Announcement

Collapse
No announcement yet.

How much can I expect to spend creating a will?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • How much can I expect to spend creating a will?

    Life insurance post got me thinking that I really need to get around to creating a will. I've never had one. My assets are pretty straight forward and I can't imagine hiring a lawyer for as straight forward as this should be, but none-the-less, with a 10yo at home I've been putting this off too long. Glanced at legal zoom - looks like they have a simple will for $69 and a estate planning bundle (last will, power of attorney and living will) for $149. I can fully understand why someone with substantial assets would hire a pro, but with >$500,000 in assets and only one beneficiary, what would you spend to have a will drawn up? Any other online resources besides legal zoom?

  • #2
    I don't know about the online resources but you absolutely need a will if you have a child. Along with designating the distribution of assets, you also need to name a guardian for your child.

    We used an attorney but it was someone I had a professional relationship with so he didn't charge his usual fee.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

    Comment


    • #3
      Originally posted by disneysteve View Post
      I don't know about the online resources but you absolutely need a will if you have a child. Along with designating the distribution of assets, you also need to name a guardian for your child.

      We used an attorney but it was someone I had a professional relationship with so he didn't charge his usual fee.
      I see where you're coming from but I'm also divorced and split 50/50 custody with her dad. The likelihood of us both dying at the same time are pretty low and naturally he'd get full custody if I were to die so that aspect feels like the least concerning piece to me. Really more about how assets would be handled and who and when they'd be distributed to DD

      Comment


      • #4
        Originally posted by riverwed070707 View Post

        I see where you're coming from but I'm also divorced and split 50/50 custody with her dad. The likelihood of us both dying at the same time are pretty low and naturally he'd get full custody if I were to die so that aspect feels like the least concerning piece to me. Really more about how assets would be handled and who and when they'd be distributed to DD
        Even more reason for a will. Your daughter can't legally inherit money until she's 18 so it has to go to a trustee. Who will that be? Do you want it to be your ex? Do you want it to be some court-appointed person? Or do you want to name a trusted friend or some professional like your attorney? You need the will to spell that out.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

        Comment


        • #5
          My parents paid about $500 for their will a year ago.

          Comment


          • #6
            We got our original Wills probably 20 years ago and it was $150 for each of us. Just went back and got it updated because kids are all adults and needed to make changes to executor and our health care power of attorney.

            Don't forget to get a health care power of attorney and a living will done too! Anyway it was $300 total for the updates. Oh wait, we also added a TOD on our house so it would pass to the kids without probate.

            I'd go to a lawyer to make sure everything is right, I wouldn't want my family dealing with inaccurate paperwork after my death, what a pita. Make sure it's right for them.

            Comment


            • #7
              Originally posted by Thrif-t View Post
              We got our original Wills probably 20 years ago and it was $150 for each of us. Just went back and got it updated because kids are all adults and needed to make changes to executor and our health care power of attorney.

              Don't forget to get a health care power of attorney and a living will done too! Anyway it was $300 total for the updates. Oh wait, we also added a TOD on our house so it would pass to the kids without probate.

              I'd go to a lawyer to make sure everything is right, I wouldn't want my family dealing with inaccurate paperwork after my death, what a pita. Make sure it's right for them.
              What's TOD? Chatted with my dad yesterday who I planned to make executor and he thinks I should also do a living trust for the same reason. Currently researching differences.

              Comment


              • #8
                Originally posted by riverwed070707 View Post

                What's TOD?
                Transfer on death
                Steve

                * Despite the high cost of living, it remains very popular.
                * Why should I pay for my daughter's education when she already knows everything?
                * There are no shortcuts to anywhere worth going.

                Comment


                • #9
                  Take it from someone who is right now sorting through an estate: Don't go cheap on your will.
                  How can you have any pudding if you don't eat your meat?

                  Comment

                  Working...
                  X