Low cost will: how do I create and store one?

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Irenaeus
Posts: 123
Joined: Wed Sep 21, 2011 2:06 pm

Low cost will: how do I create and store one?

Post by Irenaeus »

Hello,

(I'm rather unconfident of this site's search engine as it returned zero results for various searches of the keyword "will." Anyway,) I request your advice on how to draw up and store a will as cheaply as possible. I have never been married and until I marry would, in the event of my death, hope to leave my assets with my siblings or nephews. I suppose I could leave the will with an attorney, but how would the beneficiaries know that? What about a safe deposit box? My credit union informs me the smallest it offers is $55/year.

Thank you.
Sidney
Posts: 6784
Joined: Thu Mar 08, 2007 5:06 pm

Post by Sidney »

We left ours with the attorney. I gave all my family members (and spouses family members) a letter with the name and address of the law firm that holds our will.

There is also a folder in the center drawer of my desk that has the same info - in case someone is looking around the house after we are gone.
I always wanted to be a procrastinator.
MathWizard
Posts: 6542
Joined: Tue Jul 26, 2011 1:35 pm

Have executor keep the will, perhaps share safety dep. cost

Post by MathWizard »

Without dependents, a will is not so much of a necessity.
I'd worry more about having someone to make medical decisions
(durable healthcare power of attorney or living will, or
something like that.)

To answer the question, chose an executor for the will, ask them,
and have them keep it in a safe place with their items. Put it in an 8 1/2 by
11 envelope with DO NOT open until My death, and sign it over the
seal on the envelope.

Alternatively, you could buy a small, fireproof safe for about $100,
and keep the will in your home.
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Allocationist
Posts: 97
Joined: Wed Mar 14, 2007 9:32 pm

Post by Allocationist »

A close family member used Quicken Willmaker and was happy with the program and result.

Of course an attorney specializing in estate planning would give you more confidence in the result but at much greater expense.
DaveS
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Joined: Fri Jun 15, 2007 9:42 am
Location: Reno, NV

Post by DaveS »

I am a lawyer. I just finished doing my will on Quicken Willmaker. I think you can still buy it at Barns & Noble or maybe at Nolo.com Note if your assets are north of 3.5 million or in any way unusual, it is a good idea to find an estate planning attorney. But you might save a few bucks if you bring him/her a draft will and other documents like a living will for health care decisions, and the like, made from the Quicken program. Dave
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Dan-in-Virginia
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Joined: Sat Apr 16, 2011 5:33 am
Location: Virginia

Post by Dan-in-Virginia »

LegalZoom.com

Used it for many things
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tarnation
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Joined: Thu Apr 26, 2007 12:36 am

Post by tarnation »

Even if you decide to have an attorney draft your will, going through Willmaker will get you thinking about how you want to handle your affairs., e.g. specific bequests, trusts for minors etc. Get the version with the book. Buy it from Amazon using the referral link at top of this page. "Quicken Willmaker Plus 2012 Edition: Book & Software Kit [Paperback]"
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FrugalInvestor
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Re: Low cost will: how do I create and store one?

Post by FrugalInvestor »

Irenaeus wrote:Hello,
I'm rather unconfident of this site's search engine as it returned zero results for various searches of the keyword "will."
For future reference try clicking on the Bogleheads logo in the upper left corner of the page. This will take you to the alternative format of the forum showing all threads not broken out into groups. Put your desired term in the search box toward the upper left-hand corner and you'll get much better results. Victoria helped me with this awhile back (thanks Victoria).

A word of warning though....You may wish to include a pertinent word in addition to "will." "Will" will produce a plethora of results oh yes it will but many of them will not be what you are looking for and you will likely feel that you are searching willy nilly as if for a needle in a haystack.
Have a plan, stay the course and simplify. Then ignore the noise!
birdy
Posts: 376
Joined: Sun May 02, 2010 7:31 pm

Do it yourself will

Post by birdy »

We used the will/trust kit from Suze Orman's website. Was very easy and simple to follow. Birdy
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