Writing a Will. Thoughts?
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Writing a Will. Thoughts? (by BillW [NJ]) Mar 4, 2024 10:03 AM
       Writing a Will. Thoughts? (by Oregon Woodsmoke [ID]) Mar 4, 2024 10:07 AM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 4, 2024 10:37 AM
       Writing a Will. Thoughts? (by S i d [MO]) Mar 4, 2024 11:10 AM
       Writing a Will. Thoughts? (by Gene [OH]) Mar 4, 2024 11:36 AM
       Writing a Will. Thoughts? (by Kim [TX]) Mar 4, 2024 12:05 PM
       Writing a Will. Thoughts? (by DJ [VA]) Mar 4, 2024 12:13 PM
       Writing a Will. Thoughts? (by WMH [NC]) Mar 4, 2024 12:30 PM
       Writing a Will. Thoughts? (by Eddie [KY]) Mar 4, 2024 1:38 PM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 4, 2024 2:18 PM
       Writing a Will. Thoughts? (by Jim cal [CA]) Mar 4, 2024 2:28 PM
       Writing a Will. Thoughts? (by GKARL [PA]) Mar 4, 2024 3:37 PM
       Writing a Will. Thoughts? (by BRAD 20,000 [IN]) Mar 4, 2024 3:57 PM
       Writing a Will. Thoughts? (by BRAD 20,000 [IN]) Mar 4, 2024 4:03 PM
       Writing a Will. Thoughts? (by Small potatoes [NY]) Mar 4, 2024 4:20 PM
       Writing a Will. Thoughts? (by Ray-N-Pa [PA]) Mar 4, 2024 5:29 PM
       Writing a Will. Thoughts? (by zero [IN]) Mar 4, 2024 5:35 PM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 4, 2024 6:14 PM
       Writing a Will. Thoughts? (by WMH [NC]) Mar 4, 2024 6:25 PM
       Writing a Will. Thoughts? (by PG [SC]) Mar 4, 2024 6:33 PM
       Writing a Will. Thoughts? (by GKARL [PA]) Mar 4, 2024 6:48 PM
       Writing a Will. Thoughts? (by BRAD 20,000 [IN]) Mar 4, 2024 7:55 PM
       Writing a Will. Thoughts? (by BRAD 20,000 [IN]) Mar 4, 2024 7:58 PM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 4, 2024 8:08 PM
       Writing a Will. Thoughts? (by Nicole [PA]) Mar 4, 2024 10:06 PM
       Writing a Will. Thoughts? (by Robert J [CA]) Mar 5, 2024 2:47 AM
       Writing a Will. Thoughts? (by MMIT [VA]) Mar 5, 2024 7:19 AM
       Writing a Will. Thoughts? (by S i d [MO]) Mar 5, 2024 8:07 AM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 5, 2024 9:19 AM
       Writing a Will. Thoughts? (by Ken [NY]) Mar 5, 2024 12:21 PM
       Writing a Will. Thoughts? (by DnB [PA]) Mar 5, 2024 12:40 PM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 5, 2024 1:52 PM
       Writing a Will. Thoughts? (by Nicole [PA]) Mar 6, 2024 10:06 AM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 6, 2024 8:35 PM
       Writing a Will. Thoughts? (by W [CA]) Mar 7, 2024 12:55 PM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 14, 2024 2:58 PM
       Writing a Will. Thoughts? (by Mick [CA]) Mar 17, 2024 4:39 PM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 18, 2024 1:35 PM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 19, 2024 3:10 PM
       Writing a Will. Thoughts? (by Robin [WI]) Mar 19, 2024 7:03 PM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 19, 2024 9:11 PM
       Writing a Will. Thoughts? (by zero [IN]) Mar 20, 2024 7:27 AM
       Writing a Will. Thoughts? (by Nicole [PA]) Mar 20, 2024 9:53 AM
       Writing a Will. Thoughts? (by BillW [NJ]) Mar 20, 2024 1:34 PM
       Writing a Will. Thoughts? (by Ray-N-Pa [PA]) Mar 21, 2024 12:30 PM
       Writing a Will. Thoughts? (by Ray-N-Pa [PA]) May 8, 2024 12:43 PM
       Writing a Will. Thoughts? (by BillW [NJ]) May 10, 2024 1:17 PM

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Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 4, 2024 10:03 AM
Message:

Our two children are done with college and gainfully employed, so I thought it time to write a new will. We are both 60 years old.

