need attorney advice about a will

[Po Monkey Lounger]

Getting a lawyer to do it right ----- bequests, testamentary trusts for kids, guardianship selection, reciprical will with wife, properly executed, using new self-attesting format, etc. ----- will probably cost you about $250-$300. Doing it yourself on the internet, while no doubt cheaper, will probably cost you (and your loved ones) much more in the long run if not done correctly. And moreover, the needs of yourself and your family will change over time, so updating your will from time to time will likely be necessary as well. And the updates are usually cheaper than the original. Other services that I usually recommend when someone asks me to do a will include health care directives, power of attorney, etc. While none of these matters are "fun" to think about or discuss, they are necessary if you want your affairs to be in proper order.

When I have a medical problem, I don't go to the internet to diagnose and treat myself. I go to a doctor. Why? I care enough about myself and my family to make sure that I get proper treatment. If you care enough about your kids to make sure that they are properly cared for in the event of the death of you and/or your wife, then an attorney consult and will preparation will be money well spent.

[Po Monkey Lounger]

With regard to estate tax considerations, the current estate tax exemption per spouse is 5 million and 10 million per couple (if properly maximized). But, the exemption amount has been a moving target. These current exemptions are set to expire after 2012. Unless Congress acts to extend, it will go back to 1 million.

At the 5 million level, the vast majority of folks are not affected. However, this could change if we ever go back to 1 million. Keep in mind that life insurance proceeds are included in the calculation of the estate for estate tax purposes, even though these proceeds flow outside of the will and estate. Life insurance, land, home and small business are what usually ensnares most folks into the estate tax trap. For instance, a million dollars in life insurance plus a house and 1500 acres of farmland or other small business would likely put you in the estate tax planning category, even with the exemption at the 5 million level now. If the exemption goes back to one million, then one million in life insurance proceeds alone would put you in this category for estate tax planning.

This is why I still discuss these issues with every client of mine, even when they come in wanting just a "simple will". I first make sure that only a "simple will" is sufficient, and then go from there.

[dukluk]

Let me tell you boys something....I just got through butting heads with an irate relative, over a will issue....man, am I ever glad that an attorney composed my Dad's will, according to his explicit instructions, and had it recorded....get yourself an attorney, and have your will drawn up correctly, and have it filed at the court house....for heaven's sake, you're only talking about a hundred bucks, or maybe two....just the peace of mind is worth the extra few bucks!!!

As a sidenote, if my Dad's will had been sucessfully contested by that relative, I would have lost approx. $200,000 dollars in future inheritance....get yourself a good lawyer!!!!

[feedcall]

Let an attorney do it right. Always update Primary and Contingent Beneficiaries on Life Ins policies.

[Law Duck]

I'm with Po Monkey....You wouldnt self diagnose a medical condition so why would you leave your legal matters to the internet? I cant tell you the number of times someone has come in and said "well I got this FORM and it said it took care of everything." Then I ask two or three questions and they find out that the form they got is fine, but does not do what they desired to have done. In my opinion you are paying as much for the opinion as you are for the drafting of the document.

Also, like Po Monkey said, a lot of times you should also consider additional documents that may be necessary or at least helpful....power of attorney, health care POA, advanced directive, deeds etc. You may be able to avoid the necessity of having a will all together.