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They are getting to an age where they are starting to think about writing up a will. Except all of their assets are in a bank account - retirement, saving and brokerage. A beneficiary on death is already set up. Other than that, they don't have any cars, properties, etc. They only have one child. No spouse or other close relatives.
Do they really need a will (living, medical, etc) l? The attorneys charge not a small sum for one, so they'd rather avoid spending the money unless absolutely necessary.
Even a simple will, self-drafted using the many guides on the web, and properly witnessed and notarized, can make an estate much easier for survivors and beneficiaries to handle. All it takes is one disputed asset, one beneficiary designation not accepted by a probate court, and it's a mess. If their finances are really that simple, a sweeping, 2-3 clause will is all that's needed to avoid hassles.
A living will or at least an advance directive is good for the same reasons, and no harder to write for free. You just have to make sure it's valid - witnessed, notarized, etc.
They should have a will. What happens if they are killed in an auto accident? Their estate gets a million dollars. Who gets the money? Who is the executor of the estate? If they do not want to spend the money then I would use the internet and do one yourself. Just be sure it is properly signed and self proving. This would be better than no will.
However they should have a living will. Their doctor or a local hospital may have a free one that meets their needs.
They should also have a power of attorney to let someone handle their affairs if they can not. You do not want to have to go to court for a guardian. This should be done by an attorney and once you are their the will should not add much to the costs.
You don't need an attorney to do all that stuff (if it's not complicated). All those forms you can find online. Fill them out then go to your bank and let them notarize. Most banks ( you need to have an account there) will do it free as a part of customer service.
E.g. https://www.aarp.org/caregiving/fina...ce-directives/
Just find your state, then find your forms. They come with an elaborate explanations how, why etc.
You can go online and get the will done inexpensively, although,as a wise man once said, a person who represents himself has a fool for both a client and an attorney.
A living estate will avoid most expenses and confusion of probate, but is excessive for many people.
A will avoids arguments about real estate and other property. Note that bank accounts with co-signers may NOT be part of the estate. This may well pith off people who think they are heirs.
A provision for a Natural death avoids a prolonged ordeal. Without it the doctors will have to maintain life as long as possible, possibly exhausting funds.
A durable power of attorney helps when dementia sets in.
A medical power of attorney is important if there is a prolonged illness.
An authorization to disclose medical information is an important, often overlooked document.(See HIPAA)
Provision for final disposition of remains and final personal property would best not be part of a will, but in a simple letter.
All of these vary by State and often free forms are available online.
If you think having this stuff done by a knowledgable attorney is expensive just wait and see what free can cost your heirs.
I've been involved with wills of my mother, father, MIL and eventually FIL will come along. All lawyer-drawn and all screwed up. Hopefully ours are better.
They are getting to an age where they are starting to think about writing up a will. Except all of their assets are in a bank account - retirement, saving and brokerage. A beneficiary on death is already set up. Other than that, they don't have any cars, properties, etc. They only have one child. No spouse or other close relatives.
Do they really need a will (living, medical, etc) l? The attorneys charge not a small sum for one, so they'd rather avoid spending the money unless absolutely necessary.
Let's clarify here. Crashjet is right. A so called "living will" includes what the person wants for themselves...to what extent medical care is given, how they are to be treated if they are incapacitated and can't communicate it to anyone, and how they wish their remains to be treated. It is similar to an advanced medical directive, but not entirely.
This is not the same as a "will" that dictates how a person's assets are to be handled after they are gone.
So, before we get into a discussion about the wrong thing, which document are you asking about?
They can be simple, or they can end up being complicated if your family's situation is complicated. One size doesn't always fit all.
They should have a will. What happens if they are killed in an auto accident? Their estate gets a million dollars. Who gets the money? Who is the executor of the estate?
The OP said their only assets are financial accounts with a named beneficiary. With a death certificate, those transfer to the beneficiary immediately.
The main reason you want a will is to name the executor so they can file your taxes, arrange for your cremation or burial, and dispose of your personal stuff.
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