U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 12-29-2016, 07:21 AM
 
71,563 posts, read 71,730,589 times
Reputation: 49156

Advertisements

Quote:
Originally Posted by mlb View Post
One chance? I know many people who have "revisited" their wills and trusts when circumstances in their lives change.
once you die there are no do overs when heirs have problems nor does your intent matter if the will or trust is deemed defective .

we went through a defective trust and it cost us a fortune in legal fees.

don't think none of this matters because the estate has little money . your death can be the result of a wrongful death suit , an accident or malpractice suit
Quick reply to this message

 
Old 12-29-2016, 08:38 AM
 
3,116 posts, read 1,722,097 times
Reputation: 3502
Quote:
Originally Posted by mathjak107 View Post
all you generally need for that is a notary in most states. it is the wording that can be an issue many times .

the words " nothing is a problem until it's a problem" were never truer than with wills and the associated paperwork .
A notary will not do in our state. Maybe in others. That is what I said right in the beginning. It could be a protective movement by the lawyers.
Quick reply to this message
 
Old 12-29-2016, 08:56 AM
 
3,116 posts, read 1,722,097 times
Reputation: 3502
Doing your own financial planning, selling your own house, making your own will all depends on your own situation. Ultimately one needs to educate oneself and it is not hard if your situation is not complex or complicated. There is very little that is mysterious in making a will and the language now used is plain English and not legalese. Just make sure you know the laws that applies in your state. Go to you state website and it is all there.
Many things are not probated anymore and you can set up your nvestment instruction to cover that. House is probated in our state but not in others. Tax laws change.
Precision in language is important. The software allows you to edit what you want and we did add things that made our intentions more complete. Other than that it quite well covers all important stuff. Try it out.
You may decide to see an attorney after all and that is fine. But getting a will done by an attorney is not always fail proof. One of our friend who started with us while investigating making a will, decided to go to one of the best attorneys in town. He has been with her for 3 years now and he's shelled out 1000 s of bucks. His will is still not complete.

Another friend who got one drawn by a very expensive law firm in the city found upon her widowhood that she has no access to the trust they created with her husband. She is now spending 1000's of dollars trying to fix it and she is ready to tear her hair out.
Be very wary of trusts and know exactly what you are getting into and WHY. We decided not to have a trust because it works for our situation.
Quick reply to this message
 
Old 12-29-2016, 09:02 AM
 
71,563 posts, read 71,730,589 times
Reputation: 49156
we paid here in nyc 4800.00 for 2 wills -2 disclaimer trusts , health proxy's and new power of attorneys with gifting affidavits . the bulk of it were the 2 disclaimer trusts
Quick reply to this message
 
Old 12-29-2016, 09:20 AM
 
Location: Ypsilanti, MI
2,439 posts, read 3,664,651 times
Reputation: 4800
Quote:
Originally Posted by mathjak107 View Post
not one attorney we tried would sign off on any will by checking it over that they did not create and have full power over the wording
I am the same way with my Professional Engineer License. I get tired of the requests stating "You're a PE, just stamp these drawings for the deck I designed myself and I will buy you a six-pack of beer" (or burger lunch, or similar low cost gratuity).


If I didn't design it, verifying all State & Local Building Codes, all local zoning ordinances, and all structural calculations, I don't affix my seal!
Quick reply to this message
 
Old 12-29-2016, 11:05 AM
 
71,563 posts, read 71,730,589 times
Reputation: 49156
same here , we have a ul508 electrical panl building shop . we get requests to label things we didn't design or build all the time .
Quick reply to this message
 
Old 12-29-2016, 01:00 PM
 
Location: Idaho
4,625 posts, read 4,466,840 times
Reputation: 9050
Quote:
Originally Posted by mathjak107 View Post
just based on the 2 hitches we hit with wills done by general practitioners not estate attorney's we would never attempt our own , nor would we use anyone but an estate attorney that is highly regarded .
That's the big kicker! Can you give us some guidance on how to find a competent estate attorney? Especially when moving to a new state/city where you don't know anybody except the realtor who sold you a house.


.
__________________


Moderator posts will always be Red and can only be discussed via Direct Message.
C-D Home page, TOS (Terms of Service), How to Search, FAQ's, Posting Guide
Moderator of Idaho, Montana, Wyoming, Guns and Hunting, and Weather


Quick reply to this message
 
Old 12-29-2016, 01:03 PM
 
71,563 posts, read 71,730,589 times
Reputation: 49156
usually the bigger guys with the largest client base tend to write articles for local papers , speak at organizations and just seem to keep themselves on the radar more .

ours writes very informative columns for some newspapers on elder law and estate planning so we gave him a try. he is one of nyc's best in my opinion

Last edited by mathjak107; 12-29-2016 at 01:12 PM..
Quick reply to this message
 
Old 12-29-2016, 04:32 PM
 
Location: Forests of Maine
30,682 posts, read 49,449,101 times
Reputation: 19134
Quote:
Originally Posted by mlb View Post
... We think we can do better.

... No children so that saves us a lot of work....

... We absolutely know what we want to do and how we want to do it.
For you, in your case, I think you should DIY.



In the past 10 years, I have dealt with 3 relatives dying and the probates were HORRIBLE. The lawyers only compounded the process.

But in perspective I do understand why they were so bad. One was my parents, they both had wills but those wills contradicted each other. They both included long lists of assets, but the wills were so old that none of those assets existed any longer.

The third was my SIL; she owned property in multiple states, she died in a different state, and her will was out-dated.

For most people I would suggest seeking advice from a lawyer and doing it every decade, and every time you move.



I am throwing this idea out to the various posters, what do folks think about using a paralegal ?
Quick reply to this message
 
Old 12-29-2016, 05:23 PM
 
71,563 posts, read 71,730,589 times
Reputation: 49156
things should be reviewed even when grand children or marriages happen .

we totally forgot that our wills were made before we had grand kids . if one of the kids wasn't here their blood line would have been skipped instead of going to their children and just went to the other kids

our attorney realized it when he reviewed our older wills . .
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top