Legal Question in Wills and Trusts in New Jersey
My wife and I have a will drawn up by an attorney and are thinking we should review the content, since our youngest daughter is now also married (we have 2 children and 2 grandchildren) and the will is about 6 years old. The will seems simple, indicating all assets to spouse and "share and share alike" if we both die with contingencies if either of our children predecease us. Although we have a primary and secondary home, bank accounts and tax sheltered accounts from years of contibuting to 403 plans, the will is straight forward and we are considering any changes using a standardized will format such as a software program. Judging from the process with the attorney and the will that is now in place, it seems that what we have now simply took some information and put it into a standard format. The cost was considerable and it seems that we could make any minor updates with the needed witness signatures without going through such a significant expense. Is there anything we should be aware of that might be of concern if following this choice.
Thanks.
Art Mathews
4 Answers from Attorneys
It appears that you have substantial assets. Therefore, you should not try to make amendments or changes on your own. There may be severe tax consequences if you do not do it right. While I do not do complicated estate planning, I can refer you to someone who will to a great job for you. A complete estate plan can cost several thousand dollars, but can save you ten times that in tax savings if done correctly.
Mr. Mathews,
I don't believe someone can properly answer your question without having significantly more information, particularily with regard to knowing valuations of assets, how properties are being held (jointly, trust, etc.). There are many competent attorneys that will draft and prepare "mirror image" Wills for a husband and wife for $400-650, which is a relatively insignificant expenditure to insure that ones assets are being properly conveyed in the event of the death of a spouse.
Anthony P. Bufano, Esq.
(732) 530-0222
Mr. Matthews, while "do it yourself" wills sound like a great idea, I would not recommend it in your case [or really in anyone's case for that matter]. Ask yourself if you would re-wire your own house, fix your furnace or re-build your car's transmission...or would you call an electrician, plumber or auto mechanic to do the job right?
While pre-printed forms may seem easier and less expensive than having an experienced attorney review your situation an create proper estate planning documents, in the end, 'doing it yourself' will inevitably lead to problems, additional taxes and costs to your beneficiaries. When chosing an attorney, you are really not paying for the forms he or she uses...you are paying for the knowledge, skill and personal advice that will pay dividends to your you and your family for years.
As you can see from all the other attorneys' answers, you really need a lawyer to help you keep the taxes down.
I do not do this kind of work, but have friends who are expert will and estate attorneys.
I have to agree, you need some legal advice. You may end up giving a big piece of your assets to the federal government in death taxes if you do this wrong.
Call me, I will direct you to some good estate and trust lawyers.
Robert Davies, Attorney 201 820 3460
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