Comments on: How to do an estate plan on the cheap http://asklizweston.com/2009/10/19/how-to-do-an-estate-plan-on-the-cheap/ Personal Finance Columnist Thu, 09 Feb 2012 03:37:26 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: lizweston http://asklizweston.com/2009/10/19/how-to-do-an-estate-plan-on-the-cheap/comment-page-1/#comment-661 lizweston Thu, 22 Oct 2009 15:59:54 +0000 http://asklizweston.com/?p=1505#comment-661 Yikes is right, if you live in California or a handful of other states where probate's a nightmare. I wish the Golden State could get its act together and modernize its probate procedures, but I guess that would put way too many probate attorneys out of work. Yikes is right, if you live in California or a handful of other states where probate’s a nightmare. I wish the Golden State could get its act together and modernize its probate procedures, but I guess that would put way too many probate attorneys out of work.

]]> By: Neal@wealthpilgrim.com http://asklizweston.com/2009/10/19/how-to-do-an-estate-plan-on-the-cheap/comment-page-1/#comment-659 Neal@wealthpilgrim.com Thu, 22 Oct 2009 13:11:38 +0000 http://asklizweston.com/?p=1505#comment-659 Good point Liz. Many times, folks tell me they aren't worried about probate because they have a will. YIKES!!!!! The will almost guarantees probate!! Good point Liz. Many times, folks tell me they aren’t worried about probate because they have a will. YIKES!!!!! The will almost guarantees probate!!

]]> By: lizweston http://asklizweston.com/2009/10/19/how-to-do-an-estate-plan-on-the-cheap/comment-page-1/#comment-658 lizweston Wed, 21 Oct 2009 23:15:41 +0000 http://asklizweston.com/?p=1505#comment-658 I think there might be a word or two missing in your first point, because wills don't avoid probate. I'm guessing that's what you meant. In states like California, where probate is long and expensive, even relatively small estates can benefit from a living trust, and while you can draft those yourself, I think it's worth the cost to use an experienced attorney. Some states, including Washington, have modernized their probate laws so that living trusts aren't as essential...but getting those durable powers of attorney drafted is still important. Good point on #2. Thanks! I think there might be a word or two missing in your first point, because wills don’t avoid probate. I’m guessing that’s what you meant. In states like California, where probate is long and expensive, even relatively small estates can benefit from a living trust, and while you can draft those yourself, I think it’s worth the cost to use an experienced attorney.

Some states, including Washington, have modernized their probate laws so that living trusts aren’t as essential…but getting those durable powers of attorney drafted is still important.

Good point on #2. Thanks!

]]> By: lizweston http://asklizweston.com/2009/10/19/how-to-do-an-estate-plan-on-the-cheap/comment-page-1/#comment-657 lizweston Wed, 21 Oct 2009 23:10:38 +0000 http://asklizweston.com/?p=1505#comment-657 I agree. I had a Quicken will until we had our daughter. Then it became imperative that we do things right, and the money we spent on the lawyer was well worth the peace of mind. I agree. I had a Quicken will until we had our daughter. Then it became imperative that we do things right, and the money we spent on the lawyer was well worth the peace of mind.

]]> By: Neal@wealthpilgrim.com http://asklizweston.com/2009/10/19/how-to-do-an-estate-plan-on-the-cheap/comment-page-1/#comment-656 Neal@wealthpilgrim.com Wed, 21 Oct 2009 18:00:55 +0000 http://asklizweston.com/?p=1505#comment-656 I think the last paragraph is the most important. Sometimes folks try to save a few bucks and end up spending a fortune. I always suggest seeing an attorney if at all possible. I think the last paragraph is the most important. Sometimes folks try to save a few bucks and end up spending a fortune.

I always suggest seeing an attorney if at all possible.

]]> By: David E. Lazarus, C.P.A. http://asklizweston.com/2009/10/19/how-to-do-an-estate-plan-on-the-cheap/comment-page-1/#comment-654 David E. Lazarus, C.P.A. Tue, 20 Oct 2009 21:58:10 +0000 http://asklizweston.com/?p=1505#comment-654 Though your response focused on very inexpensive estate planning, their are serveral things that one should be careful of. 1. If a state has a has a probate law, having just a will and durable power of attorney will avoid probate costs. Sometimes these costs can far exceed the costs of an attorney to help properly plan an estate. 2. Sometimes the manner in which a married couple hold title to their assets should also be a consideration. If all a couples assets are held as joint tenants with rights of survivorship, a surviving spouse can inherit all the assets by operating of law. The couple that asked the question seem to indicate minimal assets, so possibily that may be a good way to past on assets and have a minimal estate plan. Thank you Though your response focused on very inexpensive estate planning, their are serveral things that one should be careful of.

1. If a state has a has a probate law, having just a will and durable power of attorney will avoid probate costs. Sometimes these costs can far exceed the costs of an attorney to help properly plan an estate.

2. Sometimes the manner in which a married couple hold title to their assets should also be a consideration. If all a couples assets are held as joint tenants with rights of survivorship, a surviving spouse can inherit all the assets by operating of law. The couple that asked the question seem to indicate minimal assets, so possibily that may be a good way to past on assets and have a minimal estate plan.

Thank you

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