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Hello –
Now that I am married and have 2 kids with the 3rd on the way I was thinking it would be smart to get a Will written up. I live in Dassel, MN and called a few attorney’s around the area and they all seem to start around $400 and go up depending on??!!! Chad
You are VERY wise to do this and be sure both you and your wife follow through and get it done now. As others have pointed out, your most valuable assets are your children and making provisions for their care and guardianship is you #1 concern.
Many who claim that they “aren’t worth much” and therefore “don’t need a will” are underestimating the need greatly. Do you have a 401k, investments, etc? Even personal property and real estate can total up to hundreds of thousands.
Most lawyers will give you a set price after a brief meeting to ascertain your needs. My wife and I paid $600 a few years back. You may be able to do the conversation over the phone and then have them produce a draft will for you to review, it might not be necessary to meet in person more than once.
As Ralph said, be sure to get a Healthcare Directive and Power of Attorney done at the same time. It’s not pleasant to think about, but by having these you are protecting your family at a time of critical need.
Another question, Chad, is do you and your wife have life insurance? If not, and with 3 children, you really should have a quality term life insurance policy that is NOT tied to your employer. Relying on employer-provided life insurance can leave you in a bind because as you get older and change jobs you can find yourself suddenly without life insurance AND having no reasonable option to get it due to age or health issues that could drive up the cost. Getting your own policy when you are young and healthy saves thousands in the long run AND provides peace of mind.
BTW, life insurance is NOT an investment any more than car insurance is. Do not be suckered into policies that promise a return. You want term life insrance from a reputable company and that’s that.
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From my perspective, wills are highly over rated. Probate has pre-set considerations that usually match the concerns, e.g. assets go to wife first, children second.
What you are under-rating is the time and money that will need to be spent by your heirs if you die without a will.
You are also under-rating the mess that would be left should both Chand and his spouse die. The guardianship issue would then be left to the courts, and this process would take months or even years to be worked out and even then there would be no assurances that the end arrangements would be the ones that Chad wanted for his children. Without a will, somebody else decides.
You are correct, probate has pre-set considerations, but having a will greatly streamlines the speed with which your estate can be distributed. Also, a will usually will catch any tricky points that could hang up an estate in probate and end up costing the heirs money should they need to hire an attorney to clear up a mess that could have been averted by having a will.
Grouse
