[Doc]

In preperation for our upcoming overseas excursion, the wifey and I are preparing our wills for the first time.

Boy, if you can't start and argument about who gets the kid in the event of our deaths, I don't know how to start one! (Ok, actually we haven't argued about it yet... but we're definately of differnt thoughts on this one)

Yes, yes- we should have made up a will a long time ago- but we didn't, and now we are.

It's an intersting thing to spend time contemplating your own death. The automated questionaire I'm going though asks a lot of good questions I would not have though about. Who gets the pets? Who gets this or that? Who's incharge of everything? How do you want your 'remains' to be taken care of? etc..

So I figure the easiest thing for my family is to give most of my 'good stuff' to a buddy here in Iowa (bikes, cruiser, VW, tools) and let the family units (in Oregon) deal with the logistical stuff.

Anyway.. it's a blast!

[fsusteve]

We just named my sis-in-law to get full custody and all property, we've written down how it's to be divided later. Make sure everyones aware of what you want to do.

[Jetboy]

I think it's usually better to have a nonfamily member become a trustee over the estate, and then divide it up as you wish per your will. That way there's no fighting among family members and the death doesn't cause divisions.

OTH I when I die i want it to be a bad day all around.... just kidding.

I think the hardest part is deciding at what point you want the plug pulled and who should be doing the pulling, the material stuff is easy. As for the kids, also a big issue. I have no idea how to make that decision, whatever's best for the kids is often viewed quite differently by each parent. I know I would not trust my brother or my wife's sister with our kids (we don't have any yet, but if) For us it would have to be either set of grand parents. Whatever you do, make it very clear what is to happen with the kids so there is not a fight!

It's tough to think about, but if something were to happen to you whoever is left will be glad you did.

[Cookiemonster]

I'm still waiting to hear back from the USAF about my application to become a B-52 pilot. I can't do any worse.........

Need to take care of the whole "will" thing too....

[2badfjs]

lets just say YOU pass on..........who gets your wife?

i'll take your dogs i love your mellow dogs,what a change from my crack heads.

[Doc]

I think Brodis has dibs on the wifey...

OK:

Dogs to Jim
Wife to Mark
Kid to.... Michelin? Are they looking for a new baby?

[Doc]

Oh, and I notice you went for the dogs over the Cruiser...

You got something against fuel injection?

[NorCalDoug]

can I have the shotgub if you don't sell it beforehand?

[2badfjs]

Originally Posted by Doc

Oh, and I notice you went for the dogs over the Cruiser...

You got something against fuel injection?

looked like you already had plans for it.
definitly dont want a farfagnugin

[cary]

Given that will only controls what happens to your property, you might consider spending the money and going to a qualified attorney. Who gets your children will be based upon a Guardianship Agreement. In most states this is seperate from a will. Also, you should have a Durable Power of Attorney and an Advanced Health Care Directive. Finally, depending on the state you are in a Revocable Trust may be a better choice than a will only (with a revocable trust, you and your wife will still need spillover wills).

Here in California when I do an estate plan for a married couple with minor children they get all the following documents:

1) A Guardianship Agreement,
2) (2) Spillover Wills (one for each),
3) (2) Durable Power of Attorneys,
4) (2) Advanced Health Care Directives, and
5) A Revocable Trust.

These documents total about 150-200 pages and I always include preparing and filing the documents to transfer real property into the name of the trust. I charge $2000 to do this (about going rate) and would expect it to be less in your state.

Can a person do an estate plan themselves? Absolutely, but be very careful to make sure you are doing it properly. Many of the online services are worthless. State law controls all of the above documents and what works in one state does not work in another. If you live in a state like CA where probate fees are very high (approx $23,000 for a $1,000,000 estate, which does not include a credit for things like mortgages), failing to properly fund a revocable trust is very expensive. In other states, probate fees are very low, and probate is very fast, so revocable trusts are hardly ever used.

Also, the Guardianship agreement and advanced health care directive are every bit as important as a will and/or trust. If they are not done properly, there may be a fight over who your children go to, or you could end up like that lady in Florida, on life support for 15 years when instead you wanted the plug pulled.

[Cruisin'Carolina]

Originally Posted by Doc

Kid to.... Michelin? Are they looking for a new baby?

That is JQuality!

