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welder 09-30-2007 11:47 PM

Last will and testament or living trust
 
How and what would you guy's do/use and why.

My family is dropping like flies and my wife and I aren't getting any younger.

We also don't want to go broke putting something together.


Any thoughts ?



Lester


rkatz 10-01-2007 12:20 AM

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.

TrollnHeel 10-01-2007 12:29 AM

Re: Last will and testament or living trust
 
I will only say one thing that may mean something to you Lester...


It's not over buddy!

Perhaps Mr. and Mrs. Welder need to make a trip. It's funny how doin the extreme can make ya feel alive again.

If there's ever a need to travel here to NC, pop and I will give yall VIP treatment.


Again, fun is not over until you say its over

Eyeball 10-01-2007 12:37 AM

Re: Last will and testament or living trust
 

TrollnHeel - 10/1/2007 1:29 PM

Perhaps Mr. and Mrs. Welder need to make a trip. It's funny how doin the extreme can make ya feel alive again.


That's what 'snack' girls are for. :thumbsup: :grin:


SurferGirl 10-01-2007 06:36 AM

RE: Last will and testament or living trust
 
I have a Will with each of its pages numbered and signed by me and each of the witnesses.
I am aware that someone has been dispensing on the airwaves for years some cookie-cutter, one-size-fits-all advice, saying that everyone needs a Revocable Trust also.
Having made a Will is just part of making sure one's wishes will be carried-out. The safeguarding of a Will is also essential to that__ I mean, making sure that Nobody who would rather it not be probated can get access to it, and that Only those who would want to make sure it is probated can get access to it.
Strongly recommend you go to an attorney, Not use a "do-it-yourself kit."

triguy7 10-01-2007 07:03 AM

RE: Last will and testament or living trust
 
Just had mine done. A couple of trusts to lower what the govt will take. Amazing what a little tax planning can do. Highly recommend tax attorney. Everything spelled out in the will, so the kids won't have reason to argue. Cost me 2k and I feel like it was worth twice the price.

Menzies 10-01-2007 07:49 AM

Re: Last will and testament or living trust
 
$750 here two years ago with an attorney that specialises in estate planning - wills, trusts, powers of attorney, children's guardian. It's not just the money side but what you want done if you end up on life support etc. Remember the Schrievo case?

One other point to remember. A lot of people think that they don't have enough money to worry about trusts etc. If you have life and accident insurance, personal, through work or both, you could be worth a small fortune the minute you die - the government will take a large chunk of this if you don't plan.

The death tax exemption grows substantially through 2010 - but then sunsets and goes back to where it was unless renewed. Don't place any bets on that when considering your estate planning.



Tom Bare 10-01-2007 08:20 AM

Re: Last will and testament or living trust
 
The common belief out there is that we will get 3-5MM for "free" before the IRS whacks us at 55% [estate taxes]

Make sure you get:
durable poa
healthcare poa
executor [hopefully a close friend not wife]
trustee
guardian
poa=power of attorney

I own a financial planning firm and create estate plans every day. Guardianship issues are the hardest for parents [who raises minor kids]. You can also give your $ to your kids however you want to-it is literally a blank sheet of paper. Careful w/ executor, they can "earn" 5% for providing the service.

Family Trust, Credit Shelter Trust, A/B...Bypass.....all are used every day and are simple to implement. If you have in excess of 2MM in assets including any life insurance that is not in an irrevocable trust, you should start carving out assets from you and your wife. You can pass 1MM each for free right now. If you die w/out doing it, you only get 1MM total.

Estate planning will cost $500-$1500 depending on how complicated.

Tireless 10-01-2007 08:44 AM

RE: Last will and testament or living trust
 
I would strongly suggest you get a current health care power of attorney that complies with Texas state law. This document lays out who can make medical decisions for you if you are incapacitated.......which is different than a living will.

SSheila 10-01-2007 09:42 AM

Re: Last will and testament or living trust
 
We paid $900 this past spring for a trust, pourover will, powers of attorney for financial and for health care. That fee included drawing deeds to transfer our real estate into the trust and it includes any changes for the next two years.

Inexpensive peace of mind, particularly in our situation where we each have children from previous marriages.

SurferGirl 10-01-2007 10:05 AM

Re: Last will and testament or living trust
 

Tom Bare - 10/1/2007 7:20 AM
executor [hopefully a close friend not wife]
Assuming the Testator's purpose is to benefit the surviving spouse, and that the surviving spouse would be capable of administering the estate, why would you suggest nominating anyone else except as an alternate?

Tom Bare 10-01-2007 07:32 PM

Re: Last will and testament or living trust
 
So the spose can grieve properly and not be burdened with death certs, letters of testimentary,closing the affairs of the deceased et al. Really and truly that is the sole reason. I have experienced it personally and from that moment on I recommend strongly to all my clients to have someone else do it. I volunteer to be the Executor of each client, at no charge [written in the will] should they pass.
Hope it makes sense, there REALLY is no ulterior motive! [should have said spouse not wife!]

Tom Bare 10-01-2007 07:37 PM

Re: Last will and testament or living trust
 
My 5% comment was geared mainly toward the old fashioned trust depts at banks as well as some law firms. If you have a strong relationship w/ your financial planner, ask him or her if they would be willing to do it pro bono. In my situation, 99.9% of the time I know my client's estate better than the spouse so it just makes good sense. They know I will absolutely act in their best interests and I will not charge them. Moreover, I am the Trustee anyway so it is [almost] a logical progression.

SurferGirl 10-01-2007 10:18 PM

RE: Last will and testament or living trust
 

Tom Bare - 10/1/2007 6:32 PM

So the spose can grieve properly and not be burdened with death certs, letters of testimentary,closing the affairs of the deceased et al. Really and truly that is the sole reason. I have experienced it personally and from that moment on I recommend strongly to all my clients to have someone else do it. I volunteer to be the Executor of each client, at no charge [written in the will] should they pass.
Hope it makes sense, there REALLY is no ulterior motive! [should have said spouse not wife!]
Well, that makes sense. I have never known of anyone not claiming their fee to which they were entitled unless they were also a beneficiary who had run the numbers both ways and found it more advantageous to them to waive their fee.
My arrangements have been a bit different, as there were no children and I have been transient until just recently. My primary plan has been to provide for one natural adult person. Have directed all the dispositions I could for that end by non-probate arrangements to keep the job as simple as it could be. Have kept a Will that would satisfy the requirements to pass any type of property interest in any of the fifty States. And have kept two professional PRs lined-up as alternates for the primary and contingent plans, so my plans should not fail for lack of a PR, even taking into account the possibilities of mergers, consolidations, and the like.

welder 10-02-2007 12:32 AM

Re: Last will and testament or living trust
 
I don't plan on leaving this world for a long time but do want to be prepaired.

The kids are out of the house [ 2 girls ]

Own 40 acres with 2400 sq' metal home

One Pacific 2325

and a bunch O'junk

What happened to the old days where ya could just write down what ya want done.




Menzies 10-02-2007 07:19 AM

Re: Last will and testament or living trust
 
People got greedy....

kenergy 10-02-2007 09:29 PM

Re: Last will and testament or living trust
 
I decided to talk to my wife about a living will also, so I said to her

"I never want to live in a vegetative state, dependant on some machine and fluids in a bottle, if that ever happens I want you to pull the the plug"


















So she got up and unplugged the TV and threw out my beer


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