Life Do you have a Will?

Jenson71 · 09-01-2011, 08:11 AM

I don't, but I don't have any assets or dependents. I would like to get an unscientific view of what part of the posting population has gone to the trouble of writing out a will with a lawyer.

I'm also sort of planning for life after school, and I think I could open up a shop that specializes in elder law and estate planning.

If you have, what made you do it? How did you determine where to get your will written up?

If you haven't, why haven't you?

**Old Dog** · 09-01-2011, 08:26 AM

I have one. With some of the things I did in the military, not only was it essentially mandated, but it just seemed like a good idea.

blaise · 09-01-2011, 08:32 AM

We have one. My wife wrote it. She's an attorney, but she doesn't do estate stuff, so we had another attorney that does review it. It's good to have, even without much assets, because you can include your wishes if you're in a coma or unresponsive in a hospital, etc.

LiveSteam · 09-01-2011, 08:35 AM

Yes I have one. I leave my loved ones $271474 in Casino cash.

**luv** · 09-01-2011, 08:36 AM

I was wondering when you would say something about this portion of your education. The firm I work at does a TON of estate planning, filing wills and estate affidavits with probate court, etc. I actually really like it. Even when we were learning about contracts and estate planning in school, everything came really easily for me.

I can't think of a more important thing that anyone with heirs and assets needs to take care of. A lot of people don't want to think about death, or what will happen once they die. However, in creating a will, etc., you aren't really thinking about yourself. You're making sure that everything will go easier for your loved ones. Also, just because you told someone to make sure that so-and-so who is like a child to you get such-and-such, even if you know the person would, if you don't leave a will or have a trust set up, or do the TOD's, your assets go through probate. If you have debts, that such-and-such that you intended so-and-so to get may end up being liquidated to pay creditors. I could go on and on about the importance of this stuff, but 1) I am not a lawyer, so I can't give you legal advice or explain in too much detail what you should do, and 2) this post would become far too long to read.

And I didn't even get into powers of attorney, and such.

**Iowanian** · 09-01-2011, 08:44 AM

We have one, prepared by an attorney. I have addendum pages with specific items listed (this gun goes to person A) type stuff, that can be modified by me as things or opinions change.

Once you have children, it doesn't matter if you have "stuff", the only responsible thing to do is get into writing what you want done with your children and any funds from your estate to help in their upbringing.

It's not really fun to think about and discussions bring up issues(whose family will raise the kids if you're both killed, who is best, why this sibling is or isn't)....but It's the responsible thing to do to make life easier on everyone else when that time comes.

Inspector · 09-01-2011, 08:57 AM

Yes. We have 5 sons and it was a simple 20% of our assets to each. Also have the directive. Did that about 10 or 15 years ago.

Inspector · 09-01-2011, 08:58 AM

Mine was done by an attorney as a benefit from my employer at the time. Didn't cost me anything IIRC.

rageeumr · 09-01-2011, 08:59 AM

My wife and I had ours made when our son was born. Both of her parents were lawyers so it was really easy (and free).

Jenson71 · 09-01-2011, 08:59 AM

Quote:

Originally Posted by Inspector

Yes. We have 5 sons and it was a simple 20% of our assets to each. Also have the directive. Did that about 10 or 15 years ago.

Mind if I ask you a further question about your will?

Inspector · 09-01-2011, 09:01 AM

You can't have any of my dough Jenson - if that's what you're thinking.

Jenson71 · 09-01-2011, 09:04 AM

Quote:

Originally Posted by Inspector

You can't have any of my dough Jenson - if that's what you're thinking.

Nope, nope. I just have a Trusts and Estates class, and we've talked about different ways of dividing assets up to further generations. Let's say you outlive your sons, or some of them, unfortunately. Just wondering if the attorney you dealt with talked about dividing your assets up equally among the families (20% plain and simple) or equally among the generations, if you get what I'm saying.

Jenson71 · 09-01-2011, 09:08 AM

Quote:

Originally Posted by Inspector

Mine was done by an attorney as a benefit from my employer at the time. Didn't cost me anything IIRC.

That's cool. I wonder if the attorney recruited the employer or how that worked out.

Inspector · 09-01-2011, 09:13 AM

Whichever of us is last to croak - my wife or I - will ensure we keep it up to date with any changes that need to be made if needed. If one of our sons go before us, we would still ensure their wife and kids would get that share. Our sons are all in their 30's and 40's and a couple of them have kids (5 grandkids) but each family will get that 20% of our assets. I don't believe there is anything set up to make changes automatically in the event of one kid passing before us or not - I think that is something we would have to take care of if it actually happened.

But, like I said, it was along time ago. Each kid has a copy but I haven't looked at it since it's creation. I can't remember what I had for breakfast yesterday either.

Good luck on your career.

Inspector · 09-01-2011, 09:14 AM

Quote:

Originally Posted by Jenson71

That's cool. I wonder if the attorney recruited the employer or how that worked out.

It was part of a benefit package from my employer - who has since stopped offering that - but I don't have a clue about who recruited who.

