Chef Jim Posted April 16, 2014 Share Posted April 16, 2014 Legal zoom = Basic will or trust for $50-$1000 probably but no sit down, no "hey, I was thinking of changing my residuary beneficiaries" questions...just a 1-800 #. Estate atty (50% of my practice) you can usually get a Will for husband and a Will for wife, health care proxies, living wills and POA's for $300-$500. Includes sit down, changes, document execution (to demonstrate testamentary capacity) and copies, etc. A trust is more and depends whether you are looking for a living trust (revocable) or a Medicaid planning trust (irrevocable). Usually $1000-$2000. You really need a face to face meeting with an atty you are comfortable with (I.e. Legal zoom doesn't give you that luxury). JR was right. If you die intestate (without a will) the law of intestacy apply and your estate (if married) would go to wife and part to kids. If unmarried, to your parents or siblings if living. The probate process is sometimes long but our office mostly concentrates on getting it done quickly (but the estate has to stay open 7 months for creditors to have statutory right to file claims). It doesn't mean assets can't pass to beneficiaries during this time (most spouses and kids take partial distributions or transfer deeds) but some cash must be held in the estate account in the event of possible creditor claims or estate taxes. It can get real complicated sometimes as you know. You mention that i you die intestate your estate goes to your wife. But what if you're both killed in an accident with minor children. The fun ones are with second and third marriages with kids from previous marriage. Say husband made the money and has tons. He had kids from a first marriage and his second wife had kids from her previous marriage. Community property state. They're in an accident and he is killed instantly. The estate goes to her then she dies several hours later. The estate then goes to her children and his kids? Nothing. Also make sure your trust gets funded. Meaning re-title the house and all probate-able assets in the name of the trust. You don't do this you just paid $2000 (or more like $4000k here in CA) for a bunch of paper in a real nice binder. Link to comment Share on other sites More sharing options...
boyst Posted April 16, 2014 Author Share Posted April 16, 2014 So glad the thread is getting good use, Proud of you guys! What about a living will vs a living trust? I've heard of a living trust, where if you're a potatoes and wish to be kept going you dole out your stuff and use an insurance to cover hospitalization. Any idea about that? Link to comment Share on other sites More sharing options...
Recommended Posts