[re_guderian]

Originally Posted by cary

Given that will does not control what happens to your property, you might consider spending the money and going to a qualified attorney. Who gets your children will be based upon a Guardianship Agreement. In most states this is seperate from a will. Also, you should have a Durable Power of Attorney and an Advanced Health Care Directive. Finally, depending on the state you are in a Revocable Trust may be a better choice than a will only (with a revocable trust, you and your wife will still need spillover wills).

Here in California when I do an estate plan for a married couple with minor children they get all the following documents:

1) A Guardianship Agreement,
2) (2) Spillover Wills (one for each),
3) (2) Durable Power of Attorneys,
4) (2) Advanced Health Care Directives, and
5) A Revocable Trust.

These documents total about 150-200 pages and I always include preparing and filing the documents to transfer real property into the name of the trust. I charge $2000 to do this (about going rate) and would expect it to be less in your state.

Can a person do an estate plan themselves? Absolutely, but be very careful to make sure you are doing it properly. Many of the online services are worthless. State law controls all of the above documents and what works in one state does not work in another. If you live in a state like CA where probate fees are very high (approx $23,000 for a $1,000,000 estate, which does not include a credit for things like mortgages), failing to properly fund a revocable trust is very expensive. In other states, probate fees are very low, and probate is very fast, so revocable trusts are hardly ever used.

Also, the Guardianship agreement and advanced health care directive are every bit as important as a will and/or trust. If they are not done properly, there may be a fight over who your children go to, or you could end up like that lady in Florida, on life support for 15 years when instead you wanted the plug pulled.

We went this route here in AZ. Our credit union contracts with a firm to do it. It was $1500 for everything, including lifetime changes to fund the trust or law changes. We'll see (or the rest of my family will anyway) how well it works out when I die...

[rachel1027]

Originally Posted by Doc

I think Brodis has dibs on the wifey...

OK:

Dogs to Jim
Wife to Mark
Kid to.... Michelin? Are they looking for a new baby?

I know I don't know you from any other joe blow on the street but that kid is pretty cute, I would take him

Seriously, great job on planning ahead even if it is this kind of planning. I need to get my "affairs" in order as well. Never can tell what the future holds.

[Hugh Heifer]

Originally Posted by Doc

In preperation for our upcoming overseas excursion, the wifey and I are preparing our wills for the first time.

Boy, if you can't start and argument about who gets the kid in the event of our deaths, I don't know how to start one! (Ok, actually we haven't argued about it yet... but we're definately of differnt thoughts on this one)

Yes, yes- we should have made up a will a long time ago- but we didn't, and now we are.

It's an intersting thing to spend time contemplating your own death. The automated questionaire I'm going though asks a lot of good questions I would not have though about. Who gets the pets? Who gets this or that? Who's incharge of everything? How do you want your 'remains' to be taken care of? etc..

So I figure the easiest thing for my family is to give most of my 'good stuff' to a buddy here in Iowa (bikes, cruiser, VW, tools) and let the family units (in Oregon) deal with the logistical stuff.

Anyway.. it's a blast!

Where R U Going??

[NocalFJ60]

Originally Posted by cary

Given that will does not control what happens to your property, you might consider spending the money and going to a qualified attorney. Who gets your children will be based upon a Guardianship Agreement. In most states this is seperate from a will. Also, you should have a Durable Power of Attorney and an Advanced Health Care Directive. Finally, depending on the state you are in a Revocable Trust may be a better choice than a will only (with a revocable trust, you and your wife will still need spillover wills).

Here in California when I do an estate plan for a married couple with minor children they get all the following documents:

1) A Guardianship Agreement,
2) (2) Spillover Wills (one for each),
3) (2) Durable Power of Attorneys,
4) (2) Advanced Health Care Directives, and
5) A Revocable Trust.

These documents total about 150-200 pages and I always include preparing and filing the documents to transfer real property into the name of the trust. I charge $2000 to do this (about going rate) and would expect it to be less in your state.

So let say a couple dies with a will. How is the will carried out? How do people know about it? Let say they created a will and forgot to tell any relatives and the copy is locked in their safe.

Also how can a single person make a legal will on a limited budget?

[Doc]

Originally Posted by cary

Given that will does not control what happens to your property, you might consider spending the money and going to a qualified attorney.

You can't make specific gifts?

Originally Posted by Hugh Heifer

Where R U Going??

Scotland/Ireland.

[cary]

Originally Posted by Doc

You can't make specific gifts?

Major typo, should be "A will only controls the disposition of your property."

[cary]

Originally Posted by NocalFJ60

So let say a couple dies with a will. How is the will carried out? How do people know about it? Let say they created a will and forgot to tell any relatives and the copy is locked in their safe.

