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Old 10-01-2007, 12:20 AM
  #2  
rkatz
Senior MemberCaptains Club Member
 
Join Date: Jul 2006
Location: Pompano Beach, FL
Posts: 1,880
Default Re: Last will and testament or living trust

You may kind of need both. For most people, a good will should not cost you more than a thousand dollars, and usually, just about $500. This would include a document indicating your wishes for your medical care in the event you are incapacitated. If you have a lot of assets (like over a million or so dolllars) that you expect to pass on, excluding life insurance, then the price can go up because you may need to set up some trusts and protect assets from taxation.

I am an attorney, but not a wills or trusts lawyer. I am just telling you from experience from when I did mine.

You should also do a will "check up" every year. I am terribly negligent with mine, admittedly, but ironically enough, just called my attorney to do a review next week. Once you pay for the original product, the reviews aren't very expensive at all and offer some nice piece of mind.
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