Do you think I should hire an attorney to help us write a will, or should I DIY? I do my own bookkeeping and taxes, so I thought a will should be straight forward. I thought once my wife and I pass, everything would be divided equally between my two kids. They get along well, are both frugal and serious savers, so I'm not too concerned a substantial inheritance will cause them problems.

I've heard in some states a trust is advantageous, but in NJ, the probate process is pretty easy, so I think just a will should be fine.

Would you DIY your will or pay an attorney? Any other thoughts on Wills? Thanks - Bill --96.242.xx.xx




Writing a Will. Thoughts? (by Oregon Woodsmoke [ID]) Posted on: Mar 4, 2024 10:07 AM
Message:

If there are any other relatives, even distant, who might even vaguely think that they can be included, then have a good lawyer write it up. Even one word wrongly used can make a will invalid or open to interpretation. The will has to be capable of standing up to challenge, and that challenge does not have to come from your two children. --76.178.xxx.xxx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 4, 2024 10:37 AM
Message:

Thanks Oregon Woodsmoke, that's something I hadn't considered, though I could imagine, as you said that: "Even one word wrongly used can make a will invalid or open to interpretation"

Makes me think though, that we should consider other folks besides my offspring. Our nieces and nephews especially. --96.242.xx.xx




Writing a Will. Thoughts? (by S i d [MO]) Posted on: Mar 4, 2024 11:10 AM
Message:

People get weird when there's money involved. I've seen otherwise cordial family members stop speaking to each other over estates far smaller that yours will be. In addition, you would want a Will to say what happens if one or more of your heirs pre-deceases you and your wife. A good attorney will be familiar with all the ins and outs we normally do not think of.

You've done a great job building a legacy; now it's time to put the bow on the package. --172.59.xx.xx




Writing a Will. Thoughts? (by Gene [OH]) Posted on: Mar 4, 2024 11:36 AM
Message:

BillW, I've been wanting to do the same. I also do my own taxes, bookkeeping, etc., but know that there is so much involved in setting up one's estate correctly. As Sid mentioned families get really weird when it comes to money especially inheritances.

I recently bought the following book so I could have an idea how I wanted our estate set up. It has great examples which supports Sid's ideas of how weird people act when it comes to their inheritance. The book is really good and I now have a better understanding of what I want our trusts and wills to be so that I can have the best conversations with the attorney who will be setting them up.

The book is: Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) Paperback – August 12, 2014 by Jeffery L. Condon (Author) --99.165.xx.xxx




Writing a Will. Thoughts? (by Kim [TX]) Posted on: Mar 4, 2024 12:05 PM
Message:

One advantage to my mother having property in a trust in NJ was that we paid no state inheritance tax. --50.230.xxx.xxx




Writing a Will. Thoughts? (by DJ [VA]) Posted on: Mar 4, 2024 12:13 PM
Message:

I DIY quite a lot, but I like to think I know when I need to call in a professional.

This is one of those - I would (will) definitely hire an estate planner Lawyer.

--68.229.xxx.xxx




Writing a Will. Thoughts? (by WMH [NC]) Posted on: Mar 4, 2024 12:30 PM
Message:

We had our regular RE attorney draw up a will; frankly we were unhappy with the results.

