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We had a simple Will and left everything to our only son. Unfortunately, he passed away. So we had a Trust drawn up (by a lawyer) and will leave everything to my brother & his wife. That way, they can take their time figuring out what to do with things, no probate as they become the owners of the Trust. We also included Living wills and POA. It cost $1700 but I think it's worth it.
Something lije this should be drawn up by an attorney who specializes in trusts, double if the laws of the north and Florida are different.
Be SURE to make it a REVOCABLE TRUST in case you want to or need to make changes in the future.
An IRrevocable trust CANNOT be changed.
Generic wills and generic trusts online may be acceptable, but may not cover all as mathjak pointed out. They may not be to bad for smaller estates or less complicated estates, but for larger estates or complex estates I'd go Trust Attorney.
Our intention is by 2020 to have a trust set up for our estate. It will spell out how we are to be taken care of, and then how our estate is to be divided to our chosen heirs. ( we don't have children).
A spill over will is also a good idea, and our intention as,well.
TOD or POD can go a long way, but may not cover all instances.
My father set up a REVOCABLE trust for my mother, who had a devastating disease, to be sure she was cared forcshould he predecease her. When she passed ( expected, really ), he changed it to reflect his children after he us cared for. He has a spill over will in which all in the will is to go to me directly.
Somethings are just to complicated to leave to chances.
keep in mind revocable trusts offer no tax advantages and little protection of assets if those owed anything are not limited to just probated items . it actually hurts medicaid planning .
trusts are highly dependent on what they are being used for . i would never ever tell anyone go revocable or irrevocable . that is up to a good attorney to decide .
Courts evolve and change what words they want to see in wills. What one state sees as acceptable may be different from what another state requires.
We recently went through this with my Sister-In-Law's estate. She had a lawyer write her will in Connecticut, then she moved to DC. Ten years later she died in Maryland. The Maryland probate court had problems with her will.
My Dw was the executor of the will and the only heir. So we thought that it was going to be easy. It dragged on for 18 months, we had to hire a lawyer down there, and my Dw had to make multiple trips to Maryland.
That will was missing phrases that the Maryland courts wanted to see in a will.
Even by hiring a lawyer to write a will, there is still no guarantee that a court will accept a will.
it is no different than doctors . there are good and bad . but odds are pretty good a specialist in that area will be better than a general family practitioner, or worse , doing it blindly on your own and the internet .
Last edited by mathjak107; 05-04-2018 at 08:41 AM..
I think I will have a Will and a Trust but still not sure if I will do it myself or hire a lawyer. My "Estate" will not be big at all so........
However, I do have 6 children so there's that. LOL
I think I need to have something in the state I'm in now but when I move, I will redo everything again and most likely with an Estate Attorney. Right now, I just don't have the money to spend on a lawyer.
I think I will have a Will and a Trust but still not sure if I will do it myself or hire a lawyer. My "Estate" will not be big at all so........
However, I do have 6 children so there's that. LOL
I think I need to have something in the state I'm in now but when I move, I will redo everything again and most likely with an Estate Attorney. Right now, I just don't have the money to spend on a lawyer.
Cindy, if you are planning to relocate to Florida, you need to check with a FL attorney, or call the Clerk of the Probate Court in the County you will reside in -- to learn if a Will, or Will withTrust prepared and signed in the state you reside in now will be recognized in Florida. Many states are reciprocal, and will save you from drawing up new docs when you move. Only an attorney who handles estates an advise you. With a simple Will and or reciprocal Wills (husband and wife), the estate must still go to Probate Court to settle the estate, and can take a long time and more money than if you had set it set up correctly from the start. Without a Will, the estate is settled by Probate Court and an administrator is appointed by the court. Usually a family member is appointed. Best wishes.
Cindy, if you are planning to relocate to Florida, you need to check with a FL attorney, or call the Clerk of the Probate Court in the County you will reside in -- to learn if a Will, or Will withTrust prepared and signed in the state you reside in now will be recognized in Florida. Many states are reciprocal, and will save you from drawing up new docs when you move. Only an attorney who handles estates can tell you the differences in these type of documents; and yours will be tailored to your family's best interests.
You are welcome Cindy. I made a few corrections in that reply above, so you may want to read it again. Didn't change the advice, just got more 'wordy'.
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