Creating A Will???

[karihager1982]

What is the name of your state? Michigan

I posted here about a month ago about my father wanting to create a will (I am the executer of his estate).

The advice given, was that if my father's assets were over $10,000 - that he should seek an attorney to help make him a will.

Well - I have done some searching, and every lawyer that we have spoken to, seems to want an arm and a leg to draw one up. Because of the price, my father refuses to go to an attorney now. (He is quite stubborn.)

So now I am wondering, if I were to help him draw up a will, and have it notorized, will that be upheld?

My father is not rich, by any means. He is currently on disability, and his only true asset is his money (has roughly $55,000) in the bank.

He owns a truck - that is paid for. He does not live in his own house - as he lives with my brother. He does have ONE house in his name & my sister's name, but he bought that house for my sister (that is her inheritance.) If my father were to pass away, it is stated (in another document) that the house will then be transferred fully into my sister's name. (Though this may not matter soon, as my sister may be selling the house.)

Other than that - that is all my dad owns. He doesn't have many possessions, and he pays cash for everything. He has only a savings account.

Would we just be able to create our own will without having to go through a lawyer?

Also - what do you think about those computer programs that help you create a will?

Any advice is appreciated. I just know that a lawyer is out of the question now.

Thanks!

~ Kari ~

 

[Dandy Don]

So how much are the lawyers asking to do the will? Because this is a simple estate, any fee over $500 is unreasonable.

Yes, you can draw up your own will using a book checked out from the library or from a bookstore, but if there are complications/omissions you are going to have to pay a lawyer while estate is being probated to clear things up. At least have an attorney review the document you have drawn up to see if it meets the legal requirements in your state.

DANDY DON IN OKLAHOMA ([email protected])

 

[karihager1982]

Hi DandyDon - Thank you so much for the reply.

All of the lawyers that we spoke with said that their services for a basic will started at $500 - and one even wanted $900 !!!!

I was truly shocked with the prices. I have called all the ones within driving distance for my father, and he refuses to pay that much money.

If we were to do our own will - do you think they would charge a ton just to review it???

Thanks so much again for your help! It is really appreciated!

~ Kari ~

 

[[email protected]]

First off, I am not an attorney and I certainly have no connection (financial or otherwise) to any software I recommend. As you have seen from visiting this site, a will is but one part of a "proper" estate plan. Putting the question of the house aside for a moment, other documents such as a power of attorney for financial and healthcare matters, and advance directives for healthcare (or a living will) might well be equally important if not more so.

Quicken Willmaker 2005 (MSRP $50) will draft a pretty good will for your Dad and other documents as well. It also appears to ask most, if not all, of the important questions - an interview. The book that comes with this software may well be available in your local library and is a worthwhile read. It obviously doesn't hurt to consult with an estate planning attorney (other than $) and that attorney may bring up some points you have not considered.

Assumming the house gets sold (and your Father must agree to this if his name is on the title) that would remove some complication from his estate.

Is the intent to divide the estate as evenly as possible? Do you or your siblings have a particular interest in any of your Dad's personal possessions? Are the interests conflicting? Obviously better to iron them out now rather than later.

Good Luck,
Eric S.