So we went to a true Estate Planning group and set up a trust and wills and re-did all the other forms (POAs, Health Care Directives, etc.) For the $$$ it cost, which was smaller than anticipated frankly, it is great peace of mind. Is it right? Is it perfect? Who knows? Kids will find out when we die, I guess. But it's at least closer to what we wanted. --173.28.xx.xxx




Writing a Will. Thoughts? (by Eddie [KY]) Posted on: Mar 4, 2024 1:38 PM
Message:

Hire the attorney and have the peace of mind that you didn't leave them a problem to deal with you didn't think about

--74.219.xxx.xx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 4, 2024 2:18 PM
Message:

Thanks Sid, I too have seen “otherwise cordial family members stop speaking to each other over estates”. It’s sad to see siblings get gifted their parent's life work, only to have that gift drive a wedge between them, which is the last thing parents want. You've helped me realize the importance of getting this right, enlisting the help of someone with experience and maybe discussing this with our children while we can.

I read you post in September of last year and that’s good advice, to “make sure you get someone who does trusts [and wills] as a regular course of action” Also, a good tip to: “don't transfer title before death as that will trigger not only a gift tax, but also the stepped up basis for inherited property will be lost”

Oh, and “now it's time to put the bow on the package” put a smile on my face. Thanks.

Gene, I’m looking forward to reading the book. The first review of the book on amazon is titled: “You Really Don't Know Your Children - Until They Divide Their Inheritance” :-) Thanks!

Kim, that is very interesting. I made a note to bring that up with the attorney. Thanks!

Thank you DJ. One more vote to hire this out.

Thanks for sharing that, WMH. Touches on what Sid was quoted saying

Thank you Eddie. One more vote to hire this out.

--96.242.xx.xx




Writing a Will. Thoughts? (by Jim cal [CA]) Posted on: Mar 4, 2024 2:28 PM
Message:

depending on your estate, should give you the answer, whether to do it yourself or hire an attorney. In California if you don’t have a trust, your assets have to go through probate and probate fees are set by law. --169.150.xxx.xx




Writing a Will. Thoughts? (by GKARL [PA]) Posted on: Mar 4, 2024 3:37 PM
Message:

After a bit of research, I decided to do my own through Legal Zoom. I decided to set up a testamentary trust for certain assets (this is a sort of trust that comes into existence upon death) but creating it is simply adding a clause in your will specifying it, the assets that are to go into it and the distribution rules. Legal Zoom provide lawyers that you can ask questions of. I felt my situation was not that complicated to justify paying $2500 in legal fees especially considering the fact that I was the one who had to sort out how things should go. --209.122.xx.xxx




Writing a Will. Thoughts? (by BRAD 20,000 [IN]) Posted on: Mar 4, 2024 3:57 PM
Message:

BillW,

This is too important to not use an GOOD atty.

LegalShield gives you a free will, etc with membership. An atty advised you over the phone. Then take it to another atty for a second opinion.

A friend just spent 8 years of family stress and MANY MANY THOUSAND$$$ on atty fees to get her share of a multimillionaire dollar estate where the wording was vague. Should have been simple - Mom and Dad built a business to be shared with the 3 kids. ONE heir had a really aggressive atty and kicked out the other heirs.

The judge ruled FOR the vagueness and she lost her inheritance.

Worst than that, the family was torn apart.

My tip: our will stated the children could not get any more than basic support and college expenses thru a trusteee until age 35. I've bought too many homes from deadbeat kids who inherited a house and dumped it for drug money.

Also consider current and future 2nd spouses and divorces. Another friend and her family lost the generational family farm because Dad remarried, died a year later so the new wife got it all, then sold it, gave the money to HER kids. Legacy gone.

BRAD --73.103.xxx.xxx




Writing a Will. Thoughts? (by BRAD 20,000 [IN]) Posted on: Mar 4, 2024 4:03 PM
Message:

PS Lots of stories about big name celebrities whose fortunes were squandered with legal fees by heir's lawsuits.

