And, finally getting it done is such a relief! I also recommend The Big Book of Everything Version 111a compiled by Erik A. Dewey. It may seem like a lot of work but it certainly makes you look at what you have and record it.
16
Any active duty member (and their spouses) of the armed forces can get a will (for free!) from their local legal assistance attorney.
(Also folks retired from the military (and their spouses))
23
I had a near death experience and my kids were minors (septic shock). And, while in ICU for five days I was VERY glad I had done all this boring estate planning stuff. That whole “peace of mind” and not leaving an ugly mess that will poison familial relationships is No joke.
36
Good advice, but revisit sooner than 5 years if you move to a different state or if any children turn 21, if not in fact 18.
9
IRAs ans 401Ks are passed to a beneficiary, not through a will.
32
another thing to check if you're contemplating doing your own will. some states, like New York, require a particular type of attestation (witness) affidavit, with three witnesses, which eliminates the need to track witnesses down when probating a will. New York also requires that a will be supervised by an attorney admitted to NYS bar. no more "holographic" wills (wills written by hand by the executor/trix). it is a good idea to also take a look at the laws regarding inheritance when a person dies intestate (without a will). also, consideration should be given to those you will have as your executor, and a substitute in case that person cannot serve. things in this day and age cannot always be handled by filling out forms on a computer.
17
I'm acquainted with a situation where someone was asked to serve as trustee for a relative's trust. The individual agreed to serve. After the relative's death the individual discovered that the relative had relied on a book and some information gleaned from the internet to write the trust. Ambiguities in the trust, and the pour-over will, led to legal disputes that stretched over several years. My advice: make it a condition that you be allowed to read the will and trust, and clear up any ambiguities, before agreeing to serve as trustee. Require that an attorney review the trust if necessary.
39
Your attorney should keep the original will and your heirs should have his contact information. Lawyers have good systems for safeguarding wills, you probably don't.
23
That makes it very convenient to hire the lawyer who drafted the will to settle the estate. Be especially aware of statutory percentage fees for attorneys in certain states.
12
If you don't have a will your state has one for you, and it may or may not be what you would want!
26
Under the new law, the estate tax exemption is about $22M for a couple, not $11M.
9
It is my understanding that you should not keep your copy of the will in a safe deposit box because in many states only the owner of the box can open it-- executors may have to get a court order to access the box to get the will.
59
The elderly often add a younger person to the safety deposit box
21
I am an attorney and you are absolutely right about not keeping it in a safe deposit box.
46
Well being 20 I don't think I have much to give if I were to die but this is a very good point of interest for people who have any bit of a fortune or family.
9
You should still have a DPOA for health care anyway. Just being 20 doesn't mean that you can't have an accident or disease that makes it impossible for you to make health care decisions.
https://www.forbes.com/sites/deborahljacobs/2014/08/15/two-documents-eve...
19
Think about doing an on line will at least. Make a list of your assets. You need a healthcare power of attorney, otherwise your whole family gets to weigh in on your care, if you become incapacitated. Google to find your State's form. BTW I am an attorney. This is my good deed for the day!
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@Jonathan-
Six of my high school/college friends or acquaintances died young, in their 20s and 30s. Accidents. Cancer. Suicide. A sudden seizure in one case. None had legal papers of any kind that I’m aware of, but neither did I. I was almost killed at least twice before my fortieth birthday (accidents), maybe four times.
Everybody needs what might be called “End of Life Papers”. You might not think you have much, so it doesn’t matter. But unless you don’t care that everything you own will go to your parents and siblings, you need a Last Will. You definitely need a medical power of attorney if you don’t want to be kept alive indefinitely “by artificial means”. And, unless you want to stick it to your family with the bill for your funeral you need insurance. Such policies are fairly cheap as insurance goes, but you must name beneficiaries and specify final instructions — what you want done with your remains. Otherwise, anything could happen. You might even be consigned to a cardboard box and buried in a potter’s field.
Assume the worst and plan for it ahead of time. $250 spent wisely today will pay big dividends tomorrow by saving others tons of grief.
33