DH and I need to make our wills

[soocool]

So DH and I have been postponing making our wills for quite some time, but after hearing what my friend has been going through after her father passed away last year has prompted DH and I to get moving on this one.

We have only one heir, my DD, but I want to make sure our estate is safeguarded and that she will have to pay either no or minimal inheritance tax. Before we consult a lawyer, are there any specific questions we should ask and also what kind of lawyer is best suited to handle this (estate lawyer?)

 

[smitcompton]

Hi,

Yes, I went to an estate attorney and set up a revocable trust. I think each state has different laws governing estates. I live in Il. and it was a fairly simple process. But, I am happy I did it. I too have only my son to inherit, but they ask you for successor benificiaries, which are my nieces. I encourage you to do this as I sleep better at night knowing this has been done.

Perhaps there are others on this board that can answer you better than I.

Thanks,

 

[Dancing Fire]

Date: 2/16/2010 4:41:10 PM
Author: smitcompton
Hi,

Yes, I went to an estate attorney and set up a revocable trust. I think each state has different laws governing estates. I live in Il. and it was a fairly simple process. But, I am happy I did it. I too have only my son to inherit, but they ask you for successor benificiaries, which are my nieces. I encourage you to do this as I sleep better at night knowing this has been done.

Perhaps there are others on this board that can answer you better than I.

Thanks,

yep, a revocable trust.

 

[rainwood]

Socool -

Yes, you need to go to a trusts & estates lawyer - estate planning is what they do. You should have your goals firmly in mind, explain them to the lawyer, and let the lawyer determine how best to achieve those goals given your particular situation. Our lawyer gave us a worksheet that helped direct our thinking on all of the various things we needed to decide.

PLEASE do not take advice about specifics, whether it''s about a revocable trust or some other form of estate planning instrument, from the internet. There are lots of variables (including state law) that make what''s right for one client different than what is right for someone else. And yes, I am a lawyer (thought not a trusts & estates lawyer).

 

[Irishgrrrl]

Date: 2/16/2010 6:54:17 PM
Author: rainwood
Socool -

Yes, you need to go to a trusts & estates lawyer - estate planning is what they do. You should have your goals firmly in mind, explain them to the lawyer, and let the lawyer determine how best to achieve those goals given your particular situation. Our lawyer gave us a worksheet that helped direct our thinking on all of the various things we needed to decide.

PLEASE do not take advice about specifics, whether it''s about a revocable trust or some other form of estate planning instrument, from the internet. There are lots of variables (including state law) that make what''s right for one client different than what is right for someone else. And yes, I am a lawyer (thought not a trusts & estates lawyer).

Ditto to everything Rainwood said above. I''m a certified paralegal and I work for a small law firm with six attorneys, two of whom do estate planning and estate administration. I don''t know much about that aspect of the law (I deal with litigation, criminal defense, and all kinds of other fun stuff), but I DO know that there are a lot of variables involved and you really need to talk to an experienced attorney to find out what you need. Good luck, and I think you''ll sleep easier when this is done.