Wills & Trusts... Online/DIY or Hire a Lawyer?

[XXX-er]

I thot after a divorce a will was considered null & void ?

It might depend on jurisdiction just to make it even more fun

[schindlerpiste]

While I don't know much about it, I would imagine that wills are separate from a divorce. Any changes in a will comes by way of codicil. This would take place before, as part of, or after a divorce. Of course, a divorce will certainly have an effect on intestacy succession and elective share.

[old goat]

I thot after a divorce a will was considered null & void ?

It might depend on jurisdiction just to make it even more fun

Not to mention country.

[XXX-er]

Not to mention country.

I thot there was only the United States ?

[Kevo]

I met with a local Idaho lawyer today.

For will considerations-
-He said that probate is not really much of a concern in Idaho. He mentioned that other states (California in particular) have problematic probate courts but that things are smooth in Idaho. He is fine with trust or no trust, but recommended going without a trust for simplicity.
-It's fine for the will to give everything to my fiancee and for a prenup to specify that if we divorce my pre-marital assets remain mine.

For the prenup-
-We need to decide whether we want marital earned income to be community property or separate property. By default in Idaho income earned during a marriage is community property, but a prenup can elect otherwise.

Community property seems like a mess in the event of a divorce, no?

[schindlerpiste]

Generally, for the purposes of equitable distribution during divorce, all assets accumulated during the marriage are considered to be marital property. In the majority of divorces, the parties will negotiate a Property Settlement Agreement, which will set forth in writing the terms of the agreement. This document will become part of the Judgment of Divorce. Remember, people can agree to whatever they want.

[old goat]

I met with a local Idaho lawyer today.

For will considerations-
-He said that probate is not really much of a concern in Idaho. He mentioned that other states (California in particular) have problematic probate courts but that things are smooth in Idaho. He is fine with trust or no trust, but recommended going without a trust for simplicity.
-It's fine for the will to give everything to my fiancee and for a prenup to specify that if we divorce my pre-marital assets remain mine.

For the prenup-
-We need to decide whether we want marital earned income to be community property or separate property. By default in Idaho income earned during a marriage is community property, but a prenup can elect otherwise.

Community property seems like a mess in the event of a divorce, no?

The main reason to avoid probate in CA is that you can do a trust for a fairly reasonable fixed fee, while in probate the lawyer charges a percentage of the estate. So for a sizable estate--very expensive to pay a lawyer for basically doing nothing. (My info is dated)

[Kevo]

The main reason to avoid probate in CA is that you can do a trust for a fairly reasonable fixed fee, while in probate the lawyer charges a percentage of the estate. So for a sizable estate--very expensive to pay a lawyer for basically doing nothing. (My info is dated)

That sounds terrible.

[Conundrum]

Have you considered not getting married?

[Core Shot]

Have you considered not getting married?

Quite the conundrum

Marriage can ruin an otherwise good relationship. Or. It can secure long term companionship into old age.

[TNKen]

Most states have a statute revoking wills and appointments for purposes of life insurance, retirement, etc. following divorce.

[farmguy]

Here is piece on info I learned while doing a recent update of my estate planning.

Durable power of Attorney.

I always assumed that was intended for after a person had passed away, irreversible coma etc that allowed a person to take of their assets make decisions to settle estate. Nope! The person has control whenever you are unable to make a rational decision, a root canal, any surgery, the list is huge. My last one I signed limited my wifes DPA unless it was determined it WAS a end of life event. Before, I could have a plate put in my leg and wake up to my trucks being sold. Not that she would, but shit happens.

[TNKen]

Here is piece on info I learned while doing a recent update of my estate planning.

Durable power of Attorney.

I always assumed that was intended for after a person had passed away, irreversible coma etc that allowed a person to take of their assets make decisions to settle estate. Nope! The person has control whenever you are unable to make a rational decision, a root canal, any surgery, the list is huge. My last one I signed limited my wifes DPA unless it was determined it WAS a end of life event. Before, I could have a plate put in my leg and wake up to my trucks being sold. Not that she would, but shit happens.

