I talked to an attorney that was recommended to me today about making an estate plan. I want to ask the group about something she said on the phone conversation. She told me that some states only allow one will per married couple, but Louisiana will allow one for each person in the marriage and that's the way she does it. Her fee for a living will, will with a trust, and power of attorney is $1,000 per person. So the question is this... does my wife even need a will?

Here is why I ask...everything we have is in my name because she doesn't have an income. So if she dies I already get the kids and it doesn't affect anything we own. All that would happen is I would get life insurance that I'm the beneficiary of.

What we're trying to plan for is if we were to both die at the same time. So, if I had a will that stated that when I die she gets everything, and that if she were not alive the kids would go a guardian that we decided upon and a trust is formed for the kids, wouldn't that cover it? We don't want to spend a second $1,000 if we don't have to.

I could see that if I were to die, and she received all of the money then she would need to have a will to name a guardian if she were to die and the trust be formed.

Am I correct on this?

Good questions.

Imagine if you have a will and she does not, and there is a catastrophe involving both of you, but you predecease her (by minutes, days, or weeks; your will can specify the time she's required to survive you by in order to inherit). She will inherit under your will, but if something happens to her before she takes the time to write her own will (imagine if she is recuperating or otherwise unable to take the time) her estate will pass by the laws of intestacy.

I'm not a wills/trusts lawyer, but I do remember from my wills/trusts class there were several cases that dealt with that scenario. Your lawyer would be better able to inform you on the value of preparing for that contingency.

I would suggest you both get one. At your age you probably stand a better chance of dying in the same accident as anything. What would happen if you died and she lived incapacitated for a couple of years? Anything could happen.

The cost might seem a little high, and it is double what we paid because ours was about $1000 for both of us. You might call around and see what typical prices are and maybe meet with a couple others.

Also, as I recall, Louisiana is a community property state. It might not matter whose name assets are in, they could be half your wife's.

Yep, it is.

I've never heard this. Not saying it isn't true, but it would surprise me. I can't imagine the rationale for a state to prohibit separate wills for a husband and wife. It is often essential, especially in cases of second marriages where one or both have kids from a prior marriage.

I'd recommend separate wills, even if they will be essentially identical. In that case the cost won't (or shouldn't) increase much, since your attorney will only have to draft one will, then make minor changes for the other. If the attorney is going to double the fee to include your wife, I'd suggest shopping around.

Just as a reference (attorney prices vary greatly geographically), I generally charge about $600 for a will and powers of attorney for health care and for property for the same type of situation (setting up trust for kids) for a single person. If it's a married couple its $700-$750.

Maybe I'm leaving money on the table by not charging more for the couple, but the amount of additional work required is minimal.