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Last Will & Testament's
s.gun
Member Posts: 3,245
Going to get a Will made. Don't know much about this kind of thing.
Do any of you have any tips as to what to tell the Attorney so that I could make certain that our Estate is divided equaly and fairly with my 5 children? And to also help avoid a long drawn out procedure that costs them money.
I am confused at times.<BR>We park on driveways<BR> and<BR>drive on parkways.
Do any of you have any tips as to what to tell the Attorney so that I could make certain that our Estate is divided equaly and fairly with my 5 children? And to also help avoid a long drawn out procedure that costs them money.
I am confused at times.<BR>We park on driveways<BR> and<BR>drive on parkways.
Comments
I had the lawyer spend a major portion of the assets of the estate defending me--when she finally had to pay her attorney some money, she settled--and ended up paying her attorney with the reduced amount she got. Stupid on my part, I guess, but I was damned if I would let her get away with that.
Bottom line: Once you are gone, you will never know how much envy exists among the kids--I sure didn't.
My advice: Give while you can with warm hands, not cold ones.
It's not what you know that gets you in trouble, it's what you know that just ain't so!
Resident Pyrrhonist
and If you change your mind on things, its on your computer. Trust me its an eye opener! Take your time. Hope your ok!
I am using Willmaker Ver.8. Very easy software to use, and it will do it buy state (leagle wise)
with leagel updates, worth the 40 bucks. IMHOP
God Bless our Troops
FrancF also has a good suggestion with the software or "Do-it-yourself will kits" to start with, BUT!....after you've got it laid out the way you want it, be SURE to take it to an attorney and get it properly witnessed, recorded, etc, etc.
Good luck!
Big Al
Pete
"Be kind to your neighbor, he knows where you live"
God Bless our Troops
FrancF -- I don't think you goofed. Your advice was good enough to get a person where they want to go.
Hairy --
quote:Once you are gone, you will never know how much envy exists among the kids--I sure didn't.
Are you a ghost??? [:D]
As for the topic, Quicken Lawyer 2003 (the Home version) might be good SW for you to acquire if you want to create your own up front, for practice or for real. It's certainly better than having no will at all, and it has the advantage of being easy (and free) to update your will. I saw a copy once on Kazaalite that had been "cracked," if you wanted to check it out before buying. (Those of us like me who like to learn every piece of SW couldn't possibly afford to buy it all -- heheheh.)
Anyway, everyone including Suze Orman talks about the "living will" or "living trust" or whatever; it is what everyone is recommending now -- the reason is what you said -- to avoid tying a lot of your assets up in probate and needless extra fees and maybe taxes.
The easiest way to accomplish what you want, I think personally, is to 1) ask for recommendations from your friends for a good, experienced lawyer who has drawn up many solid wills in the past (you can't afford to train your guy), and 2) tell him what your goal is first -- i.e., a strong, unbreakable will that divvies things up equally among your 5 children, and avoids gumming up the process with probate and waiting periods and extra administration costs.
If you keep it that simple, he should be able to give you what you want, if anyone can. But like the old saying goes, "You can sue a ham sandwich." So if someone is bent on making trouble, they probably can slow down the inevitable even if the will is iron-clad. But the result should be the same if your will is good enough.
Lawyers don't live to make things cheap; they don't make as much on "no-fault" easy cases. So it never hurts to have your attorney's work checked over, either.
Life NRA Member
T. Jefferson: "[When doing Constitutional interpretation], let us [go] back to the time when [it] was adopted. [Rather than] invent a meaning [let us] conform to the probable one in which it was passed."
However, we don't have kids and what we own worth fighting over has a lien against it, so no one would be money ahead to try and get it.
To whom much is given, much is expected.
I would highly reccommend checking in to this option in your state.
[^][^]barto
I didn't do it and I got witnesses!!
I aint leaving nothing for people to fight over. If I die BR is taken care of with my Insurance, , and the Vultures can fight over my many Harley T-shirts..
So , Live life now,, cause ya cant take it with ya..
"A wise man is a man that realizes just how little he knows"
1.A major issue in this I.R.S. revenue district is that our beloved Internal Revenue Service considers property held in joint tendency as belonging to the first to die = ouch!
2.All wills are subject to "probate" which is leagalized theft of from 4 to 6% of the assets by the lawyer who is required to perform this invaluable service.
3.A trust becomes a seperate entity (person) which "owns" the assets, therefore should someone sue you they can collect nothing, rememeber you own nadda!
Be advised that a trust no longer has as favorable taxation treatment as they did in past years. Any income derived from the assets of the trust must be "passed thru" or the trust will be taxed on them and when distributed they will also be taxable to whomever recieves same.
tax
We are constantly giving to our kids.... we feed them, house them, educate them, buy them clothes toys etc..... then they get college age.... so we buy a car for them, pay for a higher education so they can make more money and have more than we did.....we help them with the down payment on their house....help them with their kids,... help out any time they get into a jam.....just so they can have a better life than we did...
So when does it end?...death?...not on your life.... give more to the kids.... only you wont see the court cases, the fighting etc...all because Tommy got more than Molly...
I have seen parents go without so their could be more for the kids when they die.....Flippin he**!!!!!.... no wonder kids are a bunch of greedy, lazy, "the world owes me" louts...
Kids should be taking care of their parents when the parents retire.... not the other way round....I know one family, kids are all married (3 of them)...all with very good paying jobs...all own the homes witht he help of dear old dad...and yet the dad cant afford 2 prescriptions for his wife cause they want to leave something to the kids when they die....so they put money into an account each month for the kids.....BULL Crap...!!!parents raised the kids... paid for everything...helped out to get them started..helped out in times of hardship....and yet they wont help the parents out????????....
Its already started with the family I spoke of.... one daughter is ticked at the father cause the only son gets more...the other daughter is ticked at the mother cause of the way the diamonds are divided....SELL IT ALL, TAKE THE MONEY AND ENJOY YOURSELF....YOU EARNED IT....THE KIDS DIDNT...
All that being said...I am not referring to parents who have minor kids....that is totally different...I am speaking of adult kids....
Lil' Stinker's Opinion
AAAHH the advantage of having one child. Some of my mothers syblings are still mad 10 years after my grandparents death and I dread the day both my inlaws pass away. As far as my parents, they don't have anything I want and I could care less if I get a dime. Unfortunatly for me my wife will have a fit if I don't get my "fair share". A trust with the executor or trustee being someone other than a family member is a good way to go.
Just a note - I put in my will that I was to be creamated and my ashes spread on a dance floor so everyone could party on me..... seems a little silly now that I am older, but we did not grow up with wakes and I like the idea.
IF YOU DON'T LIKE MY RIGHTS - GET OUT OF MY COUNTRY (this includes politicians)