the deep end.

[C&CDean]

So, what I'm getting out of this thread thus far is that even if you spend a bunch of $$ and get a will done it doesn't matter, cause anybody with a 2-bit lawyer can tap your ****.

So, the question is, why do it? I've told my kids what I want them to do with the estate if I and momma croak. If they can't manage to do it, then they can pay the lawyers and ruin their relationships with each other. I'd like to think I raised them in a way that they could equitably settle up. I know I can with my brothers and sisters (well except the one free-loading town slut of a sister - but she ain't smart enough to figure it all out).

[Taxman71]

The way siblings treat each other after mom and dad are gone never ceases to surprise me. They vent anger that has been hidden since 3rd grade on each other.

But, yes, anyone can hire a lawyer, file a nuisance suit and likely recover something for their trouble. A good "no contest clause" combined with a small inheritance works pretty well.

Remember, a Will requires a probate and allows everyone, including relatives, neighbors, etc., to see how much stuff you had, make a claim and get their day in court without spending hardly a penny. Most trusts pass quietly in the night since said claimant would have to pony up the cash to file a lawsuit and drag you to court. Most won't do this unless there is a lot of money and their claim is decent.

[Hamhock]

whoever is named in my will and protests it gets ten whole dollars.

[skycat]

It always amazes me how little I know about stuff. :O

[TMcGee86]

Ah, the precision of legalese. :rolleyes:


lol. good point. my bad.

[TMcGee86]

Yeah, I'm in Texas. Looks like I'll be calling a lawyer. I guess I'll see if anyone at work has somebody to reccomend.

The joys of responsibility.

If you are in Houston or Dallas PM me and I can give you my firm's number.

[TMcGee86]

do you know anyone who's stuff you could plagiarize?

trust is not a bad idea, but as someone mentioned they can be a real hassle. it only takes one forgotten asset to get dragged into probate. any of you lawyer types know if a pour-over will fixes this?

if you're gonna do a trust, you gotta make sure you do it right or they're more harm than they're worth.

exactly. and in Texas there is no real reason to use a trust unless you have land out of state.

Texas is the easiest state in the union to probate a will. Independent Administration coupled with a self proving will and you can probate the entire estate for about 500 bucks.

I have seen shady trust dealers charge upwards of 2500-5000 for their work. Total bs.

[TMcGee86]

The way siblings treat each other after mom and dad are gone never ceases to surprise me. They vent anger that has been hidden since 3rd grade on each other.

But, yes, anyone can hire a lawyer, file a nuisance suit and likely recover something for their trouble. A good "no contest clause" combined with a small inheritance works pretty well.

Remember, a Will requires a probate and allows everyone, including relatives, neighbors, etc., to see how much stuff you had, make a claim and get their day in court without spending hardly a penny. Most trusts pass quietly in the night since said claimant would have to pony up the cash to file a lawsuit and drag you to court. Most won't do this unless there is a lot of money and their claim is decent.

Totally agree with everything you have said in this thread except the last part as it applies to Texas.

A good will, with a self proving affidavit and appointing and independent executor, requires no notice to anyone.

The only thing you are required to do is file an inventory but you can be fairly general and it's highly doubtful anyone ever sees it unless there is a contest.

And, if there are no debts owed by the estate and no need for an administration, you can do a Muniment of Title and avoid even the inventory requirement.

[Taxman71]

Interesting. I do not venture much into Texas law primarily b/c I don't practice there and also b/c of the many differences between community property states and otherwise. I believe joint tenancy also works differently in Texas. Thus, I always refer those matters out.

[skycat]

exactly. and in Texas there is no real reason to use a trust unless you have land out of state.

Texas is the easiest state in the union to probate a will. Independent Administration coupled with a self proving will and you can probate the entire estate for about 500 bucks.

I have seen shady trust dealers charge upwards of 2500-5000 for their work. Total bs.


So, to cut to the chase, in Texas go to a lawyer and get a will, but most people shouldn't bother with a trust.

