Comments on: 3 Key Decisions Young Families Need To Make When Preparing a Will

By: Jason @ MyMoneyMinute

Jason @ MyMoneyMinute — Fri, 19 Feb 2010 20:57:29 +0000

Craig,

Just curious how your will distributes your estate to your children (if you have them)? Is it similar to the example you gave above (50% at age 18, 50% at age 21), or was a trust set up to manage their inheritance?

I haven’t used LegalZoom or U.S. Legal Forms, so I was just curious how detailed they get for a $30 document. Also, were medical directives included in the package?

As a disclaimer, I’m an attorney in Texas, and have done a few Wills. The online forms are certainly better than nothing. My concern is they may fail to address potential issues with how your funds are distributed to your children and/or their guardians, not to mention just plain legal counsel that you might not receive otherwise that would benefit you — but you wouldn’t even know it was an issue based on the online form.

Great article, keep up the good work!

By: Austin

Austin — Tue, 16 Feb 2010 01:43:15 +0000

Before I left for Japan in July, my grandpa kept suggesting I make a will even though I’m 23. I took his advice because it just makes it easier for every one in case something happens.

It felt strange writing it up, but I’m glad it exists and would suggest it for any one no matter how young.

Austin @ Foreigner’s Finances

By: RJ Weiss

RJ Weiss — Mon, 15 Feb 2010 18:22:24 +0000

Craig – Thanks for posting about this issue.

For someone who knows just the basics about will and estates, I’m amazed at how difficult it can be passing belongings on. Even to another spouse.

By: Craig Ford

Craig Ford — Mon, 15 Feb 2010 15:21:10 +0000

@Benjamin
If you’re situation is fairly standard a court will not challenge your will even if it was written by hand. The online programs are nice because you can just insert the relevant information and they do the rest.
I think it took us about an hour (once all the decisions were made) so it’s not a big deal.
Get it done and check off another New Year’s Resolution.
@Kristen
I think you’re right that you do need to have another conversation about it. If think it is a hard decision imagine how hard it would be for a judge to decide.
@Miranda
OK. It’s on the web. We’ll have to check up and be sure you got it done.
@Ron
I think your right that people just don’t want to deal with future events. We are so focused on the urget and pressing that we rarely make time for the future.

By: Benjamin

Benjamin — Sat, 13 Feb 2010 00:01:06 +0000

Thanks for posting this! This is one area of our financial lives were my wife and I are clueless! I’m glad to hear other financial bloggers have used (and trust) the online legal form websites!

We’re pretty lucky that both my wife and I already agree on who should get custody of our two children.

Now its just a matter of writing it up! Incidentally, this is also one of my New Year’s resolutions!

By: Kristen

Kristen — Fri, 12 Feb 2010 17:02:55 +0000

We’ve been talking about writing our will. Guardianship of the baby is our biggest issue right now. My husband and I aren’t fighting about who should be the guardian. Neither of us can come up with someone who we think would be right. We need to sit down very soon and have another conversation about it.

By: Miranda

Miranda — Fri, 12 Feb 2010 16:25:21 +0000

Great reminder! We’ve been thinking of putting together a will for quite some time now, but haven’t got to it. But we really need to figure it out, especially since our son will be turning 8 soon.

By: Chris Ball

Chris Ball — Fri, 12 Feb 2010 16:02:08 +0000

I agree I am the same, I have just retired and I dont have a lot of money. I wish I had put money away over the years my daughter is looking at getting me away for a hol soon again everything is always here and now.Looks like there will be more than me in this boat soon.