WILLS--How much does it cost???

[aliceinwonderland]

being inspired from Marisa's post: I am ashamed to admit that we do not have a will of any sort. We have made it clear to our family whom Erik will go to if both DH and I die at the same time, but that's about it. The reason is, we're both 26 and have no "assets" to leave(just an employer sponsored life insurance for DH and a 2000 Jeep Cherokee, lol!)!! But now we have bought a house, so I guess we should do something about this...

How much would it cost to go to have an attorney compile a simple will? I'm only 5 weeks into law school, and don't feel like this is something I should do myself...

[mharling]

Eri -
A will would specify who takes care of Erik. You would need a trust too for the proceeds of your assets. Here is a great thread from this summer that talks about fees and lots of other things to think about:
http://www.windsorpeak.com/dc/dcboard.php?az=show_topic&forum=37&topic_id=108688&mesg_id=108688&listing_type=search

Mary
Lane - April 2003
Little brother or sister on the way - EDD March 2

[aliceinwonderland]

thanks-- that is very useful :)

[Marisa6826]

Eri-

As you read, we did Wills, Guardianship papers, Living Wills, Heathcare Proxies and specifications of Financial Guardianship for Sophie.

We paid about $1000 (maybe $1200?) for all of this. I thought the price was pretty steep, but then again, I live in a suburb of NYC. For this reason, however, we will not be going back to the same attorney to make a few changes after Amelia arrives.

Jonathan's company offers a flex plan deal with Hyatt's legal group. We're going to give that a shot and see how it goes. It's GOT to be cheaper.

As much as you don't thing it's necessary, by all means you really ought to take care of it. It doesn't matter if your family knows your wishes as far as Erik goes, it needs to be in writing. Because the decision ultimately lies with the Courts unless you have a legal Will in most states. What was hard for us to grasp was the what ifs of the situation. We had to go through scenarios that had not occurred to us. If your first choice for Guardianship predeceases you, who's next, etc. If the three of you should (God forbid) die together, what do you want done with your estate, etc.

It's very depressing to deal with, but it truly will be a weight off your shoulders. I promise.

-m

[KGoes]

No, you probably have not had enough trusts and estates yet to start drafting. . . . :)
Although at Penn, there may be legal clinics for wills, so you might check into that. Most attorneys who deal with wills have a set fee and can quote you a price or at least a range. You can possibly reduce that by having a list of what you want ready to go when you meet with the lawyer, so that all that needs to be done is to incorporate that into a standard document. What you are talking about is not too complicated, but tying up the loose ends will make you feel better.
Remember, you can always update your will once you graduate. ;)
Kelley
DD born 7/03
And another one due 4/18/05

[KBecks]

I'm thinking of buying some inexpensive will-making software at Amazon.com. It seems to be pretty good -- and all I'd need at this time are the basics.

Has anyone tried will making software?

KBecks

[aliceinwonderland]

hehe, Kelley ;)

[macassi]

We used the Quicken Lawyer. It had gotten excellent reviews, and I thought served our purposes very well. It asked all the questions previous posters had asked -- regarding guardianship, what happens if all of you die, who do you want to be executor of your estate, what age should your child(ren) get your estate, etc. There are even forms for officially designating medical power when you leave your kids with someone else (e.g. escape for a weekend). The software has an extensive manual that explains every step of the way.

Edited to add: I was actually advised by an attorney to use this software as long as the will was simple and straightforward. We have since needed to add some clauses to our will that make it more complicated and will be consulting with a lawyer, but I would recommend at least looking at the software to see if it would meet your needs. At worst you're out less than $50 (I can't remember the exact cost).

[Jacksonvol]

I haven't tried it, but I have seen some scary examples of what it can do. I think it is well worth the money to retain an attorney to do the estate planning. Most folks don't have super complex estates and it can be done for a reasonable price. You really aren't paying for the word processing, you are paying for the wisdom and the knowledge. Most of the programs I have seen use a lot of boilerplate, and if you don't know how that language is interpreted in your state, you can leave a pretty good size mess.

[Momof3Labs]

IMO, this just isn't an area for an amateur (or a basic software package) - a small mistake can make a world of difference in what would already be a very difficult time for your spouse and family.

[jamsmu]

Ours was done with a top Philly firm so it was pretty pricey. But why don't you talk to one of your profs about it? He/She can probably help you with whom to talk with.

[dowlinal]

From what you're describing it sounds like you need a basic will. So to keep the costs down you are probably better off going to a regular general practice attorney/firm rather than someone who specializes in estates and trusts.

If you ask around I would be willing to bet that one or more of you fellow law students works for someone who does wills and could point you in the right direction. I know that first year I did and my firm only charged 250 for a simple will. Too bad you're not in NJ cause I could totally help you out.

[HannaAddict]

Hi,
Based on your situation (not needing any tax planning) it really shouldn't cost more than $200 - $400 for a simple will, maybe a simple trust (naming a trustee to take care of the $$ until your baby grows up), living will/health care directive to physicians, and powers of attorney since these documents are basically templates that can be modified fairly quickly. I agree that a smaller firm or general practice attorney is a good fit. Maybe ask the wills/trusts/estates prof at your school for a referral. Many firms have paralegals prepare these docs based on info provided by the client, then reviewed by the attorney. Again, this is because your estate is small enough not to need any tax planning. As long as you name a beneficiary, and back-up (not your estate), the life insurance proceeds will pass directly to the beneficiary and not via your will. I would check and see if your school has a legal clinic that could help out.

Hope your first year of law school is going well. It is great you are getting a will done. I can't tell you how many lawyers don't have wills, the whole "cobblers with no shoes" phenomenon.

Kimberly
DS 3/18/04

[aliceinwonderland]

thanks ladies--don't (yet) feel comfortable approaching my profs for free legal advice (LOL!), even though i LOVE my property professor...
But your posts reminds me that my Legal Writing instructor would be a better person to ask...THANKS :)

[KGoes]

I have seen the mess those programs can make first hand and it's not pretty. There are lots of areas in general programs like that for pitfalls. For example, states vary widely in the requirements for the execution of a will (and if you don't execute it properly, then you don't have one) and the legal interpretation of those documents can be governed by archaic case law. In short, it's possible to draft a document that you think says one thing, when to the law, it says something else. One of my favorite law professors, who actually taught drafting, explained forms this way - they are all based on failed documents. And he's right. Instead of thinking through a new document, a form goes through case law to see how a document that was litigated was interpreted. Not the best template, if you think about it that way. At the VERY least have a lawyer review any document that you create to make sure that it's valid and that it says what you think it says. Then have the lawyer make sure that you execute it properly.
Money well spent. Really.
Kelley
DD born 7/03
And the next one due 4/18/05

[dowlinal]

I was talking about asking other first years but a LR&W prof would be a great person to talk to assuming yours isn't a big turd like mine was.

[aliceinwonderland]

oh, gosh, other 1Ls at my school are far, far removed from the world of babies and needing wills etc. I'm the only one with a child in my section...