Is that about right?

[Oldnslo]

So, to cut to the chase, in Texas go to a lawyer and get a will, but most people shouldn't bother with a trust.

Is that about right?
A better answer is that if you're not in Texas, don't listen to a Texas lawyer.

What d00d is sayin' ain't exactly right in Oklahoma. Taxman71's advice has been on target for us Okies.

Listen, don't write your own will. You're just inviting problems. Wills aren't that expensive. Trusts do add some to the bill, but it's still better than not having a plan.

Short answer: invest a couple of hours in a good lawyer who knows the law of the state your estate is in.

[C&CDean]

A better answer is that if you're not in Texas, don't listen to a Texas lawyer.

What d00d is sayin' ain't exactly right in Oklahoma. Taxman71's advice has been on target for us Okies.

Listen, don't write your own will. You're just inviting problems. Wills aren't that expensive. Trusts do add some to the bill, but it's still better than not having a plan.

Short answer: invest a couple of hours in a good lawyer who knows the law of the state your estate is in.

Not only is he a whore, he's also his own pimp. No shame...

[skycat]

A better answer is that if you're not in Texas, don't listen to a Texas lawyer.

What d00d is sayin' ain't exactly right in Oklahoma. Taxman71's advice has been on target for us Okies.

Listen, don't write your own will. You're just inviting problems. Wills aren't that expensive. Trusts do add some to the bill, but it's still better than not having a plan.

Short answer: invest a couple of hours in a good lawyer who knows the law of the state your estate is in.

Hence the "go to a lawyer" part of my answer. And since I'm in Texas, listening to a Texas lawyer makes sense, hence the " in Texas" part.

I've got to say, the attention to detal displayed by the lawyers in this thread hasn't inspired a great deal of confindence. ;)

[Oldnslo]

Hence the "go to a lawyer" part of my answer. And since I'm in Texas, listening to a Texas lawyer makes sense, hence the " in Texas" part.

I've got to say, the attention to detal displayed by the lawyers in this thread hasn't inspired a great deal of confindence. ;)
Oddly enough, my post was to alert others not to rely on the Tejas lawyer's advice and was in no way directed to you, since you're not in Oklahoma.
A careful review of my post would reveal that I said another poster was giving on-target advice to Oklahoma residents.

[Fugue]

:pop:

[Hamhock]

A careful review of my post would reveal that I said another poster was giving on-target advice to Oklahoma residents.


thanks for the affirmation

[Taxman71]

I've got to say, the attention to detal displayed by the lawyers in this thread hasn't inspired a great deal of confindence. ;)

Now that's funny right there, pot.

[skycat]

Now that's funny right there, pot.

Old school SO joke.

[skycat]

Oddly enough, my post was to alert others not to rely on the Tejas lawyer's advice and was in no way directed to you, since you're not in Oklahoma.
A careful review of my post would reveal that I said another poster was giving on-target advice to Oklahoma residents.

Very lawyerly.

[TexasLidig8r]

And come to me when you want to bust up a trust/will and I will create..

Beautiful....

Beautiful...


CHAOS !!!!!!!!!!!!!!

[OCUDad]

And come to me when you want to bust up a trust/will Do they allow ghey attorneys to practice in Texass? Practice law, I mean, not the other stuff...

[TMcGee86]

So, to cut to the chase, in Texas go to a lawyer and get a will, but most people shouldn't bother with a trust.

Is that about right?

Absolutely, just make sure he or she is an attorney that specializes in probate and estate planning. And make sure they dont try and charge you 1000's of dollars.

You do that and probate is a breeze.

[TMcGee86]

Oddly enough, my post was to alert others not to rely on the Tejas lawyer's advice and was in no way directed to you, since you're not in Oklahoma.
A careful review of my post would reveal that I said another poster was giving on-target advice to Oklahoma residents.

very true. I believe Oklahoma does not have independent administration. If true, that alone would be enough to sway the debate to the side of avoiding probate.