Youdon’tsay - is that land located in another state? Real estate goes through probate in the state where it is located, so that another reason people put out of state RE in a trust. That would be a good question for your attorney, OP.
Nope. About two hours from them and two hours from me. Texas is a big state. 
“. We’ll cross that bridge when we get there.”
Trouble is–you may already have crossed the bridge…
We saved major $$$$$ in CA probate fees by hiring an estate attorney to work with my SisIL, at her request. She was unmarried and had many significant assets that she wanted to be sure were inherited by her surviving brothers. We were all glad the brothers got the assets instead of having a large portion go to probate fees.
A trust was created, will was written, power of attorney and more. Perhaps it could have been done online, but we really felt the estate attorney who made house calls and answered all everyone’s Qs was best. The executor has no problems getting everything finalized, even though there was property in HI and CA.
Even after paying the attorney and executor, we saved significant money and lots of headaches by having a competent estate attorney and executor.
My husband and I did our wills using software a while back. It was easy then: everything goes to family member who has been designated guardian of our children. We have utmost trust in that person and have discussed things with them. But we realized that our wills are now outdated as one (and soon to be 2) children are over 18. We need to have a trust and we need to find a way to divide our assets fairly (which won’t be equally). For this we’ve decided to consult a lawyer.
Yes, we will be consulting with our estate attorney in the near future. Our estate has instructions to disburse all once each child reaches 30 or 35. S is 30 and D will follow. Also S has a serious GF, so it will be interesting to see if he settles and starts his family.
It is very important to revisit estate plans periodically or they may not act as we intend and it’s too late to change once a person is dead or incompetent.
It’s hard to KNOW whether the estate plan is good or bad until AFTER the person who is the subject of it has died and assets are distributed (or tied up in court or legal hassles). Just because someone HAS a will and/or trust doesn’t mean it will do what is intended until after death and executor tries to carry out the instructions.
Fairly but unequally REQUIRES a lawyer. It’s a setup for a contested estate, so you need to make sure everything is covered.
And @Himom in post 43 is why a lawyer can be helpful. No husband, no kids is “unusual” and could take some time in probate. Add out of state real estate and you have the makings of a nightmare.
Going alone online is only for the simple, usual, stuff.
I am a lawyer and I did do my own will. We have assets under $5m and did not do a trust. That said, all states are different. Just a straight of the internet fill in the blank will would not be legal in my state. What is legal is a will 100% in the testor’s (writers) own hand writing. Every state is different.
Again, echoing what was said above that most states’ laws would follow a procedure to distribute your assets that is pretty common sense if you don’t have a will --usually to spouse if also kids’ parent, or half to spouse and half equally amongst kids. You want to know that stuff ahead of time.
One other thing I would suggest. Pick out your funeral home and let the kids know. There is nothing like sitting in the kitchen lat at night after a parent unexpectedly died and having the police tell you you need to call the funeral home to “get the body.” What do you do then? Grab the yellow pages – yes millennials there is this big book with phone numbers.
I was lucky that when my mother died in AZ, the “small estate” limits exceeded her full assets. In my own state, the limit is quite low. In her case, no will (what she said existed was never found) and I could appoint myself administrator (an odd honor system.) I’m the older and the only other hier was my brother. Still, it’s not fully closed because of an IRS snafu. (Just one last small account remains.)
I put the house in a revocable trust to spare my girls the paperwork. They’re settled but young and couldn’t explore and follow, as I’ve done twice now. But where it’s complicated is how they dispose of the house. One does want the option of living here, but there are two kids to satisfy. We set a time limit until she has to either buy out her sister or sell and split the proceeds.
It’s one thing to say, when you inherit, get along with each other, make it all make sense to both of you. IRL, not always that easy. From the Parents Caring for Parents thread, we know sibling relationships can get complicated, as we age. Your assets could dwindle, their own stability and needs can ebb and flow.
Some states, including Texas, have a “transfer on death” option for properties. Might be worth looking into also.
