Going to Get a Living Will Part II
Two phone calls and two quotes later ($1000-$1800), I am wondering if we can save some money by doing our own living will, will, and living trust.
After further review of the Nolo.com site, I began to wonder if we need a lawyer and if we need a living will. And do we need a trust so we can avoid probate? And can we do all this ourselves for less money than a lawyer? The cost of hiring a lawyer here is $1000-$1800, based on the quotes I have gotten. This seems a bit outrageous! Especially for my family’s particular situation. We do not own many assets and only have one child.
According to Nolo, we can write a will ourselves. We just need to sit down and write it. There are different tools that will guide you through the process. Coming directly from the website, here is the will-making process and things you need to think about:
1. Decide what property to include in your will.
2. Decide who will inherit your property.
3. Choose an executor to handle your estate.
4. Choose a guardian for your children.
5. Choose someone to manage children's property.
6. Sign your will in front of witnesses.
7. Store your will safely.
It seems so simple. Perhaps we will do our own will by using Nolos Simple Will Making Kit $31.00 or Quickens WillMaker Plus $49.99 Both products are under $50. A notary will be about $20. By doing this, we will save $900-1700. Now that is smart.
My husband and I will (no pun intended) discuss this get back with you. Next up…living will and living trust.
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It's important for you to note that most hospitals have paperwork available for you to execute a living will/advanced directives. Call your local facility and request it. Most hospitals are glad to provide this to you cost-free, especially since the Schaivo incident.
Thanks for the advice Diane. We are still SLACKING on getting this done. But we did buy the Nolo books and reviewing them now.