I think it was Frank Sinatra's will stated Anyone who challenges this will will be excluded from the will.

Also, My will lists THE RED FOLDER IN MY DESK. It's a written detailed list of assets and odd things and who gets them.

Another, my college roommate was part of a family that owned a car dealership. In the divorce his wife's atty claimed his share of the family business. He had to sell his rentals to pay her off to keep his share of the biz.

As Dave Ramsay says divorce is a business transaction between 2 attys, NOT between toe people who used to love each other, might still be friendly, and their children.

BRAD --73.103.xxx.xxx




Writing a Will. Thoughts? (by Small potatoes [NY]) Posted on: Mar 4, 2024 4:20 PM
Message:

A will only does so much and you will want an estate atty to set up things so your assets stay out of probate court. --172.59.xxx.xxx




Writing a Will. Thoughts? (by Ray-N-Pa [PA]) Posted on: Mar 4, 2024 5:29 PM
Message:

Well there are templates you can fill out either way you go. For some people, having to do a short eight page document scares them. My land trust agreement is over 33 pages, but it isn't that hard for you to outline beneficiaries and successor beneficiaries.

Inheritance tax is avoid by using the land trust for your real estate. You should also do a will though as land trust are for real property. I suppose you could do a personal property trust, but I see them only for big ticket items or items that will get you sued (guns and cars). --24.101.xxx.xxx




Writing a Will. Thoughts? (by zero [IN]) Posted on: Mar 4, 2024 5:35 PM
Message:

Unfortunately I am already aware that when my father passes there will be trouble. He made me executor of his will, My sister and her deadbeat husband have already said they will fight it all.

I told my father to just give it all to them. I don't talk to them anyway and no sense in wasting my time fighting it.

I thought he would make some estate changes but alas it is still the same.

I would not see my kids fighting over anything before. But then the oldest got married. The new hubby is horrible with money and complains that his parents owe him this and that.

There was a gentleman at the last convention that said his goal was to spend it all before he died. I only know him as Mike. Far wealthier and more knowledgeable than me.

Maybe I will follow in his footsteps. --107.147.xx.xx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 4, 2024 6:14 PM
Message:

Thanks Jim, I have read in NJ things like: “the Uniform Probate Code in New Jersey means that for all but the largest and most complicated estates it might be more trouble than it's worth” but Im going to see what the attorney has to say.

GKARL, I do have rental properties, so I’m guessing their might be some complexity and thinking about the value of the assets and the importance of doing this right for my children, it seems the legal fees may be worth it.

BRAD, as I’ve alluded to above, I’m sold on working with an attorney experienced in these matters. As you said “Worse than that, the family was torn apart” and that is what I’m trying to avoid at all costs. Maybe I should be spending more time with the “die with zero” book :-) Like you, I’ve seen first hand how generous giving can drive a wedge between people who use to like each other.

Tell me though, should I bring my 23 and 25 year old children into this conversation?

--96.242.xx.xx




Writing a Will. Thoughts? (by WMH [NC]) Posted on: Mar 4, 2024 6:25 PM
Message:

Some would say absolutely not, never talk to your children about your money.

Others would say absolutely DO, you've got to teach them about this just as you do everything else.

I lean very much in that direction because family businesses fail when the business passes to family who is either not interested or worse ignorant about the business. And rentals are a business.

They are a tad young though so really at this stage it depends on them and their personalities, I think. Some people in their twenties are very responsible. Some are not yet - and some might never be. But they certainly won't be if they are not taught about it.

The big issue with family conflict about family money tends to be with the SPOUSES, and all estate attorneys know this. And in these days of multiple marriages and step-children, it's something to consider. --173.28.xx.xxx




Writing a Will. Thoughts? (by PG [SC]) Posted on: Mar 4, 2024 6:33 PM
Message:

Just a few tips - Use a highly recommended Estate attorney. No DIY for this. Be specific about identifying what each child gets. Splitting equal sounds good but how do you split a house or split land or a business? Appraising and selling is expensive. Talk to the children as to what they want and how they would handle you or your wife's death?