Also how can a single person make a legal will on a limited budget?

Your in California, so you have two options (1&2 below are really one option):

1) You can do a holographic will. To do this you simply write out your will in your own handwriting (not typed or preprinted), state what property you want to go to what person, and finish saying "any property not specifically given above shall go to XXXX (could be a single person, or divided equally among ??). More specifically the requirements are:

A will that does not meet the requirements for a witnessed will under Prob C § 6110 is valid as a holographic will, whether or not witnessed, if the signature and the material provisions are in the handwriting of the testator. [Prob C § 6111(a)] A holographic will which appears to be a complete testamentary document is valid although signed elsewhere than at the end. Also, additions or alterations to a holographic will made after the date on which it was signed, when made by the testator's handwriting with testamentary intent, operates to adopt the old date and signature. [Estate of Archer (1987) 193 Cal.App.3d 238, 244, 239 Cal.Rptr. 137] A holographic will is not invalid if it fails to contain a statement as to the date of its execution. However, if the holograph is not dated, and if the omission results in doubt as to whether its provisions or the inconsistent provisions of another will are controlling, the holographic will is invalid to the extent of the inconsistency, unless the time of its execution is established to be after the date of execution of the other will. [Prob C § 6111(b)(1)] Also, if the holographic will is not dated and if it is established that the testator lacked testamentary capacity at any time during which the will might have been executed, the will is invalid unless it is established that it was executed at a time when the testator had testamentary capacity. [Prob C § 6111(b)(2)]

Holographic wills are generally made by persons without legal training and are frequently written on printed stationer forms. [See Estate of Black (1982) 30 Cal.3d 880, 882, 181 Cal.Rptr. 222, 641 P.2d 754 (testator used three copies of stationer's form which was intended to be used as one-page will on which to write her holographic will)] However, only the provisions in the decedent's handwriting will be given effect. The question arises as to whether, in particular cases, extraneous material is either material to the substance of the will or essential to its validity. Whether a holograph will be ineffectual as a will because of printed material depends on several inquiries: Was the particular provision relevant to the substance of the will? Was it essential to the will's validity? Did the testator intend to incorporate the provision? Would invalidation of the holograph defeat the testator's intention? These inquiries are not to be undertaken mechanically so that a demonstrated testamentary intent is subordinated to a wooden adherence to form. [Estate of Black (1982) 30 Cal.3d 880, 885, 181 Cal.Rptr. 222, 641 P.2d 754]

Practice Note Based on these factors, it is likely that holographs on preprinted stationer forms will be valid even though the testator made some superfluous use of a small portion of the language in the printed form.

Photocopies of a testator's handwritten property dispositions in a holographic will satisfy the statutory requirement that the material provisions be in the handwriting of the testator, providing the testator's handwriting is properly authenticated. Thus, a holographic will was valid and replaced an earlier formal will in a case in which the testator made a handwritten list of property dispositions that also included a notation that the previous will was void, all writing in the document was the testator's except for a witness signature, and there was substantial and uncontroverted evidence of the testator's intent to replace the formal will with a holographic will. [Estate of Brenner (1999) 76 Cal.App.4th 1298, 91 Cal.Rptr.2d 149; for further discussion of testator intent related to holographic will, see § 19:41]

2) You can also do non-probate transfers which avoid probate, even if you have a will. One every bank account, retirement account, investement account, etc., ask to complete a POD (payable on death) or a benificiary form. By doing this, the benificiary will be able to submit the appropriate paperwork (usually a death certificate) to the financial institution and get the account tranfered immediately with no cost. I recommend this as a first choice with the holographic will to pick up any accounts you may miss, your car, and real property should you own any.

3) You can also go to nolo press and read their information and purchase their California wills and trust books. They are one of the few online legal resources for non-attorney's that are worth using. Their forms and advice are accurate (generally they only do California stuff but they are expanding) and to boot they are usually very inexpensive ($20-30). Just make sure you follow the instructions in their books and do it properly.

http://www.nolo.com/resource.cfm/cat...F86A2BC2B/309/

[Hugh Heifer]

I will take care of your Cruiser when you go to the great beyond. That is H-U-G-H, H-E......

[nuclearlemon]

my will was easy. no kids, no hubby, family doesn't want any of my toys. i asked my family that a specified cruiser friend be given first dibs and from there, he can help them arrange to sell off my inventory.