We had to add a DNR last month. We didn’t think about it but my cousin had a stroke at 52 in December and he and his wife didn’t have one. He lost brain activity and it was a tough call for her.
Set up a will last year. I’m 31. No empire to divide among poor decision making family members. just a document that deals with who should pull the plug and when if I can’t make a decision for myself, and sets up a legal framework for my assets to be transferred easily. No will and your assets likely end up in state probate court (I think that’s the one) with your family potentially trying to explain to the state why they should get them as opposed to the garbage man who filed a claim when he noticed it wasn’t you bringing the trash cans down to the street. Think I paid 800 bucks and took an hour with the family attorney.
I did a whole estate plan about 5 years ago which included a will, trust, DNR, healthcare surrogate forms, etc., in addition to designating who would take care of my kids in the event my wife and I both die. It gave me a great deal of peace of mind for my family.
my wife’s grandpa had a shit ton of money and owned a fairly large electric contracting company. Only left a handwritten will leaving everything to his wife. 4 kids (who don’t get along great and 2 are higher ups for said company) and 4 kids they sponsored from Vietnam that are considered family Died 3/4 years ago it’s been a god damn disaster and so much stress for his wife
It's always the best ones addressed to "current resident". Like someone is almost done with med school at my address.
Trust is easy, update the will and just ask the lawyer. Edit: meant more to say is easy to set up. Just have an idea what you want going in. Do you have a lawyer or anyone that could recommend one?
to me it’s only sad for her grandma. Kids are getting way more than they deserve anyway, just wish the wasted $ went to charity instead of government
Went to a lawyer who took care of it all. It's mostly forms and stuff, but I wouldn't do it myself or use anything like LegalZoom because it's really easy to fuck things up (and I'm a lawyer). It was worth the $1500 to have it all done correctly and not have to worry about it.
Bury everything in your yard and yell at kids to stay out of it. That’s what old people were doing the entire time.
How much did this cost you? I have a lawyer prepared to do all of my stuff. It’s gonna be about $3500.
So I have a six year old and house in both my wife and I's name. A couple hundred thousand dollars in various accounts (savings, e-trade, 401k, etc). I just want to make it easy on my wife (or my son in 12 years) to transfer these to their name. I don't really care about the medical side of things so what should I do to make it easier if I was unexpectedly not here and they didn't know what all was in my name?
Two things. List them as beneficiaries if they aren't. And create a survivor's guide. I have one I created for my wife with all bank and investment accounts with website links, account numbers, and suggestions on what to do. I also then have all life insurance information amounts, account numbers, and contact numbers, and social security survivor benefit information. Then at the end, I have all bills and loan websites and account numbers. I then took a sanitized version and sent it to my SIL who would get the kids if we both died, plus gave her the location of the will.
I like this idea. How did you share that information? Maybe a Google Doc that is password secured? Basically my wife doesn't know where most of our money is so doing what you did is what I want to accomplish....but doing it safely is my concern so I don't run into that info getting in the wrong hands.
The wife and I have a will that instructs our three kids to go to her brother and his wife in the event we both die... which we now need to change because their family is incredibly dysfunctional.
That's what I did, shared it from my Google Drive. I didn't include user names or passwords, just the website and account number.
I plan to be buried with my wealth and will all of it to whoever can survive the elaborate Indiana Jones style booby traps in my mausoleum.
This is my dad’s job and yet my answer to this question is no. Probably going to change that now I’m having a kid.
Mine too. Contact me for your Florida estate planning needs bc this whiskey won't buy itself, fuckers.
Eh, it's more about the value of your assets than it is net worth. Basically, if you own anything, it's responsible to have a will to help out your family members. You can have a net worth of zero and still need a will.
Just reviewed documents. One part says Little Rock, Texas I have 3 kids, one is 19 and others are minors. I clearly said on medical decisions only if all 3 are legal adults and has to be unanimous if my parents aren't alive. has 19 year old only after parents
First meeting with the attorney tomorrow. $2k for the basic will/trust package with the ability to revise without cost a few times.
We were set up with a family friend estate lawyer from a good firm in Bham. My wife's cousin is a partner. She sent us over the paperwork to fill out and we sent right back. Showed up in person a month or so later to sign all the documents. We never talked about costs. No idea if I'm going to get a $300 or $3000 bill in the mail but i'm dreading getting the mail these days!
How was the process for you? Do you feel like you got value or just pushed through their own template? I do like the change without cost a few times benefit.
My state says a valid will is one that has two witness signatures and a separate notary. I found a template online. However, wills can be contested in probate court, and everything is public record. Online will services maybe $150-200. Online trust $600 or so. . I was listening to a podcast where a probate lawyer joked DIY estate planning sites paid for his new sports car last year.