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How do you go about making a Will and the approximate cost for a liar?
yoshmyster
Member Posts: 21,879 ✭✭✭✭
I figure I fall under simple since I don't have much, a condo and few "collectables" that I don't wanna leave for the State. What should I do?
Comments
give em to me now..............
Make a Trust not a will.
You can get simple wills online, but whether they'd be valid in your state is possibly doubtful. A simple one drawn up by an appropriate lawyer shouldn't run you more than a few hundred bucks. He or she will give you advice about a will, living will, power of attorney, named executor, trusts, and more.
Edit to add: If you move to another state, have a new one made. Provisions written in one state may not be valid somewhere else. Learned that while in the military. Had a "general purpose" will written by an Air Force lawyer, but when we wound up in Utah for good, we had one written here. Got a package deal from a will and estate specialist, establishing a trust, wills, living wills, PoA, and naming our elder daughter as executor.
What Rocky said.
We set up a trust, power of attorney provisions, living wills etc. after we retired. Costs were about 1200 bucks. Good piece of mind for my bride and I and an orderly and uncomplicated transition for our children.
I have been the executor in two family estates. I have served as POA for parents and step parent over the years. The ones with properly set up trusts/Durable POA etc. were fairly stress free to handle. The ones that had minimal wills in place were far more difficult to work through and incurred more legal fees/lawyers to complete.
Checkout Legal Zoom ,,,,,,, I did it all and was specific to my state.
I'll put another vote for a trust instead of a will. Regardless, get something custom for your state. Your family will thank you for it. While they are mourning a persons passing, the last thing one wants to do is fight with state/lawyers, or other outside family that seem to come out of the woodwork.
I have a sad but true joke about this:
"Where there's a will; there's greedy estranged family members".
...if you dont use a lawyer, it might be contested no matter how much/little your worth...you might be surprised out how many '8th cousins removed' will come out of the woodwork for even a few hundred dollars...easier to use an attorney and know the Will is done correctly and the proceeds go to who you choose...the 'do it yourself' Wills are mostly crap...around here 'simple' Wills usually cost from five hundred to a thousand dollars...depends on how much priority you put on your earthly proceeds going to exactly who you want them to go to...
Use an Estate Attorney.
Trust, huh? Since I got no "family" here is that still the way?
I have a sister in japan who I want mines to go to her and my dad (no longer alive) who started a second "franchise" here that I avoid. Since my sister's in Japan and she ain't coming over here to deal with it. So I just want her to get a check from my executor when the condo is sold. As for pop's second franchise "no goodies for you".
I'll check Legal Zoom to help me decide Will, Trust or estate. I'll have to ask about the capital gains Tax. 20%!!! Gawed Lee. What I wanna do is sell the condo and run with the money out of the country.
Set up a life estate for the condo in your sisters name. Then she can sell the condo after your death and reap the proceeds with no tax. or possibly only an estate tax pending what state you live in and what limits they have on inheritance . That way if you get sick and need medicaid... the govt will take care of you instead of using the condo as collateral to pay your medical bills. of course after the 5 yr look back period is over.
Contact an attorney and have them draw up a simple will, this should only run around $150 to $200.
In the will have someone you trust to be the administrator, they are to carry out your will as you instructed. Most states require the estate be put in probate for six months, this allows creditors to collect on what you maybe owe then, if not put in probate it will take two years before estate can be liquidated, this will vary from state to state.
You can have the attorney serve as administrator, but they will charge the estate and you you will be gone and not able to dispute their charge. Attorney make a lot of money when they do the leg work.
We have an appointment this month for a simple will and power of attorney with medical power of attorney, About $700. here in upstate SC.
Yosh, what you describe is complex enough that you really shouldn't use a "boiler plate" will. See a professional.
Since a condo in probate will accrue HOA fees that someone will have to pay or they'll try to steal the condo like a mechanic's lien.
Rocky Raab - Will do.
In your situation I would recommend a Living Trust. Name your sister as successor trustee.
That way when the Condo has to be sold no probate is involved.
Most important you should get a Power of Attorney and Health Care Proxy ASAP, those you need those now while you are alive,
Finally no taxes due for federal. If it was your personal residence for more than 2 out of the last 5 years and as long as the “GAIN” on the sale is less than 250,000 no taxes due. Not sure of CA law.
Using a lawyer for Living Trust might be pricey in CA. There might be a simpler Realty Trust in CA that would keep property out of Probate and still easy to sell when the time comes.
If you do a Living Trust make sure all of your assets get titled in the Trust. If you don’t create a trust make sure assets such as bank accounts, investments and retirement accounts have beneficiaries on them.
Last I would recommend using a lawyer. Every state has it quirks and most online programs claim to follow state laws but many times they do not do it in a way that is geared to your situation. That is why they are called boilerplate.
No probate for a life estate. Remainderman will get immediately after your demise.
Don't trusts have set up fees, maintenence fees and tax returns that need to be filed?
I looked into one and it was $3500 to set up, 2.5% in maintenance fees and more in accountant fees.
It did not seem worthwhile unless one had a lot of income generating property to put into it.
I have a revokable trust, a pour over will, a living will, an assignment of personal property, and collectables. a durable power of attorney, and a health care power of attorney.
There was the lawyer's fees for creation of the above but there is no ongoing maintenance fee or accounting fees or additional tax returns.
I think you received bad advice.
No ongoing fees or special tax work for our trust, either. Only the initial setup fee by the attorney. Ours is pretty much like John J's.
Not everyone needs a trust, though. They're more applicable to people with pretty large assets, especially couples. If your net worth runs into seven figures, a trust is pretty much mandatory unless you want the state and far-flung relatives to get their fingers into it. Less than that probably not, but a will is always needed. Repeat ALWAYS. That's my take on it, anyway.