What if both you and your wife passed at once?

Think about how your children will address care giving for you or your wife if needed.

As others have said you may have great children but their spouses could be a problem.

Take some time to study what a Will or Trust can do to meet you and your wife's wishes. --184.20.xx.xxx




Writing a Will. Thoughts? (by GKARL [PA]) Posted on: Mar 4, 2024 6:48 PM
Message:

Bill, I'm not pushing DIY per se as I think folks have to do what they're comfortable with. I'm a CPA with some familiarity in estates and etc. and my situation is boilerplate and not worth paying someone $ 2500 who's basically going to spend a few moments adding my name to documents already on the shelf. I also know how I want to handle things which I'd have to sort out and bring to the lawyer anyway.

I need a trust to take care of my wife and another one once she goes for the kids but they don't get access to anything prior to attainment of a certain age. Wife gets income from assets and distribution of corpus for medical, home repairs and etc. The most difficult thing I have to do is come up with the trustee. That's my main sticking point which the attorney couldn't help me with unless they agreed to be a trustee. I could still retain an attorney separately for that purpose I suppose. That would be best given that the kid's trust would be under court supervision. --209.122.xx.xxx




Writing a Will. Thoughts? (by BRAD 20,000 [IN]) Posted on: Mar 4, 2024 7:55 PM
Message:

More...

Include an escalation clause to match the govt's max allowable to inherit. It used to change every year.

My Dad signed a paper and died a few hours later. That paper saved his estate $250,000 in taxes by setting up a Testamentary Trust. Mom got the max allowed by law and the balance went into a trust, with her as trustee.

Wifey's input: think 30 years into the future. Things change, people change, God forbid your child dies...then what.

Our will is pretty basic - All assets professionally appraised. If someone is not comfortable with the appraised value they can request a second appraisal and average the 2.

Value is divided by 3 (children). If one heir chooses not to hold 1/3 share of the value the other siblings have first right of refusal to buy them out at 8% interest over time.

Your 20somthings's lives will be very different 20 years from now. Grandkids, ex-wives, someone passed...

BRAD --73.103.xxx.xxx




Writing a Will. Thoughts? (by BRAD 20,000 [IN]) Posted on: Mar 4, 2024 7:58 PM
Message:

Another...

Require your young adults to sign pre-nups before marrying. Like SID said, money changes people.

It's not YOUR child that might cause trouble, it's the spouses, ex-girlfriends, spouse's relatives...

Dave Ramsay highly recommends when there is the possibility of large amounts, even in the future.

BRAD --73.103.xxx.xxx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 4, 2024 8:08 PM
Message:

Thanks Small potatoes, I am leaning towards setting up a trust as I do have a property out of state.

Thanks Ray-N-Pa, I’ll talk to the attorney about the land trust.

Yeah Zero, that sounds like a pretty good way to go, to end with zero (no pun intended) :-)

WMH, that reminds me that my wife and daughter bust my chops for explaining the birds and the bees to my daughter in first grade ( I thought it was forth grade). My daughter went into school and explained to the other children what their parents did to make a baby. They responded by saying “maybe your parents do that but ours don’t”. Maybe I explained a little too soon, but I am a believer in sharing the good and bad that goes on in our lives. I figure one day they’ll go through it themselves.

I too have seen the spouse involvement heat things up. Makes me think I need to find a really good attorney.

Thanks PG. Great tips! Yes, how do you split a house? Again, you remind me, I need to find someone experienced in this. And I’m looking forward to reading the book that Gene recommended.

Well GKARL, you make me think I could get smart enough to handle this myself. Maybe this is analogous to paying someone 1% to manage your money, when you’d be better off just keeping it simple and investing in a stock index. Thank you!

