Making a will
TV ClubHouse: Archives: 2003 February:
Making a will
Kristylovesbb | Thursday, January 16, 2003 - 10:49 am     Does anyone know of any software you can purchase to create your own will and also if a hand written will is legal and binding if it is witnessed. |
Weenerlobo | Thursday, January 16, 2003 - 11:03 am     Handwritten wills are legal, have two witnesses, they don't need to be notaries. At least that's all true in Michigan. You should really use an attorney, though. |
Weinermr | Thursday, January 16, 2003 - 11:27 am     Kristy, The laws of each state are different. I know there is software out there to draft a will, you are really better off in the hands of a competent estate planning attorney. Check your local bar association and they will find someone for you - or go right to the head of the Estate Planning section of your local or state bar association, because he or she is probably one of the best (and not necessarily the most expensive). If cost is a factor, there are very good attorneys that will provide these services for a small fee or no fee. Good luck! |
Squaredsc | Thursday, January 16, 2003 - 11:36 am     kristy, my dh and i made a will using the computer. my father had one on a disk that we just filled it, and had it witnessed and signed. since we don't have an "estate" it was very simple and it was all we needed. i don't know the name of the software though. |
Fanny | Thursday, January 16, 2003 - 11:51 am     Kristy, a handwritten will is called a holographic will. Just like Weiner said, each state has different statutes defining a holographic will and what the requirements are for validity, like is it good with two witnesses, or should it be notarized, or acknowledged, and should the witnesses' signatures be notarized, etc. Be sure you know what your state's statutes are before you go messing around with a holographic will. If it doesn't meet the requirements of the statutes, it won't be valid. Same thing with boilerplate software. Be sure what you're doing conforms with your state's statutes or you'll be in a world of hurt. Well, maybe not you--your heirs will be! A simple will prepared by an attorney should not cost much. |
Pamy | Thursday, January 16, 2003 - 12:49 pm     Just a note..a will does not take care of a lot of things, please consider getting a trust, ck with a good trust attorney. A will will not transfer property without going thru probate which is very expensive(1000's)a trust eliminates the need for probate |
Goddessatlaw | Thursday, January 16, 2003 - 12:51 pm     Weiner and Fanny hit the nail on the head. By the way, if you want your best chance at insuring the terms of your will are enforced, go to an attorney to draft it. Also, you have no way of knowing what particular tax ramifications might attach to particular bequests, etc. Really, I strongly urge you to see an attorney. |
Kristylovesbb | Thursday, January 16, 2003 - 12:51 pm     Thanks everyone, from everything you guys have said I am convinced to seek an attorney. |
Hootyhoot | Sunday, January 19, 2003 - 05:26 am     I was appalled to find out that it would cost my children $10,000 to $15,000 to settle my estate! This estimate was given to me by the lawyer who made out my will. so she knew exactly what my estate would be. My estate consists of my house and my IRA and some small bank accounts. I am definitely going to look into setting up a trust. |
Tntitanfan | Sunday, January 19, 2003 - 07:07 am     I was able to get a great deal on a will, POA (general), POA (medical), and living will for $100. The local young lawyers group did a benefit for the local YCAP program where they did this work in return for $100 donation to the program! |
Pamy | Sunday, January 19, 2003 - 10:34 am     Exactly what I was saying Hootyhoot!! A trust may cost 1000-3000 to set up but is well worth it. Your children will never have to go thru probate and your should your children want to argue over who gets what can not contest a trust. Also a lot of lawyers will tell people not to get a trust. why? because they know they will make much more money off of you with a will/probate. Don't let a lawyer tell you you don't have enough money to worry about a trust, not true, if you own property a trust is best. |
Sadiesmom | Friday, February 14, 2003 - 08:19 pm     I can't imagine what you guys are talking about. My Mom dies, I was the executor. The funeral director told me what to do. I went to the county seat, paid a little for the missing deed. about 10 dollars for the death certificates, aboout 30 dollars for the probate (the county gave me very explicit directions of the ads, etc. and other things I had to do to prove their were no leins. I cashed out the bank accounts, the IRAs, the 401ks, the insurance, the stock options the missing government bonds, did a search for unknown accounts, made repairs to the house, inventoried all contents for the house, hired and monitored someone to clean the house, negotiated a good rate with the real estate agent, hired a real estate lawyer, sold the house, distributed the proceeds, distributed objects specified to heirs, donated some of the goods, sold the furniture, am in the process of selling the little bits and pieces to benefit the grandchildren. Did it without a trust. Used up my vacation, but it was fine. It also helps to have a co-executor who is an accountant. She did the paper work, I did the leg work. No wonder I was so tired that year. I had to take care of the second house and garden from February through July. After looking at my home and paperwork, my family has asked me to die last. LOL. I have accumualated more stuff than my Mom, my house has a much bigger attic. I have every tax return I ever filled out, Clothes since High school (that I did not donate), coin collections, ornament collections, stamp collections, porcelain collection, music boxes,.... and 5 computers in various states of working. |
Pamy | Friday, February 14, 2003 - 09:03 pm     I don't know what state you are in but it must be a great one! I have never heard of probate less than 1000.00. (were you on title with your mom on the house?)I am glad you were able to do everything smoothly. It is such a hard time to go thru, I am glad the paperwork went smoothly for you. |
Ginger1218 | Saturday, February 15, 2003 - 07:15 am     Jeez, I don't know what state you are in either, but in NY it goes right into probate if there is no will. |
Jed245 | Saturday, February 15, 2003 - 09:36 am     OK I don't know if this is the thread for this post, but, here goes. :o) A friend of mine ok my boss, wants to know if he left his estate to his son in his will. And put a clause in the will that he didn't want his son to pay an inheritance tax. Would his son be held responsible for the tax? Or could he get out of it because of the clause in the will? I told him I was fairly sure that his son would have to pay the tax, but, I'm not entirely sure I've heard of stranger things. Anyone have any input on that? I know it's probably not credible at all, but, I promised I'd post it somewhere so here it is. :o) Jed. |
Weinermr | Saturday, February 15, 2003 - 02:48 pm     Jed, SOMEONE has to pay the estate tax and/or inheritance tax, if there is any to pay. There is a Federal Estate Tax that applies to taxable estates greater than $1,000,000.00 (in 2003), and various states have their own Estate Tax, Inheritance Tax, or both. If your boss has assets other than those he is leaving his son, he could specify in his Will and/or in associated Trust Agreements that the taxes attributable to his son's inheritance are paid from some other source of assets. For example, he could have $3,000,000.00 of assets, leave $1,000,000.00 to his son, and the other $2,000,000.00 to other beneficiaries. He could specify that the estate taxes attributable to the $1,000,000.00 he is leaving his son would be paid out of the $2,000,000.00 going to the other beneficiaries. So in a sense, his son could inherit assets free of any estate or inheritance taxes, but if there are taxes due, they would have to be paid from some other source of funds at his death. Or if his estate is not taxable at his death, there will be no taxes to worry about. I hope I've helped. |
Jed245 | Sunday, February 16, 2003 - 05:18 am     Very nice response Weinermr, Thanks. :o) I kinda knew the answer to that one, but, he asked me to post it somewhere and I promised I would so I did. He was looking for a loophole in the system. I told him it's like the irs once they say you owe ... you owe. :o) |
|