When is it time to get a WILL?

[PocketThunder]

My spouse mentioned to me the other day that we should start thinking about getting a WILL.  We have two children now and what would happen if?  How many of you guys have wills?  And what does a basic will cost?  Have any of you drawn up your own will and testament?  http://en.wikipedia.org/wiki/Will_(law)

[Drache]

I know the law in Canada states that if you have children and/or worth over $25,000 you are supposed to have a will. Under $25,000 everything will be given to your next of kin to decide, but if it's over $25,000 then the government likes to decide. Thus the reason that once I bought property worth $85,000 I needed to write a will so it would at least go to the right person if I died.

[Brian in GA]

It's never too early.  I would suggest you get on it.  I paid a lawyer here in GA to do a standard will for me where my wife gets it all, then my parents if we died at the same time, and so on.  I saw what happened when I lost two friends in a year who left their families in total chaos because they had no will.  It can be as easy as you want to make it.  Just figure out who you want to be your executor (who takes care of everything), who you want to leave what to, and who would get your kids if both you and your spouse were both gone.  Some people freak out about the  "death" thing, but it's just business.

Don't leave your family in a tight just because you didn't want to think about dying.  I've seen what happens, and it's not pretty.

[bull]

As far as I know there aren't any laws in any of the United States about getting a will, probably because the govt. stands a good chance of getting all your assets if you don't have one.

We are in the process of getting one, mostly for the sake of the kids so we can dictate who will raise them if we kick it. Can't tell you a price though because we're having a friend do it for us who's been a anttorney now for a year or so. I would suspect it's in the $300 range though but it's well-worth it when you consider the possibility of your kids becoming wards of the state and the govt. taking all your stuff.

[Drache]

See in Canada your will could be written on toilet paper, as long as it's signed by two witnesses who are not in the will! 

All I used was a $25 Will & Testament kit from a book store and then had it notorized!

[Neal_J]

The answer to "when" is typically whenever you have sufficient property and/or heirs that you care about their disposition.   However, a will is one piece of a larger puzzle.  Ideally you want the following:


1. Revocable living trust (to shield your assets from probate)
2. Pourover will (largely to cover how to dispose of your remains, final wishes and property not included in the trust)
3. Guardianship Agreement for Minor Children
4. Durable Power of Attorney for Healthcare Decisions (in case you can't make your own decisions)

It's no fun, but a worthwhile use of time and money to nail this down now - before you really need it.

Don't forget to review/update every five years or so.

Neal

[histoy]

You might want to check out this website.   It has many legal documents you can choose from.

www.lawdepot.com

[GTX]

You don't want state probate!
My neighbor who was also a close friend died a couple of years ago and his estate went through probate. That in turn ignited a ton of family disputes which get especially nasty. I lost a '28 Model A on that because he gave it to me but wouldn't write a will and never gave the title to me either because he kept putting it off until it was too late.

The bottom line is that his house, cars, everything all sat for a long long time unless family came and stole them which I saw. I watched as his nephew who he told me never to allow to have the car because he wanted to chop it up and make a rod out of it came and trailered it off. I couldn't do anything about it.

In my opinion, if you own a home or have equity in any real estate, own any valuable property and especially if you have kids or someone you want to make sure get something or are taken care of you should have a will and a guardianship.  Even if you have granny's old rocker or dad's old bookcase and you want to make sure your kids or favorite sister gets them.
Not only that but as was already mentioned a power of attorney to make sure that your wishes are carried out if you are incapacitated.  Personally I don't want them to keep me alive as a veggie but they have to unless you state otherwise.

I've been the selected guardian for my sister and brother in law for years now just in case something happened to them. The kids would be well provided for and I would see to it that they were brought up as my sister wished and received all that they were willed.

When my dad was dying we actually had cousins who I hadn't seen in nearly 20 years come over supposedly for a visit but put their names on things in the house that they wanted. My brother and I tossed their butts out!
No way was that happening and his will also helped make sure that they knew his wishes and could not be disputed easily.



Serious issues but what every adult should deal with.

[last426]

As far as I know there aren't any laws in any of the United States about getting a will, probably because the govt. stands a good chance of getting all your assets if you don't have one.

We are in the process of getting one, mostly for the sake of the kids so we can dictate who will raise them if we kick it. Can't tell you a price though because we're having a friend do it for us who's been a anttorney now for a year or so. I would suspect it's in the $300 range though but it's well-worth it when you consider the possibility of your kids becoming wards of the state and the govt. taking all your stuff.

Gosh you are so misinformed.  The government does not take your stuff and your kids don't become wards of the state.  Not that it's your fault, these rumors are rampant. Anyhow, I have written wills, living will, and trusts, though those are not my main area of practice.  But just to put your mind at ease, if you die without a will then you default to the "will" that your state has drawn up for all who die intestate (without a will). I can't remember exactly how it goes (look it up in your state statutes) but generally the estate goes to the spouse, if there is one, or down to the kids if there are any, up to the parents if there are any, over to siblings if there are any, and on and on.  The state almost never ends up with anything because there is always some relative, however remote.  And if no one is found I imagine it goes into an escheat fund waiting to be claimed.

As for the kids, you can't will kids anywhere.  The state always looks to what is in the best interest of the kids.  It would be a very weird situation for them to find that becoming a ward of the state is in their best interest.  But you might want to leave money in a trust and name someone you respect as trustee to administer the trust for the benefit of the kids.  I imagine that would go far in helping the judge make his decision. 

