So, the wife is after me to do a will. It’s been long enough. If I find some do-it-yourself will, that says it applies to my State laws, how will I know if I’m covered? Is it worth even trying, or should I bypass this concept as hopelessly lame,and go and hire an attorney to draw one up?
Cartooniverse
If you want to kiss the sky, you’d better learn how to kneel.
There are numerous do it yourself will books on the market. Nolo Press is the major publisher in this field. Their book is very clearly written and is very good about putting up warning flags as to when you need an attorney.
The laws on gifts, wills, and trusts don’t vary too much from state to state unless you are living in Louisiana. The differences probably won’t matter too much unless you have an enormous estate to bequeath.
So the wife says you need a will, huh? Does she also want to increase your life insurance? Does she have a frozen leg of lamb in the freezer? Run, Forest, run!!
TT
“It is better to know some of the questions than all of the answers.”
–James Thurber
Great. Now I know why there is an immense Master Lock on the Upright Freezer in the basement. Where the hell am I supposed to sleep tonight NOW???
Cartooniverse
If you want to kiss the sky, you’d better learn how to kneel.
Seems to me we did this a few months ago, but it’ll take a braver soul than me to try to find it on the search engine.
I recommend against do-it-yourself wills unless you have a VERY simple situation, and NEVER if you have kids. Minor kids.
There are a lot of variables involved in estate planning. Are you married or single? Do you have children, minors or otherwise? Do you have children from a previous relationship? Is there anyone else (elderly parents) for whom you wish to provide? Do you own land, stock, other property? Is some of your property owned with another person, especially someone not your wife? Do you have life insurance, a pension plan, a 401(k) or an IRA? Do you have any interest in a trust? Do you expect any significant inheritance of your own? Do you have any significant property that is separate property, not marital property?
Do you want your heirs to take what you leave them outright, or subject to any conditions, or to a trust? Who will have custody of the kids? Who will manage the money while the kids are minors? Do you want the kids to get the money in a lump sum at 18, or in some other program?
If these are not concerns of yours, by all means handwrite your will (but make sure you find out what your state’s requirements are first to assure the validity of that document – it varies from state to state, and in some states it must be all handwritten and only by you, not by anyone else). But if you are concerned about any of the issues I outlined above, then it’s worth the money to talk to a lawyer who specializes in estate planning and make sure that a document is drawn that accurately reflects your wishes and protects your loved ones.
Voted Best Moderator (Emeritus)
I gotta give a big ol’ second to my colleague Melin on this one.
Forms in a book just don’t cut it. If you have anything out of the ordinary at all, you need somebody to interpret the rules for you. Little quirks can have expensive implications in the estate planning field.
*Is a handwritten will effective?
What if I dictate it to somebody?
How many witnesses do I need?
What the hell are “Letters Testamentary?”
What percentage do the children of the deceased nephew of poor Uncle Fred get?
Should the Executrix have to post a bond before she gets access to poor Uncle Fred’s estae?*
Except in it’s most basic and simple forms, estate planning is a highly complex field of law. I’m an Attorney, and I’m reasonable sophisticated in business and financial matters. I’m currently helping my parents with two of my grandparents’ estates. Quite frankly, I’ve been baffled on several occasions. It’s taken me numerous hours to figure what to do and how to handle things properly. Can you do this? Do you have the time to?
Unless you have an extensive estate, having an attorney draft a will should be cheap. Make some phone calls. See if you can find an eager, talented youngster fresh out of law school to draft it for you. Or, look for the crusty old veteran will specialist who drafts 10,000 wills a year. Volume, volume, volume.
Bottom line – estate planning can be very technical and mistakes can be very expensive. Legal advice (especially on simple wills) can be had cheap. It’s cost effective to consult a professional on this one.
Plunging like stones from a slingshot on Mars.
I gotta give a big ol’ second to my colleague Melin on this one.
Forms in a book just don’t cut it. If you have anything out of the ordinary at all, you need somebody to interpret the rules for you. Little quirks can have expensive implications in the estate planning field.
Is a handwritten will effective?
What if I dictate it to somebody?
How many witnesses do I need?
What the hell are “Letters Testamentary?”
What percentage do the children of the deceased nephew of poor Uncle Fred get?
Should the Executrix have to post a surety bond before she gets access to poor Uncle Fred’s estae?
Except in its most basic and simple forms, estate planning is a highly complex field of law. I’m an Attorney, and I’m reasonably sophisticated in business and financial matters. I’m currently helping my parents with two of my grandparents’ estates. Quite frankly, I’ve been baffled on several occasions. It’s taken me numerous hours to figure what to do and how to handle things properly. Can you do this? Do you have the time to?
