Page 1 of 1

Wills, etc.

Posted: Mon May 06, 2019 7:38 pm
by EdithKeeler
Curious what folks here are doing or have done WRT wills, advanced medical directives, etc. I’ve convinced my mom that we need to get some legal paperwork in place for her, and I’m going to for myself as well.

Did you go to a lawyer or DYI? There’s a lot of resources online, so I’ll likely go that route. DBF is a lawyer, but in another state; he suggested the online forms are probably fine, and often uses them in his state.

Re: Wills, etc.

Posted: Mon May 06, 2019 10:12 pm
by intellectualpersuit
All I know is try to avoid death tax.

Re: Wills, etc.

Posted: Mon May 06, 2019 10:22 pm
by RealPerson
Besides the usual stuff (medical power of attorney, etc.), it is vital that you have a HIPAA release included. Otherwise you may be able to make medical decisions, but the doctor is not allowed to discuss the medical issues with you. Many older wills do not have HIPAA included in it.

Re: Wills, etc.

Posted: Tue May 07, 2019 3:31 am
by Dream of Freedom
Well, when hiring a lawyer it is best to choose one that specializes in that area not just does it sometimes. Though for extremely simple estates it might be okay to just use legal zoom.

You want to choose an executor that is both capable and fair.

You should consider whether all of your beneficiaries are capable of making good decisions of what to do with any money they are given. Maybe the executor should be given discretion to use money to aid a family member with autism or they might want the 13 year old granddaughter to inherit 10k but maybe shouldn't receive it until her 23rd birthday.

I have no idea about your mom, but a lot of people here have real estate investments. There is the question if they should be liquidated or if there is someone with the time and inclination to run the business.

You should consider passing some things off before you die. Your heirs might not know the story behind some heirlooms if you don't tell them. It can also be tax efficient as the IRS also allows you to give up to $15,000 in 2018 to any number of people without facing any gift taxes.

Re: Wills, etc.

Posted: Tue May 07, 2019 1:27 pm
by bigato
There was a recent episode on the ChooseFI podcast talking about this that you may want to listen.