--96.242.xx.xx




Writing a Will. Thoughts? (by Nicole [PA]) Posted on: Mar 4, 2024 10:06 PM
Message:

Bill, I absolutely think you should pay a lawyer. There are so many variables, including the ones none of us can think of. And changing laws and taxable values. There is information in this thread that is perhaps not technically wrong but is in practice not applicable for most of us here. (regarding gifting). If someone charges you $2500 for basic wills with a simple trust, they are ripping you off ... big time.

Not sure where you are located but they practice in New Jersey so possibly try

Joseph A. Bellinghieri, Esquire

MacElree Harvey, Ltd

17 West Miner Street |

West Chester, PA 19382

Direct: (610) 840-0239 Fax: 610 429 4486

JBellinghieri@macelree.com

macelree.com

--98.237.xxx.xx




Writing a Will. Thoughts? (by Robert J [CA]) Posted on: Mar 5, 2024 2:47 AM
Message:

This is for everyone. Even if you hire an Estate/Probate Lawyer to set up a new Family Living Trust and Will, it does not matter because some "DUMB ENTITLED STUPID KIDS" will remove their share of your Trust and put in into their name. Then if they get divorced, the "X" will get half and your grand children will never see dime one!

In my case my Parents Family Trust will stay alive until their youngest grand child dies. Then My Family Trust will stay alive until my youngest child dies. And my kids trust will stay alive until their youngest grand child dies.

So lets say one of my parents properties in trust burns down. That property is not owned by me or anyone except their trust. Same is with my holdings. Meaning this is another form of asset protection.

When my cousin passed on, they left 60 million in trust. Their kids holdings grew to over 100 million. And their kids now have 30 million. That's almost 200 million in three family trust. Nothing to do with one another, shielded from divorce, law suits etc. They also have many LLC's, etc. And their estate will never be probated, saving almost $50,000,000 in fee's. --47.155.xx.xxx




Writing a Will. Thoughts? (by MMIT [VA]) Posted on: Mar 5, 2024 7:19 AM
Message:

One more option is to find a real estate smart financial planner who has a preferred lawyer and cpa.

All three need to have input into your trust.

The lawyer can make sense of the legal wording.

The accountant can make sure your numbers are ok.

But, the good financial planner knows where your estate can be in 10 or 20 years from now and he will make sure the lawyer and cpa look far enough ahead. --184.187.xx.xxx




Writing a Will. Thoughts? (by S i d [MO]) Posted on: Mar 5, 2024 8:07 AM
Message:

One more thing, and this is free... yet could be "costly".

When we made out our Will/Estate Plan (yes, we did a revocable trust, POAs, etc) we notified everyone named specifically in it of precisely what we said. This includes:

Our heirs

Our executors, backup executors

Our church

And so forth. We also sat down with our kids and had a "reading of the Will", just like they would expect in an attorney's office someday.

Why?

Because this way any oddities and questions can be taken care of now, before it's too late. The proverbial bus is always ready to clobber us, so we don't know if we have today only or 10,000 tomorrows. The time to put out the information is now while everyone is alive and healthy. It gives people time to process and digest, while also minimizing stress.

Why did I say it's costly? Because it "cost" me a bit to be so open and frank with everyone regarding intimate details of my life. If also forced me to confront my own death, because I was speaking the words that some day will be spoken by my executor.

It wasn't the easiest thing I've ever done, but I'm glad I did it. Best wishes as you love your family well by providing peace and clarity regarding your wishes.

--184.4.xx.xx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 5, 2024 9:19 AM
Message:

Thanks BRAD for sharing how you do it. I guess things like “all assets professionally appraised” are included in the will. And thank your wife for the good input of thinking into the future. I tend to think in the here and now and not 30 years from now. Yes, things will be different then. My daughter is getting married in July, but I don’t think I could bring myself to suggest a prenup but I'm gona sleep on it.

