New will?

[LivingAlmostLarge]

We moved states last year, do we need a new will? I asked a couple of friends who moved to our area and they said no. Why bother? But I was looking online it says you should update it but it's not necessary. The old will should still be valid. Of course we have a super simple will and now I'm also thinking about setting up a trust. No idea what that means or why do it except people keep talking about it.

We did a will with a CD willmaker stating kids get everything and go to my mom. I admit we knew we were moving and we just had to get something. It took over 5 years of having kids.

But we've had a lot of losses recently and the most recent loss we're not even sure if he had a will or whose the executor. We aren't even sure where there might be paperwork. So my DH and I are trying to be more responsible.

Does my BIL whose single need a will? Should he write something down? He asked and I'm not sure, I always thought you didn't need one except if you had kids. But is this correct?

[snafu]

If single BIL has items of value like home, vehicle, substantive bank, retirement/ investment accounts etc. he needs a will and executor or the state takes over his assets. Any life insurance needs to identify benefactor[s]. Even more important is an Advance Care Directive so that someone is responsible for carrying out his wishes in a medical emergency.
All are available on-line. Most important is witnesses perhaps Commissioner of Oaths at bank or a lawyer who reviews to ensure all is correct as well.

If BIL is young with merely personal items like clothes, a computer, smart phone etc. it may not be worth the effort expense combination.

[QuarterMillionMan]

Good advice from snafu. If BIl's net worth is say less than $50,000, I'd say don't bother, more than that then yes best to get things in order.

[Like2Plan]

Does my BIL whose single need a will? Should he write something down? He asked and I'm not sure, I always thought you didn't need one except if you had kids. But is this correct?

I've read that Prince did not have a will. So, now the state has to determine who his legal heirs are. Which takes time and costs money (from the estate).

I am not a lawyer, but here are some thoughts--maybe you don't need a will if you don't have many assets
and if you do have assets:
1. you don't care how the assets are dispersed (or you are fine with the dispersal by state law).
2. you don't care how long it takes.
3. you don't mind having more of your estate spent on legal costs.
4. you're not worried about who gets left to deal with your estate.

Each state is different.
Here is a link to Washington State, for example

http://www.nolo.com/legal-encyclopedia/intestate-succession-washington.html

[Like2Plan]

We moved states last year, do we need a new will? I asked a couple of friends who moved to our area and they said no. Why bother? But I was looking online it says you should update it but it's not necessary. The old will should still be valid. Of course we have a super simple will and now I'm also thinking about setting up a trust. No idea what that means or why do it except people keep talking about it.

If I were you, I would take your current will to an estate planning attorney and have him/her review it.

And, each state is different. I will use VA as an example, because that is where I live. I was surprised by some of the requirements (this comes under you don't know what you don't know). For example, the executor of a will in VA has to be a resident of VA. If not, there are additional requirements on the executor. Even if the executor is a resident of VA--he or she has to pay for a bond unless it is waived in the will.

There may be a lower exclusion for estate taxes in your state. You need to understand how your life insurance policy impacts the composition and value of your estate.

Hopefully, your will is fine. But, if it isn't--would you be fine with your assets/details of your estate being distributed by state law?

[scfr]

In addition to the good comments already posted, I will add that children are not the only ones who may be relying on us to make responsible estate plans.

Does your BIL have any pets? He may want to make provisions for them.

Are there any family members who he would like to receive a larger share of his estate? (In my case, while I have no children I do have an intellectually disabled sibling who will receive more, in trust, than others.)

[sv2007]

We moved states last year, do we need a new will? I asked a couple of friends who moved to our area and they said no. Why bother? But I was looking online it says you should update it but it's not necessary. The old will should still be valid. Of course we have a super simple will and now I'm also thinking about setting up a trust. No idea what that means or why do it except people keep talking about it.

We did a will with a CD willmaker stating kids get everything and go to my mom. I admit we knew we were moving and we just had to get something. It took over 5 years of having kids.

But we've had a lot of losses recently and the most recent loss we're not even sure if he had a will or whose the executor. We aren't even sure where there might be paperwork. So my DH and I are trying to be more responsible.

Does my BIL whose single need a will? Should he write something down? He asked and I'm not sure, I always thought you didn't need one except if you had kids. But is this correct?

You should check the new state's requirements. some states are a bit different, e.g. number of witnesses, notarization requirement, deposition requirements, etc. The differences are minor but important for a non-contested, legally valid will.

You BIL should at least have a will. WRT kids and will: you cannot give your kids away with a trust so it must be a will.

Note this: your estate will go into probate with a will. Probate will take approximately 10-30% of your estate value to pay for it.

[sv2007]

If single BIL has items of value like home, vehicle, substantive bank, retirement/ investment accounts etc. he needs a will and executor or the state takes over his assets. Any life insurance needs to identify benefactor[s]. Even more important is an Advance Care Directive so that someone is responsible for carrying out his wishes in a medical emergency.
All are available on-line. Most important is witnesses perhaps Commissioner of Oaths at bank or a lawyer who reviews to ensure all is correct as well.

If BIL is young with merely personal items like clothes, a computer, smart phone etc. it may not be worth the effort expense combination.

The state will not take over his estate. It will appoint an executor and find the next of kin to give it to them. Our government isn't too bad yet.

[LivingAlmostLarge]

I'm getting a new will and a trust set up. DH has the benefits so we're going to do something more substantive than our will maker one. Okay so we've been derelict but I feel so much better.