So, you can set them up various ways. First, you can set the POA effective as of the time of the appointment (signing) granting the attorney-in-fact power to act.

The other option is a "springing" POA which takes effect at your incapacity. If a client wants that, I typically state that the incapacity must be put into writing by a medical doctor verifying the reason for the incapacity and expected duration.

Another option is a POA for a very limited or specific purpose. The most used one is typically prepared to sell a specific piece of real estate. Can be for other reasons, handle a business transaction, confess a judgment, sell a car, buy something, etc.

The confession of judgment ones are troublesome. It grants a third party the power to enter a judgment against you in the event you default in the payment of an obligation. Many states have abolished those, or severely limited the power.

[MakersTeleMark]

Colorado has a statutory power of attorney that is recognized without a blink anywhere in the state. It may be helpful for those who are considering one generally to browse it and see what it does and does not include, or if you are in Colorado, to use it:

https://www.sos.state.co.us/pubs/inf...OfAttorney.pdf

[farmguy]

So, you can set them up various ways. First, you can set the POA effective as of the time of the appointment (signing) granting the attorney-in-fact power to act.

The other option is a "springing" POA which takes effect at your incapacity. If a client wants that, I typically state that the incapacity must be put into writing by a medical doctor verifying the reason for the incapacity and expected duration.

Another option is a POA for a very limited or specific purpose. The most used one is typically prepared to sell a specific piece of real estate. Can be for other reasons, handle a business transaction, confess a judgment, sell a car, buy something, etc.

The confession of judgment ones are troublesome. It grants a third party the power to enter a judgment against you in the event you default in the payment of an obligation. Many states have abolished those, or severely limited the power.

My new ones...more than one now, all have check boxes to mark on what the the powers are. depending on the situation.

[old goat]

On the subject of DPOA--I would suggest, as a doctor not a lawyer--to not count on a DPOA for Health Care. Do your spouse, partner, or whoever a favor and spell out your wishes clearly in writing. In California we have a Do Not Resuscitate form and and a Phycians Order for Life Sustaining Treatment (POLST) form where you can be very spefic. Your loved one may say they will pull the plug if things are dire but when the time comes they may not be able to or if they are able the decision may cause an unreasonable amount of angst. Or another family member may fight it in which case the doctors and hospital, sensing a lawsuit, may get very squirrely. Do the DPOHC but also the other forms.

[MakersTeleMark]

On the subject of DPOA--I would suggest, as a doctor not a lawyer--to not count on a DPOA for Health Care. Do your spouse, partner, or whoever a favor and spell out your wishes clearly in writing. In California we have a Do Not Resuscitate form and and a Phycians Order for Life Sustaining Treatment (POLST) form where you can be very spefic. Your loved one may say they will pull the plug if things are dire but when the time comes they may not be able to or if they are able the decision may cause an unreasonable amount of angst. Or another family member may fight it in which case the doctors and hospital, sensing a lawsuit, may get very squirrely. Do the DPOHC but also the other forms.

That is a living will or advanced directive. It is totally different than a POA, and equally as useful.

[Kevo]

On the subject of DPOA--I would suggest, as a doctor not a lawyer--to not count on a DPOA for Health Care. Do your spouse, partner, or whoever a favor and spell out your wishes clearly in writing. In California we have a Do Not Resuscitate form and and a Phycians Order for Life Sustaining Treatment (POLST) form where you can be very spefic. Your loved one may say they will pull the plug if things are dire but when the time comes they may not be able to or if they are able the decision may cause an unreasonable amount of angst. Or another family member may fight it in which case the doctors and hospital, sensing a lawsuit, may get very squirrely. Do the DPOHC but also the other forms.

I have a living will and advanced directive for this purpose. I think this covers me, as MTM said.

I gave my mom and childhood best friend/ best man DPOA so that they can easily settle my estate or take care of my affairs if I'm unconscious.

I trust both of them not to go buying yachts and foreign property without my knowledge.