I do appreciate the temptation to DIY AND strongly advise against it for fear the document created will not do the job when it’s needed.
Living Wills are documents people prepare for when the end of life is approaching – it provides a place to indicate choices about treatment or not and at what stage treatment ends. It’s an essential document to help the person dying do so on their own terms.
My practice is to recommend a Revocable Living Trust so that a child’s inheritance can be safe-guarded if the child is inline to inherit before they are legally able to inherit money on their 18th birthday, and after 18 if a parent doesn’t want to trust them with assets that young.
First thing I would tell someone is “I chose estate planning and probate to never have to be in court. Contesting a Will involves litigation. 😊I will counsel that fees can be expensive and the emotional toll on a family even more expensive. Then I refer to someone who does do will contests.
Your Last Will and Testament is the catch-all documents for any part of an estate that may have slipped through the cracks while planning to avoid probate. It also serves as a place holder if there is some type of lawsuit that needs a place to deposit funds after someone passes – personal injury, malpractice.
It depends on whether there were wills. It depends on whether children were still minors. It depends on whether charities were names to receive assets.
It really does depend.
My recommendation with minor children is always a trust given that most wouldn’t have trusted themselves with substantial money when they were 18. Trusts also allow for parents to determine at what age a child would receive money and what for.
I’ve always been honest and direct – some might say ‘brutally honest.’ People who know my depend on me for this. I’m honest because I care. My intuition and compassion help in making difficult decisions/confronting difficult situations.
People die unexpectedly. People deteriorate gradually without it being notice. People don’t have plans in place to mitigate what happens in either of these situations. The horror of them can be mitigated. Part of the reason planning is not done is, generally, we can’t imagine being sick or dying.
An estate is any asset a person owns. Probate is necessary when any asset is only owned in the name of an individual without a beneficiary designation. A Trust will, when done correctly, keep assets out of Probate.
Probate of an estate is rarely something urgent to undertake. The most important thing to do is grieve the loss.
If it is urgent, find an attorney who will empathize, keep you informed, and move you through the probate process while being sensitive to the grieve.
I appreciate the temptation to do this. As you’ll hear, it can go badly. Best to hire an attorney or at least have an attorney review what you created.
We have a unique perspective on estate planning that serves our clients well. We thoroughly review not just your assets and your wishes but your legacy. We ask the questions “What’s in the best interest of this family, how do we achieve those goals and what kind of legacy do you want to leave behind?” After answering these key questions, we help you determine the best course of action for your family going forward.
