Do you have a sound Will?

[Kingfisher]

I went to really good funeral last week. They talked about Jesus, Salvation and what I believe is really important. I spent time with Ray Lee today and learned they really ain't got the will straight. I really don't want to burden my children and have a plan but I know if I get run over by a train tomorrow I'm screwed! Can you get a simple sound will & testimont without an attorney in Texas?

 

[tom4018]

I can't speak for Texas but will say something that I learned when my dad passed away years ago. Him and mom had wills drawn up and witnessed but not notarized. They are legal but that problems comes when going to probate court. One of the witnesses had to be there, now they were the age of mom and dad and could have easily passed away before one of them, or even moved off. We need to get ours done, $300 is what an attorney priced them for us.

 

[1982vett]

Nolo press....plus several software programs available one of which used when my circumstance was simple. Basic and easy. My most recent cost $1200 plus another $600 to amend several year s later.

 

[Waterway65]

My wife and I spent about $1800 but believe we have. Our estate set up the way we want it now. When we retire I am sure we will make some changes to transfer property and reflect our retirement needs.

 

[TCRanch]

Depending on the size of your estate & the fact you have children & quite possibly a substantial amount of land & cattle, you may want to consider a trust. As Tom mentioned, a will can be probated & contested by essentially anyone that believes they're entitled to a piece of the pie. A will is relatively inexpensive and a trust can be $$$$ but worth it; a well written trust can save thousands to hundreds of thousands in estate taxes & clearly documents who gets what, funds can be withheld until beneficiaries are a certain age & funds can also be distributed annually (again, avoiding tax consequences). While you're at it you may also want to consider a Power of Attorney, primarily for health care decisions, and is also a fairly simple document that can be found online.

 

[Bigfoot]

Rich people leave a will, poor people leave a bill.

 

[Rafter S]

My wife and I had wills done when our children were young, and have had them updated once since. Naming who would raise our children if something happened to both of us was the main motivation for getting them done back then. We didn't want to leave it up to the court to appoint a guardian.

 

[ram]

Depending on the size of your estate & the fact you have children & quite possibly a substantial amount of land & cattle, you may want to consider a trust. As Tom mentioned, a will can be probated & contested by essentially anyone that believes they're entitled to a piece of the pie. A will is relatively inexpensive and a trust can be $$$$ but worth it; a well written trust can save thousands to hundreds of thousands in estate taxes & clearly documents who gets what, funds can be withheld until beneficiaries are a certain age & funds can also be distributed annually (again, avoiding tax consequences). While you're at it you may also want to consider a Power of Attorney, primarily for health care decisions, and is also a fairly simple document that can be found online.

This is some good advice folks. Following a death a family can lose a lot of net worth if you don't have your P's and Q's straight.

 

[J&D Cattle]

Depending on the size of your estate & the fact you have children & quite possibly a substantial amount of land & cattle, you may want to consider a trust. As Tom mentioned, a will can be probated & contested by essentially anyone that believes they're entitled to a piece of the pie. A will is relatively inexpensive and a trust can be $$$$ but worth it; a well written trust can save thousands to hundreds of thousands in estate taxes & clearly documents who gets what, funds can be withheld until beneficiaries are a certain age & funds can also be distributed annually (again, avoiding tax consequences). While you're at it you may also want to consider a Power of Attorney, primarily for health care decisions, and is also a fairly simple document that can be found online.

A trust is the route that my family went as well. We did both financial and health related POA's for each of us. We also were able to make directives on where our children would be sent. My wife's family is full of attorneys and all recommended a trust.

 

[lavacarancher]

Wife and I have a pass through trust to try and avoid the death tax problem for our kids. My parents did it a little different and deeded everything to me before they died. We didn't even have to go to probate because my Mother (last one to go) didn't own a thing.

The cost to do the pass through trust was very expensive however, the plan my parents used was reasonable but did involve a lawyer to write the quit claim deed.

 

[rockroadseminole]

Full disclosure: I'm a financial planner with cows, so this is some free advice.

Most of your cost in estate planning is attorney fees. Typically there is a reasonable flat fee for documents listed above. Where most of your fees come from are brainstorming "on the clock".

One way to combat this is to meet with a Financial Advisor or life insurance agent that specializes in the area of estate planning (most don't, so ask). Many will not charge a fee, with the idea being that if you need a financial product (life or long term care insurance, gifting stocks, etc) you will purchase said product from them. They get a commission instead of a fee. The purpose of this is to get your brainstorming done without paying a fee. So, when you meet with the attorney you know how you want things to play out. Many times the advisor will go to the meeting with you. If your plan involves a financial product you would have ended up buying it anyway.

Remember, the goal is to keep your family happily together when you are gone. Oh yeah, and not give anything to the irs that isn't absolutely necessary. Don't let the cost of the leather seats in your truck keep you from it. :2cents:

 

[JMJ Farms]

I have a simple will. It covers everything and was prepared by an attorney but I done all the brainstorming. Probably need to look into other options such as a trust. But, I did put a clause in my will that anyone who contested any part of it was automatically eliminated from the will (should they lose the contest). I told them I didn't want them fighting over something that wasn't theirs, but rather a gift from me. Same as I told my father that I wouldn't fight over his stuff. I told him to fix it the way he wanted it because I wasn't getting into a family feud over something that didn't belong to me. Too many people feel "entitled" to something that's not theirs.

 

[TCRanch]

Full disclosure: I'm a financial planner with cows, so this is some free advice.

Most of your cost in estate planning is attorney fees. Typically there is a reasonable flat fee for documents listed above. Where most of your fees come from are brainstorming "on the clock".

One way to combat this is to meet with a Financial Advisor or life insurance agent that specializes in the area of estate planning (most don't, so ask). Many will not charge a fee, with the idea being that if you need a financial product (life or long term care insurance, gifting stocks, etc) you will purchase said product from them. They get a commission instead of a fee. The purpose of this is to get your brainstorming done without paying a fee. So, when you meet with the attorney you know how you want things to play out. Many times the advisor will go to the meeting with you. If your plan involves a financial product you would have ended up buying it anyway.

Remember, the goal is to keep your family happily together when you are gone. Oh yeah, and not give anything to the irs that isn't absolutely necessary. Don't let the cost of the leather seats in your truck keep you from it. :2cents:

Absolutely. Our Financial Adviser was included, partially because we also had to change the investment accounts to the Trust, but he also provided valuable insight into structuring the Trust. Another consideration: I don't know if it's protocol in just KS or as a general rule but the attorney fee/total amount charged for the Trust was based on the size/amount of the estate.

 

[True Grit Farms]

Absolutely. Our Financial Adviser was included, partially because we also had to change the investment accounts to the Trust, but he also provided valuable insight into structuring the Trust. Another consideration: I don't know if it's protocol in just KS or as a general rule but the attorney fee/total amount charged for the Trust was based on the size/amount of the estate.[/quote]

Some Lawyers "crooks" are the act as Trustees of the estate and get paid a percentage for ever.
Our trust lawyer was paid by the hour and still is. Lawyers are just highly educated thieves and liars but are a necessary evil.

 

[TCRanch]

Absolutely. Our Financial Adviser was included, partially because we also had to change the investment accounts to the Trust, but he also provided valuable insight into structuring the Trust. Another consideration: I don't know if it's protocol in just KS or as a general rule but the attorney fee/total amount charged for the Trust was based on the size/amount of the estate.

Some Lawyers "crooks" are the act as Trustees of the estate and get paid a percentage for ever.
Our trust lawyer was paid by the hour and still is. Lawyers are just highly educated thieves and liars but are a necessary evil.[/quote]

Which is precisely why our Successor Trustee is not the attorney or a bank; if someone is getting paid to manage the Trust it might as well be one of the beneficiaries.

 

[TexasBred]

I went to really good funeral last week. They talked about Jesus, Salvation and what I believe is really important. I spent time with Ray Lee today and learned they really ain't got the will straight. I really don't want to burden my children and have a plan but I know if I get run over by a train tomorrow I'm screwed! Can you get a simple sound will & testimont without an attorney in Texas?

Handwritten wills are still accepted but must be notarized. Only problem left then would be IF you're heirs decide not to probate the will but simply divide the estate according to the laws of the State of Texas which they may decide to do. Some folks want to die without a will for this very reason.

 

[Judge Sharpe]

Look, I am an attorney in Alabama, If you have anything of value, you need to get an attorney involved.
A will with a trust is not expensive when you consider the problems that can come up when a person dies intestate.
Also laws change so it is good to have a knowledgeable lawyer look at your situation.
I write simple will in Alabama for 150.00 more complicated estates cost more.
Like the old commercial said, " Pay me now or pay me later."
Every state is different and the on line forms don't always take that into account.
I would say for the cost of a good heifer you can get the will and other estate documents you need done.
a couple of things:
1. Don't appoint the attorney as executor or trustee of the estate.
2. Spell out how you want things divided as specifically as you can.
3, Remember that births and deaths can affect the operation of the will ( and divorce will too)
4. don't write up notes and expect them to change the will.
5. name an executor and a successor executor for the will and trustee and successor trustee.
6. Funeral arrangements need to be made outside of the will The will won't be read until after the funeral so if you want to be spread, say so before hand, otherwise you might be planted before anyone knows differently.
7. Tell someone where the will is, it does no good to make a will and then lose it.
8. If you make a new will, tear up the old one.
9. Remember that you and your wife may die at the same time, provide for that in your wills.
10, Make it as simple for your survivors as you can. They are left to clean up any mess you leave.
And always remember, as Attorney's stock in trade is his time. He makes his living providing a service and applies the three of four years of legal education to your case. It is just like when you take a calf to the sale, you need to get the money for that calf. A lawyer needs to get a fair price for the work he does.

 

[hurleyjd]

Depending on the size of your estate & the fact you have children & quite possibly a substantial amount of land & cattle, you may want to consider a trust. As Tom mentioned, a will can be probated & contested by essentially anyone that believes they're entitled to a piece of the pie. A will is relatively inexpensive and a trust can be $$$$ but worth it; a well written trust can save thousands to hundreds of thousands in estate taxes & clearly documents who gets what, funds can be withheld until beneficiaries are a certain age & funds can also be distributed annually (again, avoiding tax consequences). While you're at it you may also want to consider a Power of Attorney, primarily for health care decisions, and is also a fairly simple document that can be found online.

This is some good advice folks. Following a death a family can lose a lot of net worth if you don't have your P's and Q's straight.

You need a power of attorney for someone to handle your business in case you cannot. A power attorney is not effective as long as you can handle your business with no dementia or unable to function. If not a judge would appoint a conservator to make decisions when you cannot.

 

[tomnt369]

Gotta chime in on this one. I just spent the last year and half dealing with a deceased parents estate that was located 12 hours away. The "will" was jotted down on notebook paper the morning he passed away in the hospital. Two old "friends" helped him write it. Thankfully the judge just grinned and tossed it in the trash. Just my sister and I left to handle the Probate and settle the estate. It wasn't easy but we got it done and finally have some closure.
I vote to get a lawyer and make the Will as strong as you can....keep it updated.

 

[Dave]

I always figured you couldn't die if you didn't have a will. So putting off getting a will was putting off kicking the bucket.

I am in danger now. The wife and I just did wills, power of attorney, community agreement, and some other legal document that I can't remember right now. If the kids realized how much I am worth to them they would probably knock me off.