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azoodie
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Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
DH and I don't have wills, advanced directives any of that stuff. We have only filled out health proxy forms 
What do you guys think of this kit? It has the forms for wills and other important documents. I am thinking of purchasing it - it is much cheaper than having a lawyer draw up the papers for us.
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Posted 1/26/09 1:40 PM  |
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Kara
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Re: Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
I wouldn't use a kit that, honestly.
The laws on these sorts of this (particularly wills) vary so much state to state, as do the procedures for properly executing them. I wouldn't chance it. The money spent on a lawyer will be well worth the peace of mind in knowing everything was done properly. On top of that, the lawyer will also be able to give you advice and get you to think about things you hadn't previously considered... These things are important. I would go to a good trusts and estates attorney. It's not as terribly expensive as you'd think.
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| Posted 1/26/09 1:53 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
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That Led To The Wrong Tendencies
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Re: Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
What about using a software like Intuit or Quicken that will do the forms based on state?
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| Posted 1/26/09 1:58 PM |
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Kara
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Re: Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
Posted by ave1024
What about using a software like Intuit or Quicken that will do the forms based on state?
That's fine for the forms, but not the execution. Wills in particular need to be executed in a certain, very particular way. In addition to having X number of witnesses sign, the procedures for this vary from state to state. In some states, for example, the person whose will it is must represent to the witness clearly that it's their last will and testament. In other states, you have to represent that the signature appearing on the will is yours. In some states, all witnesses must be present at the same time for signing. In some states, the witnesses have to see the person executing the will sign. There are rules and laws re: whether witnesses may inherit under the will, etc., etc. Having this done in a law office will ensure not only that it was executed properly, but also that there is a record of how this was done.
I AM a lawyer and I wouldn't do my own will. I'd go to another lawyer who specializes in that area. It's far too important a document to DIY, IMHO.
That said, certainly anyone who wants to can look up the execution laws and try to DIY. I just think it's far more helpful to just go to a lawyer and make sure it's done properly. Most trusts and estates lawyers do wills for a flat fee, and the information you will get from them re: inheritance laws and options you probably haven't considered is, in most cases, invaluable. So it CAN be done on your own and it's possible do it correctly on your own if you are very careful and do your research (and no, those kits don't do all the research for you)... I just wouldn't recommend doing it on your own.
Message edited 1/26/2009 2:05:52 PM.
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| Posted 1/26/09 2:03 PM |
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beachgirl
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sara
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Re: Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
Kara - how much should it "typically" run for something like this - I have been getting quotes for $1500 and up which I think is expensive but am I out of the loop?
TIA
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| Posted 1/26/09 2:16 PM |
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azoodie
Member since 8/05 8377 total posts
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Team SEXY BACK
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Re: Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
Thanks Kara. I guess I have just been too lazy to find an attorney but this is definitely on our list of things to do in the near future.
I thought it would cost around $500. $1500 sounds like a lot!
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| Posted 1/26/09 2:29 PM |
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Re: Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
I would not use a kit either. My friend's law office has a $550 basic will package. I do not know what she includes.
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| Posted 1/26/09 2:40 PM |
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CookiePuss
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Member since 5/05 14021 total posts
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Re: Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
I would never use a kit or downloaded forms for my estate documents. This is the only voice you have, once you are gone or incapacitated, that tells others what you want done with your property and yourself. Plus, a kit can't discuss things like Credit Shelter Trust and whether to use one or not, like a good estate attorney can.
This is one area I would never try to save a few bucks in by doing it myself.
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| Posted 1/26/09 3:33 PM |
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Kara
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Re: Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
Posted by shamrock124
I would never use a kit or downloaded forms for my estate documents. This is the only voice you have, once you are gone or incapacitated, that tells others what you want done with your property and yourself. Plus, a kit can't discuss things like Credit Shelter Trust and whether to use one or not, like a good estate attorney can.
This is one area I would never try to save a few bucks in by doing it myself.
Very well said!
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| Posted 1/26/09 3:41 PM |
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Kara
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Member since 3/07 13217 total posts
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Re: Can I get some opinions on this? Re: Suze Orman's ultimate protection portfolio.
Posted by beachgirl
Kara - how much should it "typically" run for something like this - I have been getting quotes for $1500 and up which I think is expensive but am I out of the loop?
TIA
The price really depends on the lawyer and the services you need. You can get a basic will from many offices for under $700, sometimes even closer to $500 or $600. However, even $1500 is a whole lot less expensive than the cost to your loved ones litigating over your estate if you die or your wishes if you are incapacitated. No, a will or living will isn't a guarantee that there won't be fighting, but a well-planned estate and will can definitely prevent a lot of unnecessary worry and anxiety.
Plus, $1500 for a good lawyer's time to draft a will and provide legal advice is a pretty good deal, considering the time they will need to spend. If you paid hourly, I bet it would cost a whole lot more than that.
Additionally, the advice that trusts and estate lawyers can provide is really invaluable. You may find much better alternatives / ideas than you had considered...
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| Posted 1/26/09 3:46 PM |
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