Unless you have an extensive estate, having an attorney draft a will should be cheap. Make some phone calls. See if you can find an eager, talented youngster fresh out of law school to draft it for you. Or, look for the crusty old veteran will specialist who drafts 10,000 wills a year. Volume, volume, volume.
Bottom line – estate planning can be very technical and mistakes can be very expensive. Legal advice (especially on simple wills) can be had cheap. It’s cost effective to consult a professional on this one.
Plunging like stones from a slingshot on Mars.
Somewhat related, and I am too tired to go find the answer myself.
I know a couple of years ago that there was some law firm that was suing Nolo Press and other Do-It-Yourself legal products on the grounds that they were providing illegal and unlicensed legal counsel. Does anybody know what came of this (other than that such products are still around)?
Obfus.
Cartoon
If it is very simple, do it yourself. Be sure to check the local laws. For example, in Texas you can write it yourself and sign it. If it is typed, or written by someone else, you sign it and have two witnesses sign it.
Realistically, if it is more than just giving everything to your wife, get a lawyer. They know all the strange exceptions that can come up.
obfusciatrist
I remember the same thing. I don’t know what happened with it.
Cartoon
If it is very simple, do it yourself. Be sure to check the local laws. For example, in Texas you can write it yourself and sign it. If it is typed, or written by someone else, you sign it and have two witnesses sign it.
Realistically, if it is more than just giving everything to your wife, get a lawyer. They know all the strange exceptions that can come up.
obfusciatrist
I remember the same thing. I don’t know what happened with it.
Sorry if this posts twice. The first time, Netscape was stuck on the “waiting for reply” so I cancelled and re-tried.
You understand that even a written,notarized, will won’t avoid probate. Your estate will still go through the court process and it will cost your heirs thousands of dollars. See an attorney for a revocable living trust.
Says Frankd6:
Right. That’s why he’s promoting wills. So he can pick up more fees from the probate process.
hey - cartooniverse:
if you have more than a savings account - and there are kids in the picture 
save yourself the guesswork and just hire the damn lawyer. if anything, the legal fees are worth the piece of mind if you get hit by a bus or something.
Okay, okay. Aside from the craven trolling for new clients ( pardon the use of the word trolling here), I accept the word of the well-informed TM here.
I’m not a cheap prick, I was just wondering if they held water. I do have two minor kids, just became American Citizens last WEEK ( They’re South Korean).
Off to the local Attorney I go. Thanks for the input, all.
Cartooniverse
If you want to kiss the sky, you’d better learn how to kneel.
The Unauthorized Practice of Law Committee of the Texas State Bar began an action against Nolo Press, alleging that they were engaging in the practice of law by providing these “self-help” forms. The particular offender was, IIRC, a form that purported to “interview” the user, by asking multiple choice question and directing them to new sections based on the answers given. Nolo was summoned to appear before an investigatory subcommittee and answer these charges.
Nolo objected to the procedure, believed it had already been found guilty, and sought to discover the subcommittee’s working materials. The UPL denied Nolo any discovery. Nolo then asked the Supreme Court of Texas for a writ of mandamus, directing the UPL subcommittee to disclose their procedures and documents.
(A writ of mandamus is a command from a higher court to a lower court or to a public official, finding that the lower court or official is supposed to do something, that they haven’t done it, and therefore ordering them to do it.)
The Texas Supremes decided the Nolo wasn’t entitled to mandamus, because the UPL subcommittee is not either a lower court or a public official. But they did decide to create a new rule requiring public access for all such procedures, and told the UPL to fork over the material under that new rule.
Contemporaneously, the Texas legislature passed a new law specificaly exempting self-help legal books from the crime of unauthorized practice of law, as long as the books contained a disclaimer saying in substance, “This is not advice from a lawyer. You should consult a lawyer for detailed help for your specific situation.”
Nolo commented dryly that they had always believed their customers knew the difference between a book and a lawyer, but were happy to acede to the legislature’s requirement.
Based on the foregoing, the UPL subcommittee withdrew their investigation, and the case ended late last year, essentially a victory for Nolo.
And their reply, with joy in their voices was, " Nolo Comprende" ??? ROFL
Sorry, couldn’t resist. We’ll meet with a nicely recommended lawyer in about two weeks…
Cartooniverse
If you want to kiss the sky, you’d better learn how to kneel.