Do I need a will?

windjammer

windjammer

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I've been advised by several, that it's very important that I have a will. I haven't done it because I figure when I die everything will go to my wife. When she dies, everything will go to our two sons, but none of this is in a will.

Is a will really necessary? We have no problems with either son. They are both financially secure and I'm sure there wouldn't be any problem with them splitting things.

I live in Tennessee, and don't know anything about law. Never been to a lawyer in my life. Do I need a will, and what could I expect to pay to have one drawn up? I'm 66 years old.
 
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I've been advised by several, that it's very important that I have a will. I haven't done it because I figure when I die everything will go to my wife. When she dies, everything will go to our two sons, but none of this is in a will.

Is a will really necessary? We have no problems with either son. They are both financially secure and I'm sure there wouldn't be any problem with them splitting things.

I live in Tennessee, and don't know anything about law. Never been to a lawyer in my life. Do I need a will, and what could I expect to pay to have one drawn up? I'm 66 years old.
 
Yes

It is very easy to draw up a will and then there will be no questions who gets what when you die.

While you are there at the lawyers have him make you a living will too. The lawyer will be able to advise on these issues.
 
If there is any contention over any of the items - and it may not be financial ("I think Dad wanted ME to have the old shotgun!") - the entire estate goes into probate. Courts, more lawyers, costs everyone money and the only ones that make out are Caj and Rick.

A lawyer doing wills should be able to set you up for a couple hundred, unless I'm sorely mistaken.
 
Get a will, it makes the survivers a lot more happy, now questions about who gets what, and saves a lot of probate, with out a will, it can be a real pain in the a** for those that may recieve your assets
 
Some states still allow "holographic" wills. Virginia does. You can write down your wishes on a piece of paper and save it in a secure place where someone knows where it is. As long as the entire document is written solely by and in your own hand, no computer printouts you sign or anything, it is admissible and valid. It does not have to be witnessed in most cases at the time of writing, but whomever is qualifying as your personal representative/administrator afterwards may have to produce witnesses to say that it is your handwriting. You can also have witnesses sign it at the time you write it and they can be called upon later to verify. You may want to check to see if Tenn allows a holographic will.

Edit to add: It appears TN does recognize holographic wills -- http://www.medlawplus.com/libr...nnessee.tpl?page=lwt
 
Most definitely have a proper will created.
It keep other people out of your estate and helps to reduce any craziness that may start over what you have left to your loved ones.
 
Yes! A good attorney will probably advise that you create a Living Trust along with the will. this will insure that the gubermint doesn't get its hands on your assets. Don't assume that you will predecease your wife, she should be part of the package as well. This also the time to make decisions about your health care, funeral plans (buried/cremation etc.),. I know it sounds a tad ghoulish and will cost a few bucks now but do it for those you will ultimately leave behind and for your peace of mind now.
 
If you want your wife to get everything, you definitely need a will. In most states, without a will everything will go first to your kids, with a spousal share reserved. If you want your spouse to take everything, you will need to specify that in a will. It should cost very little more to have a will drawn for her at the same time that mirrors yours.

The easiest way to deal with individual items of personal property is to make reference in the will to a list which disposes of them, which you can then make up separately and change at any time without the need for a new will.
 
You absolutely DO need a will! It is a big mistake to assume anything about what will happen to your estate unless it is in a will. The whole thing is about taking care of those you love and maybe one or two who don't deserve anything!

Find a good local lawyer, make an appointment and go for a talk. My wife and I recently rewrote our will and it cost $225, and it is worth every cent. IMHO this is not a do-it-yourself project.
 
Definitly get a will. Around here it costs a $100 and is well worth it. Eliminates all the possible problems you could have at a time when you will not be in the mood for any problems.
 
Sip...
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It's funny: I'm not sure I know a lawyer who has a will. Seriously. Comes up at parties all the time when someone will ask about a will, and all the lawyers will have a recommendation about where to send the person but then laugh and admit that they've never bothered.

FWIW, a will is really simple to do (for one who knows how), but requires knowledge of arcane pitfalls to ensure that they're avoided. It is something that you want to have done properly if you're going to go to the trouble (why do a half-assed job?) and is not something that I'd necessarily recommend doing on the cheap with a book or a form - it probably won't cost more than a couple of hundred bucks to a lawyer to get it done right.

Wills are important if you have minor children whose care you need to see to. They're important if you have a lot of property that you want split up in a certain way. They're important if you suspect (if you suspect it, you're probably right) that there'll be family problems if you don't have one.

But you're going to be gone - who cares?
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Depending on the size of your estate and the related complexity of dividing things between your wife and descendants a will or a living trust is definitely advisable.

That lets you decide who will get what rather than some probate judges and lawyers taking half off the top, and deciding who gets the scraps.

Also family loyalty and generosity often times goes right behind the first shovel full of dirt in your grave.
 
I had a local attorney draw up a will back in 2005. It cost me $100.

There was someone that I wanted to make sure didn't inherit. Not much money involved but a good deal of real estate. Far more than anyone should put up their nose.

Erich is right. If you suspect there could be a problem with your estate, count on it. Have a will drawn up.
 
Where is our resident attorney? Your presence is requested!
 
Windjammer, I'm not a lawyer, but I understand that if a will does nothing else, it will save your family the trouble and expense of probate, which can be considerable.
 
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