Nicole, thanks for the input. True that we are familiar with our own situations, but is doesn't necessarily apply to others. West Chester is 1-1/2 hours from me, so a bit far, but I’ll give Joseph a call and see what he says. Thanks again.

Robert, that is interesting stuff about the Trusts. Kinda ties into BRAD suggesting the prenup.

Yeah, MMIT, I was thinking that you’d need a financial guy in this too. Great advice! Thank you.

That is good Sid, to run it by everyone. I can see the cost, as in some tears may flow. Thank you much for sharing that!

--96.242.xx.xx




Writing a Will. Thoughts? (by Ken [NY]) Posted on: Mar 5, 2024 12:21 PM
Message:

Sid- your kids are still young,why would you discuss it with them now? Seems like it is almost asking for problem. Why would you discuss any of this with your church? just seems like a bunch of nosy people would start thinking they have a right to start asking questions and prying --74.77.xx.xx




Writing a Will. Thoughts? (by DnB [PA]) Posted on: Mar 5, 2024 12:40 PM
Message:

Bill. Please read the Google reviews on Atty Joseph before you make a decision.

Good luck and definitely find an estate/elder law attorney. --50.107.xxx.xxx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 5, 2024 1:52 PM
Message:

DnB, I couldn’t find reviews specifically on Atty Joseph, but I did read some on the firm and got a pretty good idea on how they work :-). Thank you! --96.242.xx.xx




Writing a Will. Thoughts? (by Nicole [PA]) Posted on: Mar 6, 2024 10:06 AM
Message:

I just looked for reviews and I saw 4 disgruntled ex-clients. I dealt with him quite a few years ago and had no problems. I probably would go back if I needed anyone in the area. Of course, everyone needs to be comfortable with their advisors for something this important. --98.237.xxx.xx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 6, 2024 8:35 PM
Message:

Thanks Nicole. His office called me today to set up a time to speak with him. I will call him tomorrow and hear what he has to say. --96.242.xx.xx




Writing a Will. Thoughts? (by W [CA]) Posted on: Mar 7, 2024 12:55 PM
Message:

Suggest you have a Power of Attorney for health along with your will. Have the Power of Attorney for health reimbursed from your estate for time spent dealing with doctors, nursing homes, nursing inhome care etc. I was advised by my lawyer to decline being a POA for health for a relative because it is thankless work and can be very time consuming - but if I hadn't stayed on, my relative would have wound up in a nursing home which she hated instead of getting in home care. Lucky for her she did me favors years ago that now are getting returned. The POA for Health also gets to fight with the other relatives who want little or nothing spent from the estate on the beneficiaries care . . . what fun. --91.196.xxx.xxx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 14, 2024 2:58 PM
Message:

Thanks W. I just spoke with an attorney and he suggested something similar. Thanks for the heads up on that.

Nicole, I spoke with Joe today. Was very impressed. He spoke like a regular guy, no sales push or anything like that. He was also very knowledgeable, but acknowledged when his knowledge was limited on a subject. Jeeze a lot of ledges in that last sentence, lol He's going to get back with a quote to do the will and trust, and if looks reasonable I think I will go with him. Don't tell him that though :-) --173.70.xxx.xxx




Writing a Will. Thoughts? (by Mick [CA]) Posted on: Mar 17, 2024 4:39 PM
Message:

TRUST. I had my mom & step-father do a trust. It saved a lot of trouble from relatives who were NOT beneficiaries trying to challenge the contents. --72.223.xx.xxx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 18, 2024 1:35 PM
Message:

Good to know. Thanks Mick! --173.63.xxx.xx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 19, 2024 3:10 PM
Message:

So I got the estimate back from Joe today and it was $3500 for the wills, durable powers of attorney, health care powers of attorney and revocable living trusts. I still need to change the name, from mine and my wife's to the trust, on the deeds of 5 properties in NJ and 1 in CA. His hourly rate is $525 --173.63.xxx.xx




Writing a Will. Thoughts? (by Robin [WI]) Posted on: Mar 19, 2024 7:03 PM
Message:

We're going through this process right now. With property, a will isn't enough. You need a TRUST that the properties are transferred into at death. That gives your beneficiaries IMMEDIATE legal control over the properties. Can you imagine if you left them in a will and it took months to get through probate? Who would have the legal right to collect rents, authorize and pay for repairs, etc?

