Author Topic: Living will and other things  (Read 4359 times)

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3643
  • Location: Minnesota
Living will and other things
« on: March 26, 2014, 02:59:10 PM »
Not a pleasant topic but necessary to discuss. I am a young turk and have no notion of dying, would rather it happen much later in my life as I am currently having fun living it. That said, I should probably have some paperwork that will assist should something happen to me.

Has anyone here had any experience with a written will? I would love to have the ability to ensure that my wishes are followed should the unlikely event of me being put into a persistent vegetative state. The law as I understand it would give my parents the option of choosing my fate right now, and should I get married my wife would have that ability. I am in Minnesota and would love to find a way to set up a written will and would also prefer not having it cost a lot to do.

The same goes with my investments. Nearly all I have is in bank accounts and at Vanguard so setting up a will shouldn't be that hard. All I have will be going to my church and to my family, does anyone know a cost-effective way to do this? Vanguard has the option of setting beneficiaries but I don't know if this works.

vespito

  • Stubble
  • **
  • Posts: 102
  • Location: CA
Re: Living will and other things
« Reply #1 on: March 26, 2014, 04:38:41 PM »
Good for you for taking charge of this.  Regarding the Vanguard accounts - call Vanguard and they have a "Transfer on Death Plan" that you may be able to use.  Regarding wills - I'll have to let someone else comment.  My wife and I still need to do ours.  Haven't decided if we will do it ourselves or cough up the money to have an attorney do it.

kite

  • Pencil Stache
  • ****
  • Posts: 607
Re: Living will and other things
« Reply #2 on: March 26, 2014, 05:01:36 PM »
Each person's definition of "cost alot" is unique.
If you are content to let the laws of your state dictate your affairs,  you can do nothing.
We spent around $700 for two of us to get will, power of attorney,  advance directive and health care proxy in NJ.  No idea what it would cost for a single person.   It is probably worth a conversation with your parents at a minimum,  and is something they may need as well. 

Having written instructions spares a lot of guilt and pain when decisions need to be made on behalf of someone else. 


renaite

  • 5 O'Clock Shadow
  • *
  • Posts: 40
  • Age: 36
  • Location: Buffalo, NY
Re: Living will and other things
« Reply #3 on: March 26, 2014, 05:07:39 PM »
You may also want to check to see if your employer offers any associate assistance program. Mine includes free will preparation and certain other legal consultations as long as they're simple. Sorry I don't have anything more helpful - I have been putting it off too!

phred

  • Pencil Stache
  • ****
  • Posts: 506
Re: Living will and other things
« Reply #4 on: March 26, 2014, 05:34:32 PM »
A living will, different than a will disposing of your assets, shouldn't cost much if anything.  You can get the forms from your local hospital.  You will need to get your signature notarized. 

Prob8

  • 5 O'Clock Shadow
  • *
  • Posts: 13
Re: Living will and other things
« Reply #5 on: March 26, 2014, 05:42:03 PM »
I've written about this topic here:  http://jlcollinsnh.com/2013/11/25/death-taxes-estate-plans-probate-and-prob8/ 

A will, powers of attorney and living will for a single person would run around $400-500 in my area of Southern Illinois.  I suspect you will find similar prices in your area.  Good luck!

Workinghard

  • Pencil Stache
  • ****
  • Posts: 637
Re: Living will and other things
« Reply #6 on: March 26, 2014, 06:12:39 PM »
A living will, different than a will disposing of your assets, shouldn't cost much if anything.  You can get the forms from your local hospital.  You will need to get your signature notarized.

It depends on the state. In FL advance directives/living wills don't have to be notarized just witnessed. A living will helps in clarifying your wishes, but as a nurse who use to work in ICU, family members could, and would, often override them. You don't see wrongful life lawsuits but wrongful deaths.

mxt0133

  • Handlebar Stache
  • *****
  • Posts: 1559
  • Location: San Francisco
Re: Living will and other things
« Reply #7 on: March 26, 2014, 11:44:36 PM »
I personally used a lawyer to create a living trust because I have kids and have appointed a trustee to manage our assets if our children survive my wife and I.  But my parents used a software based will maker and had it notarized.  Here are two that I helped them choose from:

http://www.legalzoom.com/legal-wills/wills-pricing.html

http://www.nolo.com/products/quicken-willmaker-plus-wqp.html/

I would also consider creating a health directive so that your wishes can be executed in the event you can no longer physically or legally act in the event you are incapacitated.

awakenedsoul

  • 5 O'Clock Shadow
  • *
  • Posts: 8
Re: Living will and other things
« Reply #8 on: March 28, 2014, 09:19:50 AM »
I have a revokable living trust. The transfer on death forms are good, too. I filled those out at my credit union. My home is in the trust, and it is set up with provisions for stocks. The paralegal who did mine gave me a reduced rate of $500.00. I needed it because I own my home outright.

uslegalforms.com also has wills and power of attorney forms. I think the package is under $40.00.

It feels really good to get this done.

nottoolatetostart

  • Bristles
  • ***
  • Posts: 426
Re: Living will and other things
« Reply #9 on: March 28, 2014, 09:47:55 AM »
We did a living revocable trust too. It includes all that other stuff people mentioned like POA's, intentions, etc., but I feel comfy knowing that our assets will be easily manageable for our minor children until they become old enough to legally access them. Our house, brokerage, and other permissible docs are titled in the trust. We've had it for 1 year now and has been easy to maintain and have not seen any difference in how we interact with our accounts. We are just trustees to these accounts. If something happens to us or we are incapacitated, there are new trustees. No big deal.

The thing I don't like about wills is the probate process. I need my kids taken care of ASAP if something should happen to both my husband and me.