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Old 05-21-2014, 03:51 PM
 
71,734 posts, read 71,829,507 times
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when it come to their financial lives people are always penny wise and pound foolish. nothing is a problem ever, until its a problem .

everyone thinks they know better until something gets screwed up and it cost them or their heirs big bucks.

it cost us 500k because of a flawed will that omitted proper wording pertaining to what happens when a child predeceases the parent. we had to buy out unintended partners in a business as well as 100k in legal fees because of it.

on a smaller level we had to pay 3 attorneys at a closing on a refinance because a word was missing from the will as i mentioned above.
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Old 05-21-2014, 03:52 PM
 
Location: middle tennessee
1,926 posts, read 992,155 times
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Quote:
Originally Posted by mathjak107 View Post
accident settlements after death , wrongful death suits by family and medical malpractice suits prove folks wrong every day about their need for structuring their estate correctly.
please explain "prove folks wrong".
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Old 05-21-2014, 03:55 PM
 
71,734 posts, read 71,829,507 times
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if the estate receives a settlement from any of the above i mentioned , a ton of it can go for probate , and state estate and or inheritance taxes if there were no provisons in place for using disclaimer trusts for passing to heirs or assets passed in ways that probate isn't needed..

there can be a whole host of other problems with relatives and contestments once money is involved if things are not spelled out properly. legal fees and law suits from contestments can be crushing if there is poorly constructed documents or none.

the probate courts are required to notify anyone who may be entitled to piece of an estate even if specifically ruled out in the will from getting anything if any flaws or defects are found in the document.

that in itself is reason enough to have things done as best as they can be.
as the judge told us :" the intentions of the documents are quite clear as to who was to get what , but i can't re-write history or fill in missing words to make things correct"


you would be shocked to find out how money in an estate brings relatives out of the woodwork . some know it is to costly for you to fight so you may give them go away money.

in our case we reached an out of court settlement after the probate court notified some estranged step children that were specifically written out of things by name about the flawed documents.

with no trial time in court we racked up 100k in legal fees in no time.

Last edited by mathjak107; 05-21-2014 at 04:43 PM..
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Old 05-21-2014, 04:23 PM
 
Location: middle tennessee
1,926 posts, read 992,155 times
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"if the estate receives a settlement" In my case I can only repeat, "Lucky dog". Who ever else chooses to fight over the windfall can have at it.



Markg91359, did you read the original question? Ahhhh...... I missed that you are a lawyer.


are we helping, tarajane?
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Old 05-21-2014, 04:25 PM
 
71,734 posts, read 71,829,507 times
Reputation: 49288
Quote:
Originally Posted by markg91359 View Post
Why would someone rather take a chance on having a valid Will or a flawed one when they can get an attorney to draft one for $250.00?

Are you really that poor that you can't afford a lousy $250?

I mean if it was a $1000 I would understand.

FYI, as an attorney I have charged far more than $250 to people who insisted on creating their own legal document on "Family Lawyer" or some other way and ended up creating a gigantic legal mess because they didn't understand what they were doing.

Proceed at your own risk.
i tried doing my own will on line before smartening up from all the issues that came up and i could not get one attorney in all of nyc to read the will and make any corrections. they would have no part of it and i can understand why.

Last edited by mathjak107; 05-21-2014 at 04:44 PM..
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Old 05-21-2014, 05:41 PM
 
Location: Baltimore, MD
3,745 posts, read 4,221,259 times
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Quote:
Originally Posted by boogie'smom View Post
"if the estate receives a settlement" In my case I can only repeat, "Lucky dog". Who ever else chooses to fight over the windfall can have at it.



Markg91359, did you read the original question? Ahhhh...... I missed that you are a lawyer.


are we helping, tarajane?
I can't see how this discussion can be helping her thus far unless she said "To hell with it". After all, her personal income is only about $1400/month and even $250 would cut too deeply into her income. But hey, maybe sometime in the near future she'll get hit by a bus or something and she will regret not having set up a trust. Y'know, it could happen... The odds are ...what?
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Old 05-21-2014, 08:52 PM
 
Location: Florida
4,372 posts, read 3,708,767 times
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Quote:
Originally Posted by boogie'smom View Post
Again, check the law in your state. My will, written in my own hand and signed by me, did not have to be witnessed to be valid. The person who presents the document will need two valid copies of my signature. In my case, they will have my drivers license and cancelled checks.

I say this because getting witnesses, notaries, and other things you may not need can keep you from making your will. I knew I needed to get mine done and made plans in my head to see a lawyer, but I didn't actually do it until I found out how easy it is to do (in my state ).
And the state is?
I agree we need to know the state as each state can have different rules.
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Old 05-21-2014, 09:00 PM
 
Location: Florida
4,372 posts, read 3,708,767 times
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Quote:
Originally Posted by kadylady View Post
Where do I change the deed to our home?? We have TODD in Oregon, but not sure how to go about doing it.
I do not know but I would go to the department in your local government that registers deeds. A realtor maybe able to do this. An attorney can do this.
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Old 05-23-2014, 09:31 AM
 
Location: Mid-Atlantic
25,063 posts, read 23,951,957 times
Reputation: 30978
Quote:
Originally Posted by mathjak107 View Post
when it come to their financial lives people are always penny wise and pound foolish. nothing is a problem ever, until its a problem .

everyone thinks they know better until something gets screwed up and it cost them or their heirs big bucks.

it cost us 500k because of a flawed will that omitted proper wording pertaining to what happens when a child predeceases the parent. we had to buy out unintended partners in a business as well as 100k in legal fees because of it.

on a smaller level we had to pay 3 attorneys at a closing on a refinance because a word was missing from the will as i mentioned above.
I understand. Point taken. We're not talking about you. If you'd bothered to look, you'd see that the OP is not only looking for an inexpensive will, but considering cancelling her health care insurance because of cost. Unless she's a closet millionaire, I'd guess that she just wants to smooth the way for the person who has to deal with her estate.
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