OT – Will & Trust software

[Former SD resident]

Anyone ever use software to prepare these documents (also heathcare and financial power of attorney)? I’ve heard of the Suze Orman and Legal Zoom versions but have never know anyone who has personally used them. Our financial situation is not very complicated, married with house and 2 little kids and know that we really need to have these in place. So any opinions on if they are good or not? Any others I should consider or should I just go to a lawyer and pay the 500+ to set them up?

[sdduuuude]

Suggest you go to a free seminar. Will/trust lawyers often put them on as sales tools but I learned a ton from the one I went to. We eventually used them to do the job. Cost was about $1300 and I was happy to pay it because I put pretty much no time into it at all.

[Anonymous]

Former SD resident, it depends on where you live now. For homeowners in CA, best to make sure you have a trust to avoid probate, plus –you guessed it– good CA legal advice concerning community property ownership, recording your deed, and such. You could draw it up yourself and get it reviewed by an attorney, if you have one you trust. Otherwise, not sure you would save much.

For your healthcare and financial power of attorney, just use the current California statutory ones you will find via google.

Elsewhere, some might be able to utilize different methods.

[Former SD resident]

Thanks. We’re currently in NC but planning to move to move back to CA soon. Don’t really want to spend 1300 on a plan as we’d like to have one in place before the move and then we’ll have to change it after. I’ve heard it’s easy to change documents with the software. Again our situation is not complicated. No prior marriages or step children, everything is if one spouse dies or incapacitated the other spouse handles everything. and then of course who we’d like to raise our kids if we both died. Pretty simple just want to avoid complications if anything tragic happens. If anyone has experience with any software please let me know.

[carlsbadworker]

If you want software, I recommend NOLO. Google it and buy a book (that comes with the CD for template). You are all set. In a situation likes yours, two wills, two health care directives and two power of attorney docs take less than one hour to complete. There is no need for attorney. Living trust is a little bit more complicated but retirement accounts/life insurance doesn’t go through probate. So if you and your spouse are both young, a living trust only helps you on our primary residence when you both die of a sudden death. Very small probability for a probate in my opinion.

[Anonymous]

Better yet, check the Nolo Press books out of the library. Make sure you use a guide intended for California if you are moving here, since the laws regarding marital property are different (pay close attention to the titling of property, for example.) If all you need is a will, durable power of attorney and health care power of attorney, and you understand what you are doing, you can use the statutory forms, perhaps using some clauses from Nolo where you think it is necessary.

For my money, even the small probability of probate, plus the privacy, ease of administration and extra control you can build into a revocable trust are worth it. Nolo Press can help you to a certain extent with this as well.

[joec]

I bought the Quicken Willmaker Premium which has a ton of books included as well as the Will stuff. Wish I had the time to use it. If I get around to it, I’ll update my thoughts here for you. I’d also like to setup a trust and know I should, but a $1000+ bill right now is a bit tough for us.

Just want basic stuff myself and if me and my spouse are dead, probably won’t care what’s in the public and don’t have enough to really have anyone fight over anything.

[urbanrealtor]

I used an estate planning attorney who is also a re broker.
Really good experience.
About $795 if I recall.
Trust, will, and child guardian choice.
Met up once and went over a questionnaire and then came back and collected our trust later.

[Anonymous]

I think $795 sounds about right for a basic revocable trust, associated will and POAs ($1300 should get you some bells and whistles!)

Hopefully, your RE broker/estate planning attorney also retitled the assets that you put into the trust (deed for house; account names for other things…) since the trust is only effective once that is done.

If you’re not putting your house into a trust, and it is community property, keep in mind that the property should NOT be in the name of husband and wife as Joint Tenants. That way lies probate court even if only one spouse dies…

[Author]

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