Do I need a will?

As long as you have a pot to piss in and a window to throw it out of, you should make some kind of an arrangement as to where your assets go be it a will, a trust or other. A lot can depend on how big the estate is, how much real property is involved, etc.
As said by others, it all depends on your State's inheritance laws. Every state is different.
 
Originally posted by n4zov:
Where is our resident attorney? Your presence is requested!
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Erich and Houston are the main ones. That other resident attorney you speak of is either drunk or out chasing ambulances at the moment. Or maybe both!
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Yes, you need a will.

My dad died when I was 16. He had no will. My sister and I each got 1/4 of everything that was his, and 1/8 of everything that was his and Mom's. I had to "sell" Mom my 1/8 of the house. I also received quite a large sum of money on my 18th birthday, which I promptly squandered. My sister did the same.

None of us know when we are going to die, but we all have some idea of what we want to happen after we die. Your will is a set of instructions to your wife and children, and the state and the court system, setting out exactly what you want to happen. If you don't write down the instructions, they go by the state's instructions, and the court enforces them. Even if it's something as stupid as your kid owning part of his mother's house.

Get a will, please. It's not for you. It's for your family.
 
Every state's got its own little wrinkles on that subject, so you really do need a lawyer; though your question should be a half an hour's time.

As a general proposition, most states have a 'small estate act', which if your property is worth a relatively small amount, it's easy to settle without a will; on the other hand, if you've got to worry about where the millions will be going, you definitely need a will.

If your state allows "self proving" wills, that can be useful for almost anyone, because it takes it out of probate unless someone objects. It's usually a matter of having some witnesses notarize the signatures of each other and the testator / testatrix.

In Virginia and some other states, a 'holographic' will is permitted - that's one that is entirely written by the person leaving the will holo=entirely, graphic=written. Got to be by hand and signed and dated. No further formalities are required.

Generally speaking a will is given effect even if it's not in legal form, unless someone objects.

Don't buy a fill in the blanks will at Staples, and do use LegalZoom or any other online service. You really do need to talk to a lawyer who works in your state.
 
If you have no will, your property will be distributed according to the LEGISLATURE'S wishes in the controlling statute. Even if that statute currently meets your requirements all they have to do is change the statute - if they do so after you are incapacitated and before you die it may get dicey. If you have no hiers that you like and do not care what is done with your property than you need no will, otherwise you just plain need one. Be certain to get the signing of yourself and the witnesses notarized (witnessed and signed by a notary public) and create several legally original copies. The law notwithstanding, some probate judges and lawyers are still afraid of copies (and holographic wills). Otherwise, Salt of the Earth calm people can become very excited and emotional (IRRATIONAL/LITIGIOUS)when things don't fall they way they think it should in probate. Some families split up because they feel that so and so robbed them of what you promised or intended to give them. If you have a will, they will know your intentions and you won't care if they blame you. IMHO, it is dollar foolish and penny wise to do a will on the cheap when a relatively few office visit bucks will prevent unneeded litigation expenses and uncertainty and be clear to the courts, potential challengers and hiers down the road. Self made wills can be legal, but that does not make them successful. Except in the case of a pauper, no estate is probated as planned. After you die, your estate becomes a taxable entity with income and deductions. To do the taxes and maximize the tax deductions of an estate, takes at least a 15 month process (Not every probate lawyer (or self preparer) is tax savvy so many brag about quicker times), who do you want to choose who has the power over your assets for that time? There are slews of traps for the unwary. Any relative can question the will and drag you into court under a dozen + legal theories (pretermitted hier, oral contract, testator's wishes, etc.)the more expertly prepared, the less likelihood there is of challenge. It is a good time to also do your medical and financial power of attorney. After tax consulting, wills and probate and such are my largest service, (I have some thank you cards from grateful widows), so you figure if I am on the level. FWIW Good luck in not needing the will for a long time.
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I have a general Will but I also have an Excel spreadsheet that itemizes who gets what: Daughter gets the silver tea set; son gets the crystal, etc.
 
Yes. What about distribution of heirlooms? Do you really want your kids arguing about it if something happens to your wife and you at the same time? Plus, without a will, you die intestate, and other relatives may make claims, the success of which will be determined by state law. Plus, if you go first and your spouse remarries, she or her new spouse may get to make decisions about your assets that you would not be happy with. If you do joint wills, you can tie this off and ensure your assets go as you wish, especially if you do an A & B trust along with it.
 
My problem is finding a lawyer who is interested in this kind of business. A couple of years ago I called several, but they never return my call???? I guess I need to try again - I'm not getting any younger.
 
So far...ain't been any detrimental evidence for not getting one.
You should have one...even drawn by your own hand and witnessed/notarized, is far better than none, and cheaper if less complicated, than getting one through a barrister.
 
My problem is finding a lawyer who is interested in this kind of business. A couple of years ago I called several, but they never return my call???? I guess I need to try again - I'm not getting any younger.
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The last few months have shaken things up a bit, and few lawyers are as busy as they were. Your local bar association can hook you up with a probate specialist who will be interested.
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The comments from everyone are greatly appreciated. I'll be seeking an attorney, and have one drawn up.
 
Originally posted by BarbC:
I have a general Will but I also have an Excel spreadsheet that itemizes who gets what: Daughter gets the silver tea set; son gets the crystal, etc.
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Your son won't be too happy.
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I'm currently the trustee of my dad's living trust. He died in Sept. It took three hours in the bank to get his savings account put in my name. Not bad. After a few glitches concerning the mortgage of his house everything is great. My brother and sister are fine with me having this responsibility. That ain't the case with other families, though. As I understand it,a living trust can be contested EVENTUALLY by the other people listed UNDER the trustee. Kinda vague about what time limit there is on liquidating an estate to satisfy an over anxious relative. I'd recomend this to everyone. Especially if you're going to be the trustee. Then keep it all fair.
 
I really can't add anything to Eric & Ricks posts. I don't have a will, but I KNOW what will happen to my property intestate and am good with that-it's what I would do anyway. Most people's situations are not that simplistic. Important that you do it right though. I'll give you an example. If you omit the word "independent" in fromt of the word "executor" in your Louisiana will, that makes the difference between a simple no publication application and sale of say a car, versus having to petition the court, advertise and spend $1,000 to sell a $2,000 car. If you have anything but the avaerage nuculear family situation (ie divorce, remarriage step kids inherited property etc)you absolutely MUST have one or you will make the lawyers rich.
I would have answered earlier, but I'm just now sobering up-Big night last night-caught a BIG ambulance-took most of the night to gut and clean-plus I lost a billable hour.
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Originally posted by Jeepnut:
So far...ain't been any detrimental evidence for not getting one.
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Please go back and re-read my post. I could also tell you about the deaths of my wife's grandparents (three months apart), which split the family because one greedy member found and destroyed the will so that she could screw her brother out of most of his inheritance.
 
WJ
Sit down right now and write down what you would want to be done if you died in the next hour. Sign it, have your wife - kid - friend, sign it. You can take this to an att. soon and have a will that containes your wishes included.
Good luck
It's tougher than you think, but you need to do it.
tb
 
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