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Thread: Wills

  1. #1
    Featured Member TiNi's Avatar
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    Default Wills

    Well I know I young to be think of a will but I have to kids to watch out for just in case anything happens to me. Have anyone wrote a will or done life insurance. I need some good advice to go about it. Like lawyers, etc ???

  2. #2
    Banned Melonie's Avatar
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    Default Re: Wills

    You don't need a lawyer to create a will in New York and virtually every other state. All that you need to do is write it up yourself and get two "uninterested" witnesses to sign it ("uninterested" means people not related to your family and not mentioned in your will), then stick it in your safe or safety deposit box. There's tons of websites which can advise you in detail - just do a net search.

    In regard to life insurance, I personally bought a 'variable life' policy which is a form of a tax free security investment (stock and bond funds) plus life insurance. The monthly payments are used to increase the cash value of your investments, and then the dividends from your investments are used to make the actual insurance coverage payments. You can also "borrow from yourself" with this sort of investment/policy to cover an emergency without getting hammered on taxes the way you would when cashing in a 401k or Keogh and having all of the tax free past earnings catch up with you all at once creating a huge tax bill the year you (partially) cash them in.

    'Variable life" is not for everybody, but seeing as how you live in a high tax rate state and earn enough to be in a high tax bracket so that the tax free aspect would be a major plus, and seeing that you also need life insurance, it might bear looking into 'variable life' for yourself (as opposed to simply making monthly payments on term life insurance that builds no cash value over time).

  3. #3
    Pamela
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    Default Re: Wills

    Also TiNi,
    i deal with living wills at the hospital i work at. Any hospital has (should) a living will that is a valid for you and loved ones.
    Pick one up there, they are free. You fill out what you want, leave blank what does not pertain to you, and turn it in to your local hospital. A copy goes to you.
    You do not have to be a patient at the time to fill this out, and a witness needs to sign. Done, it is that simple.
    And for life insurance, there are many routes to take that would suit your lifestyle. Just have some agents meet with you. Of course this is free too!
    Pamela

  4. #4
    Jay Zeno
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    Default Re: Wills

    There's plenty of free forms on the Web. Just do a Google search for "last will" +"forms"

    I would listen carefully to Melonie on anything regarding money.

    You can call around to law firms in your area for prices on wills. Sometimes it's nice to talk to a professional. And some law firms or solo lawyers will offer wills at low cost as a "loss leader" to bring someone in for future business.

    Good luck.

  5. #5
    Pamela
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    Default Re: Wills

    Thats great advice Jason, but wills are free.
    Going to a local hospital, who of course they have to deal with wills, can give you one, and witness it for you. I have witnessed many!
    Risk Managemant inside the hospital is where you can get help...FREE. They are mainly Lawyers in that dept. If it is not called Risk Management in your hospital, go to Administrtaion, they can send you to the right place.
    Pamela ")

  6. #6
    Jay Zeno
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    Default Re: Wills

    Thats great advice Jason, but wills are free.
    Absolutely, Pamela. There's lots of them out there. That's why I suggested the Google search.

    My will wasn't free. It had complexities in it that I wanted to make sure it ended up correct, legally. And I was thinking that the original question had some business advice in mind. It's good to talk to a professional about that. I just recently saw a trust get tossed out because it wasn't done right.

  7. #7
    Pamela
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    Default Re: Wills

    Ohhh not good Jason. Thanks for the heads up!
    I think the people in the hospital who obtain one should get advice before filling it out, but i can't tell them that, and that sucks.
    Thanks...Pamela ")

  8. #8
    Featured Member TiNi's Avatar
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    Default Re: Wills

    Thank you everyone

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