In my view, the main reasons to avoid probate are the time involved and the lawyer expenses. I felt, for the service provided, it was hugely expensive for us and highly lucrative for the lawyer. My mother’s assets were around $100,000 so the expenses were not a drop in the bucket. For me, it took several 7 hour round trips, tons of phone calls, and lots of aggravation. The lawyer may have the degree, but I did a lot of the work. Sorry to you lawyers and families out there.
Transfer on death works on real property and bank accounts also investment accounts etc. Great thing.
Everybody needs to review wills as circumstances change.
The simple will which might be great now may not last forever. You aren’t ever really done.
Maybe the on-line will IS a fine option now but not so much later especially as assets grow.
Take a moment.
The kids grow up, have kids of their own.
Parents pass on. You inherit money/property that you didn’t expect pushing you to a new limit. That can be real unexpected growth in wealth
Is it shared assets? Or does it belong to the party who inherited it?
Siblings who you might leave things to are as old as you are. Does your 60-80 year old sib need it? Or want it?
Or sibling/kid marries someone from a totally different planet. You want them to inherit?
Someone close decides to join a cult?
Or addiction becomes a factor?
Spouses can remarry. What happens then? (Hopefully they’re happy but what about the kids and your inheritance from your parents? Which can end up with new wife instead of your kids?)
Leave it to grand kids? College funds! Is that to each kid or equal portions to each sibling–one with one kid and the other who had 10 kids (and adopted four more?) Hmmm…(no right or wrong–just considerations).
Life changes and so should your will. Keep up to date!
I agree that lawyer fees for probate can be high. On the other hand, I would not feel comfortable doing a trust on my own (even though I’m a lawyer) for myself or a family member, because trusts are complicated, too. So I would suggest hiring a lawyer either for creating a trust or for probating a will.
FYI, I paid a lot more than $700 for the upfront papers. But both my fin advisor and CPA felt it was appropriate to the work done.
Yes, I agree with at least annually re-reading your estate docs to be sure they still make sense in light of current relationships, needs, capabilities and any changes in tax laws. (Note to self—re-read estate docs.)
I will definitely hire a lawyer if we do a trust.
We hired an attorney to help us with our wills, along with other paperwork. He also does trusts, and we had originally thought we needed trusts, but he said we really don’t, not living in this particular state.
The one thing he brought to our attention that I wouldn’t have thought of was the age at which our children would inherit if we both died, say, today. His advice was to create a guardianship for our youngest until she reaches 25. She doesn’t inherit her portion of the estate until age 25. The two oldest are already there, and are responsible people. It was good advice.
My parents’ trust made the transfer of their wealth very simple at the time they died. We appreciated that gift.
My FIL’s trust, however, has been a permanent monument to his unending anger and bitterness towards his Ex and her spouse (my MIL and the man I consider to be my FIL). He died in 1992, and the trust does not get dispursed to his six children (now all in their 50’s) until both his Ex AND her husband have died. I know he did it as a giant middle finger to them, but all it really accomplished was to ensure that his own children got a very clear picture of why their mom had divorced him.
Death and wills (and trusts) can bring out the worst in people.
Oh, wow. That’s some long-running bitterness right there.
I definitely would have some of these concerns if the kids were younger and I had to appoint guardians and such. But my kids are so responsible with money that I don’t worry about them. And the money would help one buy out the other if one wants the house and/or farmland. Now, if I find out something to change my mind I’ll change my mind. But, dealing with elderly parents now, I’m a little appalled that we’ve gotten to our mid-50s without a will. cringe
I did my own will, health care power of attorney, and financial power of attorney when I was married. Now that I’m divorced, I’m strongly considering talking to a lawyer about the will because I’m not sure whether just leaving the house to my children is the best option. I’m not concerned as much with the drafting and wording of the document; I think that I could still do that myself. I am concerned about whether my actual plans for disposing of my estate are optimal.