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Post by hlghmalntenence on Aug 17, 2015 3:57:10 GMT
Setting up a will? Do I see a financial advisor? A lawyer? Are there other things I should set up as well?
Any advice or suggestions you have for me?
I am almost 40 but have health problems and this subject has been on my mind lately.
I am married with one child, age 11. Her college is paid for. Just trying to think ahead.
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Post by sbartist on Aug 17, 2015 4:00:24 GMT
Following, thanks for asking.
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Post by Eddie-n-Harley on Aug 17, 2015 4:05:33 GMT
I'd look for a lawyer, primarily because one thing you (and your husband) should consider is setting up a guardianship provision in your will for your daughter in the event that you and DH die together. Depending on where that college money is, you might also think about setting up a trust for disbursing it. You'll be looking for someone who practices estate planning.
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Post by epeanymous on Aug 17, 2015 4:05:41 GMT
You can have a lawyer do it.
Some states have limited practice professionals (basically, non-lawyers with some specialized training who get limited licenses) who can draft wills. They would be less expensive than a lawyer.
There are also online will forms you can use. There is nothing wrong with using them.
What you are going to want to do probably depends on how complicated your finances are, any unusual things you need to cover, etc. In addition to dealing with guardianship of your child, you will also want to think about who to leave in charge of executing your will.
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scrapaddie
Drama Llama
Posts: 5,090 
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Post by scrapaddie on Aug 17, 2015 4:06:38 GMT
I just saw a lawyer, but my estate is not large. And my child is an adult. Having a child, you may want to establish trust funds. A lawyer can help you set up a trust fund but you also may want to purchase stocks to be owned by the trust fund.
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Post by 950nancy on Aug 17, 2015 4:21:50 GMT
I would find a lawyer who charges a reasonable amount for this. We found one that specialized in wills. Wills are pretty important. The lawyer will ask you questions you might not have thought of. There are plenty of other things you can do on your own, but for this one it is worth the money.
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Post by belgravia on Aug 17, 2015 4:24:29 GMT
See a lawyer. He or she will address issues pertaining to your will and estate that you likely haven't even thought of.
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Post by crazy4scraps on Aug 17, 2015 4:45:24 GMT
While you're at it, you should consider setting up power of attorney in case you are incapacitated but don't die and are unable to make decisions for yourself or your child. Our attorney did this for us and also gave us information for setting up health care directives too.
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Post by littlemama on Aug 17, 2015 11:02:28 GMT
See an estate planning attorney. I know someone who used a regular lawyer for part of it, and his use of standard forms ended up costing them. He was a good lawyer, but this was not his area of expertise.
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Post by nlwilkins on Aug 17, 2015 16:20:41 GMT
Using the forms provided online and generic forms available in the library is tempting, but you would be amazed at how the little things can trip you up. Get a recommendation from someone who has had experience in the field. Also, like what was mentioned above, don't forget to get a power of attorney set up - you need two kinds - medical power of attorney and the regular power of attorney. A living Will is good to have as well.
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calgal08
Pearl Clutcher
Posts: 2,519
Jun 27, 2014 15:43:46 GMT
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Post by calgal08 on Aug 17, 2015 16:36:26 GMT
Definitely see a lawyer. I've seen too many clients get burned from using the online forms. With a minor you have way too much at stake for a mistake/oversight. Many estate planning attorneys will do this at a fixed fee.
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Deleted
Posts: 0
Oct 6, 2024 0:35:56 GMT
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Post by Deleted on Aug 17, 2015 16:54:02 GMT
I've heard it's better to set up a trust, not a will for tax purposes.
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Grom Pea
Pearl Clutcher
Posts: 2,944
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Post by Grom Pea on Aug 17, 2015 20:27:27 GMT
I've heard it's better to set up a trust, not a will for tax purposes. I think she should speak with a lawyer, as you can have a will and a trust, it's not one or the other. |
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Post by ntsf on Aug 17, 2015 20:29:40 GMT
state laws will dictate whether a will or a trust or both are better.. that's why you need a lawyer. in ca, we put everything in a trust and have a will and got the advance directives at the same time..
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Post by 3SugarBugs on Aug 17, 2015 20:42:38 GMT
As others have already stated, see an Estate Attorney. We have an overarching Will, with Trusts set up for each of the children. We also designated POA, and other specifics. I'm sure the rates vary by geographic area, but it's definitely money well spent.
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