Has anyone used one of those online programs to prepare a will?

[captain queeg]

My wishes are pretty simple; leave everything to my son. I know my life insurance will go to him no matter what. I think that is true for my 401k but really ought to look into that. I rent, so don’t have to worry about real estate. I think I can go in and fill something out at my bank that would give him everything if I died. I haven’t done that yet. I don’t want to burden anyone else with my passing so I’ll keep enough money there that would cover any funeral expenses. I imagine it takes time to collect on a life insurance policy. Anyway it would be nice to get an official will prepared.

[Hoyt]

1. I used an online app, although I need to get it witnessed and notarized.

Mine is similarly simple in that most stuff I have of any value already has designated beneficiaries. Will have to check on app’s name. It was simple and I think covers everything.

I don’t expect any unknown children to challenge the will, etc.

If I had any real complications or significant assets to disperse among several people, would likely go to an attorney. It’s not that expensive unless you have a business.

Hope you are just planning for a future eventuality.

[Rorey]

2. I need to figure things out also

Last edited Mon Jul 12, 2021, 07:36 AM - Edit history (1)

I had an aunt that made everything "Pay ON Death". It worked out very well. She set it up so nobody could ever figure out what anyone else was getting. It didn't stop my sister from trying to sue because she didn't think it was fair, but she ended up dropping the suit very quickly.

Another aunt had a complicated estate, and she left the nieces and nephews varying percentages. She showed definite favoritism, and those who got lower percentages were understandably upset. We weren't particularly close, but it ended up fracturing the family so much that there was no longer any kind of communication with several. Nobody really knew what anyone else got, except for the executor (my brother), but those who got small percentages definitely knew what they didn't get.

I know that doesn't answer anything for you, except that the "Pay On Death" thing might be something you would want to do.

[brush]

3. There should be a company in your city/state that will execute a living trust,...

a will and homestead documents for you and file them with the county/state. The one in my city also sells the do-it-yourself kits for all the legal documents.

I looked through the kits and decided it got a little too complicated for me so I went with the company rep sitting with me, asking the all the right questions and creating a living trust for me which they also filed officially. They sent me a hard cover, ringed binder in a few days with all my official documents neatly tabbed and ready for safekeeping and future reference. It was a few hundred dollars (which included county filing fees) but cheaper than a lawyer and saves the anxiety of having to worry about it as you know it's done and filed and don't have to worry about going through probate...no will or trust at passing, and takes weeks, even months and cost money as the county tries to keep your assets. YOU DO NOT WANT YOUR HEIR/HEIRS TO HAVE TO GO THROUGH THAT.

It also saves the anxiety of worrying about if you did it yourself, did you do it right, or is the county going to sent back your self done documents as not correct, which you'll have to do all over again.

I'd forget about the online stuff as I tried that but my lawyer from another matter looked at them and told me the county would've accept them. He told me he could do it but the legal form company would do it for less money.

Also make sure you've assigned the beneficiary you want with your 401k company/job.

[PoindexterOglethorpe]

4. You need to see if your state allows an online will.

These things are all state by state, so checking that out is huge.

Your 401k will pass to whoever is the actual beneficiary. Your will won't matter for that. You could make your bank accounts POD (Pay On Death) which would make things simple. I have done that. I honestly haven't a clue how long insurance policies take to be paid out, since that's one thing I haven't dealt with.

I have dealt with the death of my younger son. Fortunately, he had a will, because when he turned 21 I sent him off to an attorney to write one as I had his older brother. I told him, somewhat jokingly, that he could leave his assets to a home for unwed cats, but it needed to be in writing. In the end, he left everything to his brother, which was appropriate. Even with a good will in place, and no complications, it took nearly a year for the probate to be completed.

Again, everything matters state by state. My son died in Oregon, and the law there provided that the executors of his will, me and my ex, his father, were able to charge the estate with our expenses (in my case flying from NM to OR and the cost of hotels and so on) and we were also compensated for our executor duties based on the value of his estate. That helped me out financially. I wound up not being out of pocket for my trip to OR for his life celebration, nor for the trip to KS for the same. And the extra for being an executor was honestly helpful.

When someone dies the costs of stuff: burial, cremation, memorial service; can really add up. It helps to be aware of that, which I think you already are. Honestly, if you want more from me, please PM me as I'd be happy to share things I'm not about to where everyone can read it.

I will say that making sure enough cash money is available for your funeral is a very good idea. Especially if those who would be dealing with the funeral simply don't have much money.

Another hugely important thing is to make sure that everyone who needs to know about your wishes and legal designations have that information. Several years ago, after my younger son died and I made a new will and trust documents, I sent copies of them to both my other son, and my sister who is essentially back-up inheritor. I also changed beneficiary on one policy to make her half beneficiary. For one thing, if I die while she's still around, she will almost inevitably help out in settling my estate. She deserve recompense for that.

[RazzleCat]

5. I had a trust made by an attorney

It was not super complex but a simple will would not have worked. Second marriage both have kids. Long short it was only $400.00 including lifetime updates, so before you go online route see how expensive it is.

[csziggy]

6. I've used Quicken WillMaker and was pleased with it

It walks you through the entire process, including making a living will that covers your health care choices and naming a healthcare surrogate to make decisions if you cannot.

It also walks you through making a list of every person and institution that needs to be notified, keeping track of your online prescence and other details you might not think about.

I used it more than once as my circumstances changed and the newer version was even better than the original.

For your 401k you should be able to name your beneficiaries that will get it when you are gone. For your bank account it may be a good idea to put your son on as co-holder - that way he can go ahead and use the money for final expenses without jumping through all the hoops to get access.

A couple of years ago my situation got much more complicated and I did go to an attorney to advise me on my estate planning. But if your situation is simple, Quicken WillMaker is worth a look. This from a satisfied customer.

[elleng]

7. Thanks for the info;

I'll consider Quicken WillMaker, as I've got to do something.

[bucolic_frolic]

8. Check if you're in one of the few states with inheritance tax

TOD (Transfer on Death) is for bank accounts, I think. Beneficiaries are for financial assets/accounts.

Life insurance policy? 2-3 weeks I think.

Check out the rules/policies on your state DOT if you own a car. Sometimes it's easy, sometimes not. Also beware anything you might have forgotten, such as an old savings bond, an abandoned account. Check the abandoned assets sites for all the states you've lived in during your life. If you forgot a $10 account in 1955, it could be there. So could any dividend checks that might have been lost in the mail. Usually pretty easy to claim those if they have an old address on file and you match.

[elleng]

9. ToD is not only for bank accounts;

also for investment vehicles.

[bucolic_frolic]

10. The terminology varies state to state

TOD, In Trust For. Last time I looked at this issue, which was admittedly 10 years ago, not every state has such an option.

Investments here in PA have the option of beneficiaries, at least as far as mutual funds and brokerage accounts. They could probably also be spit into a trust, or simply left for probate.

[A HERETIC I AM]

11. A plain old taxable investment account in Florida can have a "Transfer On Death" provision.

If you open any non-qualified account at any brokerage, they will typically offer you the T.O.D. Option, as it names beneficiaries and avoids probate.

I have a TOD on my regular savings account at my bank, for that matter.

As you indicate, the account holder does have the ability to name numerous beneficiaries for each account, which can include charities, trusts and individuals.

I’ve said this before in this forum, but this is exactly why it is important to review beneficiaries in all accounts from time to time, more often as we get older. Many people have accounts that date back years and years, and the persons named in those can fall out of favor, or pass away, etc.

It can be quite the task to find out an elderly loved one has left perhaps a dozen different accounts, from savings to IRA’s etc., each with different beneficiaries.