Who have people used to setup a will, power of attorney, health care directive, trust, etc? My wife and I have been kicking around the idea for too long and have decided we better move it up the priority list.
What is the going rate these days for an attorney to set up these legal documents? The wife has a quote from an attorney acquaintance of hers and it was steeper than I anticipated.
Any other suggestions regarding this subject are welcome as well.
You can do it all yourself for free, the forms are available on the web, just have it notarized.
If what you are doing is straight forward, I would do it on your own.
As far as a health care directive There is a booklet called Five Wishes. It’s a fill in the blanks kinda thing but very thorough. You have witnesses sign it or have it notorized. It’s free and you can keep it on file with your Dr.
We used our attorney for our will. My brother is a lawyer.
Like Nutz said you can do it all yourself for free. Do some research and take your time and be very thorough.
We set up everything once we started having children. A lawyer friend took care of it all and will see to any updates, etc. in the future. I think it ran $500. Sure, you can probably do it yourself and save a few hundred dollars, but I feel better off having it done by someone that deals with estate planning on a professional basis. Shoot me a PM if you want a referral. 
While you certainly can do it using online services if it’s simple, most lawyers now offer a fixed price that’s competitive even if your needs are on the simple end.
My wife and I did this whole deal 2-3 years ago and it doesn’t take much for things to get more complicated than you might have thought initially.
IMO, it was well worth paying the extra money for a real lawyer to do this because I have every confidence that it was done well and done right. You also have to consider that this is a document that should be reviewed every 2-3 years and you will probably at some point wish to make changes. That’s where I’d say it pays to have a real person relationship with a lawyer.
Grouse
Having just went through this… a lot more of a trust fund set up with my parents, these things can get very complicated. Personally after seeing the “very complicated” side of it, I would never just hope some simple form off a website would solve all the problems that could come up. I agree with having even a simple, but effective set of documents done with a lawyer. There’s a lot to consider, and these guys that do it all the time have it down to a science so you don’t miss things.
Estate planning is extremely import to say the least. Unfortunately most don’t address the problem until its to late and then its a big costly mess.
I wouldn’t recommend doing on the net either.
I am an attorney and I do a lot of estate planning. I would be happy to take a call. Just send me a PM. My firm offers free consults.
Here is what I have to say about people doing estate planning on their own: just because you did it on your own does not mean you did it right or that you did yourself any favors. Just because you put your name on a “form” doesn’t mean you have a correct or helpful estate plan. I went to school for seven years and I have put another seven years in as a practicing lawyer. Believe me, it is not easy or simple.
I handle probate and estate administration matters frequently where people thought they were doing correct estate planning and all they did was mess things up. I get paid either way, but I get paid less when people have good, solid estate plans that avoid probate, taxes, and other headaches.
You are not doing this for yourself. You are doing it for your family. Do you really want to try to do things by yourself when thousands or millions of dollars could be at stake just to save $500-$1,000 in initial lawyer fees?
My wife and I had a trust set up last year and I can’t imagine there is a website out there that offers your estate the same protection that a knowlegable lawyer can. I went into it knowing absolutely nothing about having a living trust set up and it was a real eye opener. Its not cheap on the front end, but knowing my assets are going where they are supposed to when I am dead and gone makes it very worthwhile. I would recommend it to everyone.
Excellent comments and observations from all who’ve posted. Much of our work is oriented toward personal estate planning and my experience suggests you are better served to work with a qualified estate planning attorney. Laws do vary from state to state regarding trusts and the power of attorney directives. Please consider checking with your local Minnesota Bar Association directory for good help. Thank you, in advance, for taking the important time to plan! Spike
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I am an attorney and I do a lot of estate planning. I would be happy to take a call. Just send me a PM. My firm offers free consults.
Here is what I have to say about people doing estate planning on their own: just because you did it on your own does not mean you did it right or that you did yourself any favors. Just because you put your name on a “form” doesn’t mean you have a correct or helpful estate plan. I went to school for seven years and I have put another seven years in as a practicing lawyer. Believe me, it is not easy or simple.
I handle probate and estate administration matters frequently where people thought they were doing correct estate planning and all they did was mess things up. I get paid either way, but I get paid less when people have good, solid estate plans that avoid probate, taxes, and other headaches.
You are not doing this for yourself. You are doing it for your family. Do you really want to try to do things by yourself when thousands or millions of dollars could be at stake just to save $500-$1,000 in initial lawyer fees?
Agreed. How much do you pay to insure your property? $500-$3000 or more per year? So how much are you willing to pay to have your property properly passed on to your children?
How much do you or your employer combined pay for your health insurance? So how much are you willing to pay to have your health and body cared for in the manner you choose if you are unable to communicate your wishes?
Are you willing to trust all of this to some free internet forms that are not specific to your state or your own individual needs to save $500-$2000?
Its like going to WebMD to learn how to perform your own surgery. Do you bargain shop for a heart surgeon or find one that takes a coupon from the local paper?
Many lawyers offer free initial consultations. Meet with one or more and choose one with whom you feel comfortable. Estate planning is not only to take care of your heirs, but for your own peace of mind that your wishes will be carried out to your satisfaction.
I’ll now get off my soapbox. Please resume discussions about fun things like fishing and eating bacon.
Be careful on the attorney you select. when my brother passed away it was a total nightmare the attorney sucked when setting his estate planning up. Even the attorney did not understand what he himself set up when asked questions. In this case the attorney was worthless and would of been better in probate court.
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I’ll now get off my soapbox. Please resume discussions about fun things like fishing and eating bacon.
Agreed. Nice addition to my post.
I recently had open heart,at Mayo in Rochester Mn. And was told to get a living will made up. Well nothing like waiting till the last minute,the night before surgery went to the lawyer,and a good friend of mine,and had it written up. The cost was $400. When you get older and get you home paid for have a little savings,lots of ice fishing equipment,you know,all that stuff the means something to you.You can give it out to who you want it to. Even you house,if it is both of your names,there needs to be a statement that if something happens to me,or to my wife the house is mine or hers. Do not have to have a lawyer to settle this. Even you automobiles.
Yes get this all checked out.
Fat Fish (Jerry)
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