View Poll Results: Do you have a will?
Yes - I wrote out a will with a lawyer	22	44.90%
Yes - I wrote my own will	1	2.04%
No - I plan on doing it sometime, but have other priorities now	21	42.86%
No - I don't know how I would go about doing this	2	4.08%
No - the laws of intestacy in my state are good enough for me	3	6.12%
Voters: 49. You may not vote on this poll

09-01-2011, 08:11 AM
Jenson71 fides quaerens intellectum Join Date: Oct 2003 Location: United States Casino cash: $8330900	Do you have a Will? I don't, but I don't have any assets or dependents. I would like to get an unscientific view of what part of the posting population has gone to the trouble of writing out a will with a lawyer. I'm also sort of planning for life after school, and I think I could open up a shop that specializes in elder law and estate planning. If you have, what made you do it? How did you determine where to get your will written up? If you haven't, why haven't you?
Posts: 15,986

09-01-2011, 08:26 AM	#2
Old Dog Supporter Join Date: Apr 2004 Location: North Central Kansas Casino cash: $2540201	I have one. With some of the things I did in the military, not only was it essentially mandated, but it just seemed like a good idea.
Posts: 10,767

09-01-2011, 08:32 AM	#3
blaise In Search of a Life Join Date: Aug 2007 Location: Plano, TX Casino cash: $9989900	We have one. My wife wrote it. She's an attorney, but she doesn't do estate stuff, so we had another attorney that does review it. It's good to have, even without much assets, because you can include your wishes if you're in a coma or unresponsive in a hospital, etc.
Posts: 22,189

09-01-2011, 08:35 AM	#4
LiveSteam The Constitutional Choo choo Join Date: Dec 2009 Location: homeof43conferencetitles Casino cash: $-1484568	Yes I have one. I leave my loved ones $271474 in Casino cash. __________________ Progressivism.. The Politically Correct way of saying "I'm a Communist slash Nazi" depending on what the issue of the day is?
Posts: 44,692

09-01-2011, 08:36 AM	#5
luv You think you can get by this? Join Date: Dec 2004 Location: Springfield, MO Casino cash: $-1180000	I was wondering when you would say something about this portion of your education. The firm I work at does a TON of estate planning, filing wills and estate affidavits with probate court, etc. I actually really like it. Even when we were learning about contracts and estate planning in school, everything came really easily for me. I can't think of a more important thing that anyone with heirs and assets needs to take care of. A lot of people don't want to think about death, or what will happen once they die. However, in creating a will, etc., you aren't really thinking about yourself. You're making sure that everything will go easier for your loved ones. Also, just because you told someone to make sure that so-and-so who is like a child to you get such-and-such, even if you know the person would, if you don't leave a will or have a trust set up, or do the TOD's, your assets go through probate. If you have debts, that such-and-such that you intended so-and-so to get may end up being liquidated to pay creditors. I could go on and on about the importance of this stuff, but 1) I am not a lawyer, so I can't give you legal advice or explain in too much detail what you should do, and 2) this post would become far too long to read. And I didn't even get into powers of attorney, and such.
Posts: 63,558

09-01-2011, 08:44 AM	#6
Iowanian Supporter Join Date: Aug 2000 Location: Utopia Casino cash: $1798454	We have one, prepared by an attorney. I have addendum pages with specific items listed (this gun goes to person A) type stuff, that can be modified by me as things or opinions change. Once you have children, it doesn't matter if you have "stuff", the only responsible thing to do is get into writing what you want done with your children and any funds from your estate to help in their upbringing. It's not really fun to think about and discussions bring up issues(whose family will raise the kids if you're both killed, who is best, why this sibling is or isn't)....but It's the responsible thing to do to make life easier on everyone else when that time comes.
Posts: 62,931

09-01-2011, 08:57 AM	#7
Inspector MVP Join Date: Jan 2004 Location: K.C. Casino cash: $9914975	Yes. We have 5 sons and it was a simple 20% of our assets to each. Also have the directive. Did that about 10 or 15 years ago. __________________ As always, this is IMO.
Posts: 7,917

09-01-2011, 08:58 AM	#8
Inspector MVP Join Date: Jan 2004 Location: K.C. Casino cash: $9914975	Mine was done by an attorney as a benefit from my employer at the time. Didn't cost me anything IIRC. __________________ As always, this is IMO.
Posts: 7,917

09-01-2011, 08:59 AM	#9
rageeumr Veteran Join Date: Apr 2005 Location: St. Louis :( Casino cash: $9989900	My wife and I had ours made when our son was born. Both of her parents were lawyers so it was really easy (and free).
Posts: 2,313

09-01-2011, 09:01 AM	#11
Inspector MVP Join Date: Jan 2004 Location: K.C. Casino cash: $9914975	You can't have any of my dough Jenson - if that's what you're thinking. __________________ As always, this is IMO.
Posts: 7,917

09-01-2011, 09:13 AM	#14
Inspector MVP Join Date: Jan 2004 Location: K.C. Casino cash: $9914975	Whichever of us is last to croak - my wife or I - will ensure we keep it up to date with any changes that need to be made if needed. If one of our sons go before us, we would still ensure their wife and kids would get that share. Our sons are all in their 30's and 40's and a couple of them have kids (5 grandkids) but each family will get that 20% of our assets. I don't believe there is anything set up to make changes automatically in the event of one kid passing before us or not - I think that is something we would have to take care of if it actually happened. But, like I said, it was along time ago. Each kid has a copy but I haven't looked at it since it's creation. I can't remember what I had for breakfast yesterday either. Good luck on your career. __________________ As always, this is IMO.
Posts: 7,917

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode