Ok, so I've got another question that comes from this thread, but I'm going to post it as a separate thread. Thanks for the advise so far.

Just an update... I did end up deciding to see an attorney. After asking friends for any referrals I was sent to one of my friend's step-mom. As a favor to her step-son she did living wills and testamentary wills for my wife and I for free. I couldn't believe it... I'm glad I didn't go with the generic ones I bought online.

So now we have guardians set up and trusts that will be formed upon our death for our small children. Now to add some term life insurance because all that I have right now is what I have through work.

Thanks for everyone's advice.

Best thing to do is to see a lawyer for sure. It's also nice when friends are able to help out and you end with services for free.

I wonder if you have included your digital information in your will/trust? Don’t forget your digital estate such as accounts for Facebook, Email, YouTube, eBay, Amazon, LinkedIn, Credit Cards, Online Bank Accounts, etc. If not already included might be good to include this data in your will. Just a thought.

Letter of Digital Instructions

The Executor or Recipients named below shall have the right and power to, including but not limited to, access, download, manage, distribute, or terminate my digital assets without order of court or notice to anyone as set forth in my Will.

(Name Each Asset, Digital Executor, Login, and Password)


1. Name of Digital Asset: Facebook
Digital Executor: Executor as set forth in my Will
Login: john.doe@gmail.com
Password: 12345

2. Name of Digital Asset: Amazon
Digital Executor: Executor as set forth in my Will
Login: johndoe
Password: 12345

3. Name of Digital Asset: Bank
Digital Executor: Executor as set forth in my Will
Login: johndoe
Password: 12345

And so on and so forth... This would need to be updated periodically as often passwords change or accounts are closed.

Please Note: Any information present herein by Eagle is meant to be a guideline not legal advice. The best thing to do, as always, would be to consult a lawyer to see if the verbiage would be sustainable in a court of law in your state.

~ Eagle

Eagle,

I never thought of that. I was making a list for my wife with all of the usernames and passwords in case I died before she did, but I hadn't thought of leaving it for the executor of my estate in case we both died.

Thanks

Sure no problem. If you have kids it makes it easier on the Guardians of your children as well. I know this is a morbid topic but leaving family/heirs in good shape is worth it.

It doesn't bother me to talk about it. My wife doesn't seem to like to talk about it much and I get the feeling she's tired of hearing me talk about it.

Lol I hear you. My wife was the same way.

Eagle, I strongly suggest you have a lawyer in your state review that will before anyone uses it. There seem to be some seriously bad clauses in it.

Okay please specify which sections

All of them?

Just to start:

5.1 does not belong in a will since a will is not even read until long after burial.

I note no testamentary trust being set up

Seems to be too generic. Not all states honor generic clauses.

Once again, what you have might be 90% fine. But that 10% uncertainty should worry you enough to consult an expert, a lawyer. It's money well spent.

For me, giving advice here gets too close to the practice of law which I can only do in Illinois. I'll just say I agree with DH's comments, and you should consult an attorney. A will is very cheap considering what it does.

For me, giving advice here gets too close to the practice of law which I can only do in Illinois. I'll just say I agree with DH's comments, and you should consult an attorney. A will is very cheap considering what it does.[/quote]

Thanks for the advice DH & bpgui. I will be conulting a lawyer on this shortly.

I read the thread and liked it very much. BPQUI knows what he's talking about and writes in a fair manner. I've done a lot of reading on this subject as well and here a couple of things I noticed were missing:

1 - A will and a living trust are two separate documents and can work together or separate. In other words, once can have a will and just leave it at that, but creating a living trust is the best thing for all the flexibility and tax savings it provides.

2 - In addition to these two documents, you may want to consider a medical power of attorney (to designate someone in case you are incapacitated) and a financial power of attorney. In my experience, the financial one is only required if you have businesses and need to have someone make decisions for you while you are away on vacation for example. I may be wrong about that last point but that is what I gathered. Think of it like you are the guy who signs the contracts and while you are out vacationing in Europe, you designate your cousin to sign on your behalf.

You may get all these documents all done at once with just one attorney, or get them done one by one, starting with the will. I live in New York and have yet to find someone who can create a Living Trust for me for less than $2,000.00 (excluding titling). I have seen templates and I have read about what it takes, but I still want to use a professional who can do it all at a reasonable price and can tie up all the pieces.

Peter

Peter,

Living trusts do NOT provide any tax savings... at least not federally. I suppose it is possible that they could provide some state specific tax savings, but I'd be surprised.