The lawyers we've talked to have been very helpful in bringing up questions that we hadn't thought of. Mostly, protecting the assets from a spouse, particularly if our own kids died first. Also, shielding assets from Medicare clawback. Also, minimizing taxes. Also, we have a special needs child that we need to provide for without affecting his eligibility for government benefits. We've been quoted between $3500-$4500 for the process. Well worth it, in my opinion! --104.230.xxx.xxx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 19, 2024 9:11 PM
Message:

Thanks Robin, some good points, well taken on the rentals, probate and trust. As you can see from what I wrote, Revocable living trusts were part of the plan. Interesting that you got quoted about the same amount as I did (it was actually: "approximately $3,500 to $4000")

Sounds like the lawyers brought up some really helpful questions for you and your questions helped me too. Thank you!! --173.63.xxx.xx




Writing a Will. Thoughts? (by zero [IN]) Posted on: Mar 20, 2024 7:27 AM
Message:

Thanks goes to both of you.

We still have nothing like this, just a will.

Kids don't really want to take the properties over but if we both died I hadn't considered the problems while waiting to get power over the properties again. --107.147.xx.xx




Writing a Will. Thoughts? (by Nicole [PA]) Posted on: Mar 20, 2024 9:53 AM
Message:

Robin, New Jersey and Pennsylvania probate is easy. His heirs will take the will to the court house and the executor is appointed. The executor then has the ability to act on Bill's behalf collecting the rents, repairs, leasing, selling the property, etc. I realize some states make "probate" a lengthy time consuming, expensive, process but not all. Not saying the trust isn't a good idea but the reason I see so often given doesn't pertain to every state.

That said, I know California has companies that loan money against your inheritance so no need to wait out the probate process... not sure the costs but I guess if you had to wait for grandma to pass away and then wait for the courts (eye roll emoji here) --98.237.xxx.xx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: Mar 20, 2024 1:34 PM
Message:

Nicole, the reason I was doing the trust is because of the CA property. I agree with you that NJ probate is easy, from what I've read. Joe thought, if we passed without it in a trust, our kids would need to take a trip to CA to go through probate. And he thought if we have a trust for the CA properties, we might as well put our NJ properties in the trust along with some of our other assets.

Makes me think, I wish we could just sell the CA property, but because of family dynamics, we won’t.

--173.63.xxx.xx




Writing a Will. Thoughts? (by Ray-N-Pa [PA]) Posted on: Mar 21, 2024 12:30 PM
Message:

Bill if have a snail mail address, I can send you the templates that I have from a paper course on land trust specific to California. It is rather old school and even before y2K.

I can burn you a copy if you want it.

That said, you can spent lots on asset protection. Attorney Jeff Watson presented about five years ago to our apartment association and he was wanting about $20,000 back then!

The parts that you feel comfortable with, I would recommend you do but you should absolutely have a professional double check your work --24.101.xxx.xxx




Writing a Will. Thoughts? (by Ray-N-Pa [PA]) Posted on: May 8, 2024 12:43 PM
Message:

As much as you can love family, it sure can make things a bit more difficult during a troubling time --24.101.xxx.xxx




Writing a Will. Thoughts? (by BillW [NJ]) Posted on: May 10, 2024 1:17 PM
Message:

Thanks Ray-N-Pa. I hired the attorney that Nicole recommended to set up a basic will. Because NJ probate is simple, I won't be setting up a trust for the properties. We hope to sell our rental home in CA soon. --173.63.xxx.xx



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