A New Will???

[giometriks]

The wills that my husband and I have are way out of date. We're thinking of at least temporarily writing our own until we can afford to have an attorney draft one. We do have one child left at home that we'll need to provide for. Have you ever written your own will? Any thoughts?

Have the brightest of days!

Suzi

[Hoop]

A simple will form can be downloaded for a fee (maybe $10) off the internet. Fill it out and have it witnessed.
In our county, you can keep a file of it on record at the courthouse for another $10. Not sure its necessary.

Laws vary by states but generally speaking, a will can be contested by ANYONE. This can tie up an estate for a multitude of years. Bloodsucking lawyer fees can further erode the estate, leaving only a fraction of the proceeds remaining.

One of my neighbors is currently going through the legalities. Gene & Helen married approx 30 years ago. Each had kids from previous marriages. Gene was the town drunk, living in a dirt floor shack. Only about a year after they were married, she inherited 16 million. Gene died last year. No will. His kids all turned into drunks, drug addicts, etc. All have been in jail repeatedly. Her kids all made something of their lives. Finished college, and moved into responsible careers and productive lives.
Guess who's kids are contesting the estate? Thats right. The drunken, druggie kids. The estate isn't as large as it used to be (Gene did his best to drink up his wives fortune, but failed) but real estate holdings alone go over $4,000,000.


I have seen a multitude of families that were very close. Then the last remaining parent passed on, leaving a sizable estate. It then turned into a no holds barred war. Brothers & sisters no longer talking to each other.


I'm convinced a trust is the only way to go. They are NOT contestable. Its as if its written in stone. What better way to convey ones wishes. Unfortunately, trusts must be set up by bloodsucking lawyers and will cost over $1000. If one has any kind of an estate (house/property/etc), IMHO, it is money well spent.

[DAVID In Wisconsin]

I have used a Will Maker CD for years now. You might find a used copy from www.half.com really cheap. They cover all of the legalities for every state. You'll also have tons of other legal forms like living wills, powers of attorney and more. I can change or fine tune my will very easily and not spend $200.00 or more.

Good Luck!

[EasyDay]

Try this link...

http://www.wills4free.com/HomePage.asp

The will is a simple form, mostly free-text, so not a lot of legal jargon. They do tell you that you will have to have witnesses sign. Some states require 3 witnesses' signatures, other states only 2.

If you have ANY questions about wording, I'd recommend having an attorney or paralegal look it over before final signing. It could avoid complications later on.

[amelia]

I drafted my own will but plan to have it looked over by an attorney that specializes in probate and estate work. Although I've been through law school and make my living in litigation, I still don't feel completely comfortable doing this without some expert advice. There are just too many nuances, too many potential pitfalls. So take that for what it's worth.

[giometriks]

Thank you for all of the advice. We're going to do a simple one for a temporary thing and then get an attorney to draw up a more formal will. I'll research the website and look for the software.

Thank you very much for your help!

Suzi

[Ken Scharabok]

In addition to an individual Last Will and Testament I also suggest you have a Enduring(?) Power of Attorney and Living Will.

Both should be as specific as possible. For example, if you don't want someone to benefit from your estate then it may be better to specifically exclude them, or leave them a nomimal amount, then to not mention them at all. They then have a harder time claiming they were simply overlooked. You can include a statement anyone who contests the will and loses is excluded in total. Forces them to make a decision on taking what was given or stand to lose it all.

If anyone is going to contest every single word in it is going to be analysized.

Your power of attorney should likely be given to a somewhat disinterested third party rather than someone who directly benefits.

Like a LW&T, your living will should be as specific as possible on your desires in case of enduring/emergency care to include what should happen to you in the event of death (e.g., burial, cremation). Personally I have also had several in-depth discussions with my siblings on my desires not to be kept alive just to be alive. If in doubt, pull the plug.

These documents should be review periodically and updated as situations change.

Anna Nicole Smith will live on as law school case studies in what not to do. She apparently had several life insurance policies which named her, then dead, son as primary beneficiary and HKS as the alternate. Her will gave everything to her, then dead, son and specifically excluded future children, which technically leaves out Dannielynn. She apparently left no formal statement as to her intent after death on herself.

At least in TN you can do a Codicil (sp?) which are basically amendments to your LW&T. Just needs to be notorized with two witnesses. I have done a couple of them using personnel at my bank.

In my specific case I 'bought out' my immediate family by giving them the choice to receive a specific amount now and to be left out of my estate entirely or to take their chances on what might be left for them in my LW&T. All it was offered to took it. In my LW&T is wording they are specifically excluded due to (can't remember legal term) given to them during my lifetime.

I would recommend you sit down and make a list of all of your assets and obligations, decide how you want them to be disposed of and then consult an attorney who specializes in wills and estates. For minor children desired guardianship would be given. I strongly recommend you not just go a general purpose attorney. Boiler plate forms are fine to start with, but they need to be tailored to your specific situation.