Estate planning

canabiz said:

Couple of quick questions for the community.

When do you start preparing for this ? After you got married or after you got kids ?

How much does a lawyer charge to prepare your will and other matters related to estate planning ? I have looked at those do-it-yourself kit available at Staples but I think this is an area where hiring a professional is money well-spent.

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I think as soon as you're married it's a good idea to get wills prepared - if you meet a sudden, untimely demise, it'll be much easier for your spouse to deal with things if you have your affairs in order (and vice versa).

A lawyer's fees for "mirror" wills for a couple shouldn't cost more than $500 or so, depending on the area of the country you're in. Bear in mind that these fees aren't standardized, so it pays to call around and get a few quotes. It'll cost a lot more than a "kit", but it'll generally help to avoid problems after you're gone - lawyers use complicated language, but the reason for that is (in part, at least) to avoid any ambiguity in the meaning of what's in the documents.

canabiz said:

Couple of quick questions for the community.

When do you start preparing for this ? After you got married or after you got kids ?

How much does a lawyer charge to prepare your will and other matters related to estate planning ? I have looked at those do-it-yourself kit available at Staples but I think this is an area where hiring a professional is money well-spent.

Click to expand...

As soon as you get married, though to be honest, we got ours done after the kids. If memory serves right, will plus living will cost about $350 in the Ottawa area, a few years back.

when you have kids for sure....don't forget your POA for finances and personal care ..for a couple the whole package with your will should not be more than about $500

Estate Planning

Hi,


Estate planning charges vary depending upon the task like renting, writing a will. But their priority is to serve and help you rest assured that you have something to leave for your family. They value the importance of loved ones for a person and the rights and wants of an aged-person.

It really depends on your situation. If all you want to do is leave everything to your spouse (or if you both go, to someone else) then the kits are fine, or a lawyer will be fairly cheap.

If you want to get super fancy, leaving specific items to a bunch of different beneficiaries, spelling out specifics of what the executor can and cannot do, etc... a kit won't do and a lawyer might be a bit more expensive.

And don't forget, the easiest way to deal with things is not to use the will, but to just have both spouses listed on every asset/account. That way if something happens to you and your wife feels the need to sell your house, she doesn't need to go through the legal process, she can just do it since her name is on the deed.