Legal Question in Wills and Trusts in New York
Simple Will?
My wife and I own a house,two cars,a mutual fund and modest bank accounts.I recieve Soc. Security and a pension.Everything is in both our names.Upon the demise of either my wife or I,we wish
the surviving spouse to be sole beneficary.On the death of the surviving spouse,or if we both should die at the same time,our assests are to be divide amongst our three children.
Given these facts,will a ''Simple Will'' suffice?
If so, can you tell me the approximate cost?
Thank You
4 Answers from Attorneys
Re: Simple Will?
In light of your situation a SIMPLE WILL should suffice. Cost would be $175 per Will.
Re: Simple Will?
A short (not necessarily simple) will, including the supervision of execution, runs in the neghborhood of $300.
However, you should consider a health care proxy, living will and power of attorney.
These items would bring the cost up to $500.
Re: Simple Will?
From what you describe, simple wills are all that is needed, although with joint ownership it will probably need not be probated until the survivor passes away, as joint assets pass outside probate. This should not cost more than $75 to $100 for each Will.
Re: Simple Will?
A "simple will" is a misnomer. No will is simple. You do not need testamentary trusts and the like, but your will must be carefully drafted to make sure your wishes are respected.
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