At any rate, a will and a trust are easy things to do but they do take some knowledge of how everything fits together.  Not that it's hard, it's just that many are confused about it.  And if you are dead, there is no way that you can change something.  It might be worth the money to go to a lawyer and have them draft up the documents.  If you feel brave, there are inexpensive books at www.nolo.com that describe the issues and provide forms. Kim       

[mally69]

well im in the process of building a 512 stroker for my 68 charger so i better get one BEFORE i drive it for the first time   

[HITMAN 149]

i guess if your thinkin about it....it's time!!! 
i'll take care of any cars for you!!!!! LOL

[Shakey]

My spouse mentioned to me the other day that we should start thinking about getting a WILL.  We have two children now and what would happen if?  How many of you guys have wills?  And what does a basic will cost?  Have any of you drawn up your own will and testament?  http://en.wikipedia.org/wiki/Will_(law)

Hi Paul,

I haven't even taken the time to read the other replies yet but the answer to your question is NOW!

My Wife and I are in the process as we are at the same stage in life as you and your Wife.  We even felt we are late in getting to this.

It will cost us around $600.00 CDN to have it done properly with a lawyer.

We look at it kinda like insurance, we'd rather not spend the money on it, but we have to.

[Orange_Crush]

Now is a good time. 

I had an attorney draw up my will a couple of years ago.  COst me 500 bucks.  Money well spent for peace of mind.

[ITSA426]

You need to get one about an hour ago, just for the piece of mind.  Shop around if you want but you want to have things in place because you have a family.  Ask me next time we talk, and I can tell you a real horror story.

[dkn1997]

I feel that this should be taken care of the moment you have kids.   it's good that you are doing this, if something happens, your kids will appreciate it. 

and don't do a standard will, do a trust.  it will help with taxes.   It costs money to set it up, but it really sets forth in stone who gets your kids and who gets your money.  We also included our wishes as far as being on life support and who gets medical power of attorney.

a couple of tips:

-don't entrust the money to the same person who gets your kids.  having differnt people in charge of the $ and the little ones adds another decision maker to the process so that vito does not put a new roof on his house while your kid needs braces.

-in the event that you die before kids are adults.  set up one dispursement of money when they are relatively young 18-21.  then set up another dispursement of the rest of the money when they are a bit older, say 25.  This way if they act stupid and blow it all, or marry someone who spends it all, they can have a 2nd chance.

[bull]

As far as I know there aren't any laws in any of the United States about getting a will, probably because the govt. stands a good chance of getting all your assets if you don't have one.

We are in the process of getting one, mostly for the sake of the kids so we can dictate who will raise them if we kick it. Can't tell you a price though because we're having a friend do it for us who's been a anttorney now for a year or so. I would suspect it's in the $300 range though but it's well-worth it when you consider the possibility of your kids becoming wards of the state and the govt. taking all your stuff.

Gosh you are so misinformed.  The government does not take your stuff and your kids don't become wards of the state.  Not that it's your fault, these rumors are rampant. Kim       

Kim, if it's possible for you to correct someone without being an arrogant f%$k about it, I'd like you to start asap. Thanks.

[last426]

Kim, if it's possible for you to correct someone without being an arrogant f%$k about it, I'd like you to start asap. Thanks.

I apologize.  I was not trying to be anything but informative.  I constantly hear rumors of the government taking people's estates or kids and I do address those issues fervently.  I thought my message explaiined that it was not anyone's fault but maybe I could have been clearer.  Kim

[bull]

Kim, if it's possible for you to correct someone without being an arrogant f%$k about it, I'd like you to start asap. Thanks.

I apologize.  I was not trying to be anything but informative.  I constantly hear rumors of the government taking people's estates or kids and I do address those issues fervently.  I thought my message explaiined that it was not anyone's fault but maybe I could have been clearer.  Kim

I understand what you were saying about the rumors. I just didn't appreciate the criticism of it being directed specifically at me. People can point out flaws and misinformation all they want but no one enjoys their intelligence being insulted in the process. Nuf said. Thanks for the apology.

[RECHRGD]

If you have more than one child leave everything to a charity.  Nothing tears families apart more than fighting over an inheritance.  Bob

[last426]

I understand what you were saying about the rumors. I just didn't appreciate the criticism of it being directed specifically at me. People can point out flaws and misinformation all they want but no one enjoys their intelligence being insulted in the process. Nuf said. Thanks for the apology.

You were the only person to make the assertion that the government would take the estate and force the kids to be wards of the court.  You were the one who gave out blatant misinformation.  Why are you taking this as a personal attack although I said that it was not your fault and that rumors are rampant.  Obviously an apology won't do so I surrender, the correct information is out there, hurt feelings and all.   Kim 

[bull]

I understand what you were saying about the rumors. I just didn't appreciate the criticism of it being directed specifically at me. People can point out flaws and misinformation all they want but no one enjoys their intelligence being insulted in the process. Nuf said. Thanks for the apology.

You were the only person to make the assertion that the government would take the estate and force the kids to be wards of the court.  You were the one who gave out blatant misinformation.  Why are you taking this as a personal attack although I said that it was not your fault and that rumors are rampant.  Obviously an apology won't do so I surrender, the correct information is out there, hurt feelings and all.   Kim 

You just don't know when to shut up do you?

[mally69]

 

[deputycrawford]

Make a will and make it fast. I just lost a friend at 35 years old that was murdered while doing his job as a policeman. No matter what happens, be ready for the worst and hope for the best.  Get that will completed. Besides;  just think. Murphy's law should set in and you will never need it as long as its ready for you.

[dkn1997]

 

with all the stories you hear about family fights over money, or spouses/kids left with nothing, it would almost lead you to think that the best way to cheat death is to have a good insurance policy and a will.

[Vainglory, Esq.]

And make sure you get it properly witnessed and notarized.  DAMHIK.