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I recently had a bit of a scare but after getting a good cardiologist and a lot of tests it appears I am going to be ok for awhile with with regular doses of beta blockers and an improved diet.
In the process I did update my body donation filing, update my financial documentation for the spouse, and find my will noting after over twenty years it should be updated.
I recently spent a year and over $30K in legal charges settling my mother's estate so after witnessing what I judged as exorbitant rates and marginal competence I am hesitant to go back to lawyers for advice.
My question is regarding writing a will for a blended family when both parties die at the same time. It is easy if each of us die separately as the other gets everything. And each of us have a will that distributes everything we have when we die individually.
But if we die together which executor gets to sort out the differences between the two individual wills? I can imagine a worst case with two separate executors disagreeing in executing orders from different wills... and lawsuits happening.
Our will states which one's will takes precedence if we die together. In other words, it says something to the effect of: if we die in such a manner that it cannot reasonably be determined who died first, that X's will is the will to use.
I would think your basic uncomplicated documents should be less than 1000.
If you want to avoid probate leave your financial assets to your beneficiaries directly and not through your will. Call the institutions and ask then how to do it. It is easy and might be able to be done on line.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by rjm1cc
I would think your basic uncomplicated documents should be less than 1000.
If you want to avoid probate leave your financial assets to your beneficiaries directly and not through your will. Call the institutions and ask then how to do it. It is easy and might be able to be done on line.
Mine is very complicated. ~$1600 for docs and GOOD advice.
END of life... through a WA organization I helped (volunteered) to form ..
Funerals.coop
Should all work out, as long as I schedule the estate auctioneer prior to my demise. (and I dig & have neighbor backfill my grave with the backhoe before the auction). I have a nice quiet spot all picked out. (next to our previous farm dogs)
We had a lawyer specializing in wills and re-vocable trusts who set up everything as op needs/wants. Saves probate, names lineage of heirs and who gets what. Sure saves headaches and grievances.
Glad you survived your scare.
Spouse and I spent about $1,500 doing the revocable trust thing (which includes wills, POA and other important documents) which is much more controllable-from-the-grave than a will and takes care of the "what if we both die at same time" issues. We are childless with nieces and nephews on both sides.
I agree completely with your views of estate lawyers, they will charge/gouge to the full extent of the law even if they have been paid handsomely to set things up in advance. Saw it personally done, twice.
There are many ways (some mentioned already) to try and accomplish what you want without setting up a revocable trust but none of them do as much as a trust can. But the survivors need to be informed how to handle the trust/will if you don't want them fall into the lawyer trap because being an executor is time-consuming and thankless, unless they are getting significant proceeds, or their children are. They will likely hire an estate lawyer to make sure they are getting it done correctly.
Best answer: die broke, having cashed your last check and given all your money away in advance to those who deserve it.
One of our lawyer friends (real estate field) has no children, doesn't care at all how his multi-million dollar estate is settled and who gets paid what $$. He says he'll be dead and gone.
You can write and mail a letter to your executors right now telling them what to do, how to parcel things out and give them a copy of your will in advance. Bit tricky though, gets people worked up about money.
Realistically your chances of simultaneous death are miniscule. So rest easy about that. Either you or your partner get to be the executor or deceased. Which would you rather be?
$30,000 and a year to settle your mother’s estate should be a lesson to anyone reading this thread of the importance of having a trust (not a will) set up before one dies. Spend the $2000 for a trust and the estate will be distributed in 4 months-at least by CA law.
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