Posted: 9/29/2006 10:55:04 AM EDT
| for both my wife and myself. Any suggestions? |
| If you want to DIY, LegalZoom has standard stuff for pretty cheap. |
Go to a lawyer and have him do it. If you write it improperly it will be damn near worthless in court. Really the couple a hundred for an hour with a lawyer is much simpler. He can tell your the inheritance laws of your state. He can tell you how the state will divide your assets among your heirs if your will is thrown out or you don't have one. If your going to be a cheap bastard....you need to list everything you own in it, and put a catch all phrase like "all remaining assets to be divided equally among my heirs" |
| If you have a considerable estate, or could with life insurance, and have kids, I would suggest a Trust. This will allow the estate to be distributed at your discretion and reduce the taxes paid by your estate and disallow unwanted people from laying a claim to your estate. |
|
You might want to give some/all of this a bit of consideration, also. Last Will & Testament (appoint an executor and express your wishes) Separate Writing for Tangible Personal Property ( instructions for bequeathing particular things) Guardian of Person and Property Alternates Guardianship for Children Alternates (think worst-case scenario) Estate Planning Living Trust (Revocable Trust Agreement) A/B Trust (for tax shelter and to avoid probate; must be funded and all assets should be in it) Successor Trustee Alternates Designation of Health Care Surrogate(Medical Guardian) ; to make med. decisions if you cannot Medical Power of Attorney Alternates Declaration of Living Will Medical Power of Attorney Alternates Decision on DNR order Durable General Power of Attorney to Spouse and/or alternate Declaration Naming Preneed Guardian (in case of incapacitation) Alternates Funeral Arrangements (cremation, pre-paid plot, etc.) Life Insurance (for trust funding, burial, living expenses, pay probate, investment) Education for Children 529s PrePaid programs Education IRAs Stay safe |
|
If you decide to do it yourself, make sure you UNDERSTAND and FOLLOW the rules in your state. In the past, a handwritten will (holographic) was fine and did not need to be witnessed. A printed or typed will needed to be witnessed (I expect it was because a persons handwriting could usually be verified if necesary, verifying who produced a typed document, really couldn't), it may be that if you write it up and print using MS Word and your home printer it needs to be witnessed. Again who knows how many people could forge a will using MS Word and a foreged signature. A simple will is not that hard to do. If you want to make sure that any of your expectant heirs does not receive anything, specifically say that. It's much harder to argue that Uncle Fred forgot me , when it says right there, "My worthless nephew Louie is to get NOTHING." |