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I paid $1300 will and POA a few months ago. I called a couple attorneys and everyone was in the same ballpark here for what I chose to do. But I am single and have simple needs.
I think this is true. Probably true of many professions which essentially try and scare people into believing that calamity is right around the corner unless you engage their services. My guess is that for most people of average to somewhat above average wealth, unless you have an exceptionally screwed up family where there is no trust or respect among parents, siblings, children, spouses, and grandchildren, one could be pretty comfortable using some sort of off-the-shelf software to craft estate documents that would ensure the wishes of the deceased are carried out as he/she desires. Unfortunately, there are some dysfunctional people who manage to create situations that are challenging.
I'm glad as a non-lawyer you feel so comfortable giving that advice.
Bad estate planning advice that is followed makes lots of work for my profession. I'd give details, but they might identify a client or two.
Actually, on second thought, maybe I should just have a good time spending everything; that would be a lot simpler!
I actually agree with you. I think progeny should not expect an inheritance. Many people are too frugal in their old age. I think they would be better served using that money to buy a new car, remodel their home, eat out more, take a trip etc.
I have no doubt my wife and I will leave the kids a significant inheritance. Frankly, I don't see how I would spend all my money at this point. However, I'm not convinced they wouldn't work harder, do more, and develop more character if they didn't receive any significant legacy from us.
The time most people discover that their estate planning was half-assed is after they are dead, so to speak, and documents are challenged in court and found to have severe defects.
There is an old saying:
"Quality is a lot like oats. If you want quality oats, expect to pay a fair price. If, on the other hand, you are willing to settle for oats that have already been processed by a horse, you can get a discount."
There are many cliches and sayings out there. Mine is more simple, but describes how I feel about most things:
I actually agree with you. I think progeny should not expect an inheritance. Many people are too frugal in their old age. I think they would be better served using that money to buy a new car, remodel their home, eat out more, take a trip etc.
I have no doubt my wife and I will leave the kids a significant inheritance. Frankly, I don't see how I would spend all my money at this point. However, I'm not convinced they wouldn't work harder, do more, and develop more character if they didn't receive any significant legacy from us.
I agree with you about the progeny...but I don't even HAVE any! I just worry about "not having enough" in my dotage, but from what I see of people I know living on the dole as seniors, they get everything they need with no worries. Sometimes I think I did this life thing all wrong...
I'm glad as a non-lawyer you feel so comfortable giving that advice.
Bad estate planning advice that is followed makes lots of work for my profession. I'd give details, but they might identify a client or two.
Very convenient for you to hide behind client confidentiality. 99% of all wills/trusts are uncontested….in absolute terms there may well be “lots of work for your profession”, but for the general public, the chances of being caught up in a legal engagement surrounding a will is remote.
I have been putting this off, but I'm nearing 70 and recently got a new pet - a kitten - (didn't think I would) and there's a 50-50 chance she'll outlive me and I want to make sure she'll be protected and have a home to go in writing, not to mention that what assets I have left will go where I want them to go.
My question is, is a pricetag of $2000 for an elder law/estate planning specialist to work on my will with me too high? She comes highly recommended from a lawyer friend of mine; and the $2000 is a flat fee (which I like), since I will have lots of questions and there are some complexities. I don't plan on doing a trust (which would raise the fee). I believe that power of attorney and medical proxy are included in the fee.
I live in an expensive state. My total assets are not much over a million.
I have no idea what good lawyers charge for doing estate planning and wills.
It's not too late.....yet.
EDIT~ With your estate size, you need a Living Trust. (and a will.)
Last edited by NORTY FLATZ; 01-24-2024 at 08:10 PM..
Very convenient for you to hide behind client confidentiality. 99% of all wills/trusts are uncontested….in absolute terms there may well be “lots of work for your profession”, but for the general public, the chances of being caught up in a legal engagement surrounding a will is remote.
having issues with missing verbiage is not the same as having an heir contesting a will.
there are a lot more issues like we had when our refinance was held up because it didn’t read ONLY child .
the issue my wife had with the pre deceasing missing wasn’t a contestment by an heir either .
it was missing wording , so that goes on quite a bit i would bet.
you don’t know how many power of attorney issues there are or poorly executed health proxies .
even a staple removed from a will can invalidate it In some states , and those are not contested wills , these are simply not meeting the legal requirements of the state.
you hear stories all the time of people having trouble collecting life insurance because of an uncrossed T or dotted I in the paper work or trying to use poorly constructed or non statutory power of attorney forms.
simply not having the right estate planning and trusts and going over your states exclusion threshold unknowingly can get it taxed heavily.
with what homes are worth today it’s easy to go over some states threshold’s for passing an estate tax free to heirs..
others may find they planned badly if medicaid long term care is needed and a house that could have been preserved for heirs now becomes part of the spending down to qualify.
so there are loads of reasons other then someone contesting a will that an estate attorney should be consulted when doing things as important as this paper work where there are NO DO OVERS OR CORRECTIONS once it matters.
now complain you don’t like the way i said it
Last edited by mathjak107; 01-25-2024 at 02:03 AM..
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