Remembering TCPaul, 2016-2019

Wills question

I hated Property in school and this has probably been the fu superttthero04/14/19
Assuming your kids are still fairly young, I'd suggest a wil dingbat04/14/19
Make sure you name the testamentary trusts as the contingent 2tierreality04/14/19
good call. Same with bank accounts, and, well, any financia dingbat04/14/19
Florida is my state. I might the bullet and get it done b superttthero04/15/19
"I want to be a little educated about it " Well, you go wutwutwut04/16/19
superttthero (Apr 14, 2019 - 3:40 pm)

I hated Property in school and this has probably been the furthest field from any practice I've done since graduating 10+ years ago.

I'd like to draft a document that makes a hierarchy of who should get my kids in the event my wife and I die around the same time.

I think with both of our life insurance policies and home equity as of now, about $500k+ (with maybe another $100k in 401ks) will likely be tied to the kids and I am unsure what the best way for that money to be passed down is.

1) Is this something I can do myself, if so what are some basics to get me started in the right direction.

2) If I can't or shouldn't handle myself, what sort of cost are we looking at here?

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dingbat (Apr 14, 2019 - 4:39 pm)

Assuming your kids are still fairly young, I'd suggest a will with testamentary trust. The will should nominate your preferred guardian and, in my opinion, a separate Trustee (the person managing the funds should not be the person taking care of the kids).

You should also state that the funds will be held in trust until your children are a bit older, and until then can only be spent on health, education, maintenance, and support.

Note that when you sign your will, it should be in front of two witnesses and a notary (required to be self-proving, and in many states a will won't be valid without it)

Personally, I would recommend getting it done by a professional, but I'm sure plenty of others will say otherwise. Personally, I'd charge around $2500 for it.

What state are you in? I might have some recommendations.

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2tierreality (Apr 14, 2019 - 5:27 pm)

Make sure you name the testamentary trusts as the contingent beneficiaries under the 401k and the life insurance policies. Too often I
see these plans payable to the minor children directly, which sort of defeats the purpose of the estate plan.

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dingbat (Apr 14, 2019 - 6:33 pm)

good call. Same with bank accounts, and, well, any financial account. Some states allow TODD deeds to testamentary trusts, which is definitely a good thing.

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superttthero (Apr 15, 2019 - 12:27 pm)

Florida is my state.

I might the bullet and get it done by someone, but even if they do I want to be a little educated about it so reading around and asking questions.

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wutwutwut (Apr 16, 2019 - 1:01 pm)

"I want to be a little educated about it "


Well, you gotta do CLE, right? Take a day's worth during the FL Bar's WTE Section annual meeting. I did that to complete my 2018 requirement and it was interesting and gave me thoughts about re-doing mine, which is close to 10 years old.

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