plan of action
I met with the estate attorney at a free consultation that lasted about half an hour to forty-five minutes. I told her what my concerns were about the mortgage on the house, how to properly designate my life insurance beneficiary, and how to avoid negative tax consequences for my beneficiary. She gave me some good advice, not just about my own situation, but about my parents’, and now I have a plan of action for my will. I also have a plan of action for changing the beneficiary of my life insurance policy, based on the attorney’s advice. I know what I want to do and how I want to do it.
My path will be different from most others’. I can and will draft my own will. There is a [wise] saying among attorneys that a lawyer who represents himself has a fool for a client – my initial intention was to have someone else draft the will for me. However, attorneys help each other out, and the estate attorney I spoke with said that she will be available to me if I have any questions. She has also given me the layout of what my concerns should be as I draft. I have a safety net of quality assurance in the advice of a more experienced attorney. This will get the job done, yet save me some money. Now I know there is information on the internet, and at libraries and bookstores, but I would not suggest that people who are not attorneys attempt to draft their own wills. There are too many things to consider, every person’s situation is different, and there is too much of a chance that a non-professional would fail to make adequate provision for everything as they are drafting the document, which could lead to big problems for beneficiaries after the person’s death. I am a lawyer, I’ve taken a number of courses dealing with estate planning during my professional training, and I STILL desire the counsel of a reputable and experienced estate attorney in my estate planning process, specifically because I know how much could go wrong if I flew blind.
My task now is to get the thing done. I’m setting a deadline for myself – February 28, 2009. I want to have the will drafted and at least ready for signatures for myself and witnesses by that date. I don’t suspect that it will take that long, but I am busy and I have to allow myself time to work on it in the midst of all the other things I have to do. I will also have to make arrangements for safekeeping of the will and other important documents, like my life insurance policy, and among other things, an instruction letter in case I am incapacitated or I pass away.
I will keep you posted!
Comments
4 Responses to “plan of action”
Leave a Reply
I did my own will, You can most likely go to a office supply store and buy the form and get it notarized
You are really on the ball. Are you buying any furniture? Painting? Decorating?
Furniture – not yet, can’t afford it
Painting – yes, within the next two weeks
Decorating – not yet, can’t afford it
I’m registering and planning to have a housewarming, but not just yet. I’m hoping the people who buy presents actually get me stuff off the registry, ’cause it’ll help me afford furniture and decorating more.
You are awesome!! Thanks for giving the rest of us an example of GETTING IT DONE as far as wills are concerned. I like the instruction letter facet. Keep us posted on what you find difficult or tricky. Isn’t it funny in life how the more knowledge you have, the more you realize you need to rely on the knowledge of others? There’s just too many loopholes and traps to go walking optimistically into writing something as important as a will. Way to go, Hermana Hormiga!
I have to get on the ball with this as well. I’ve got my parents as dependents and I just don’t see how they’d make it on what little I’ve got saved. How did you pick your estate attorney, and how would you suggest a non-attorney select a reputable one? I’ve got a good idea of what I want from my will and life insurance arrangements, but am uncertain where to start!
Most major cities and most states have a lawyer referral service you can call. Perhaps you could set up interviews with them (in person or on the phone), and then interview them like a job candidate, assessing how comfortable you feel with them, and how thorough they seem to be. You can also ask around. I find person-to-person referrals to be the best help sometimes!