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« Star Money Articles and Carnivals for the Week of January 28 | Main | Little Expenses Can Add Up »

February 01, 2008

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I agree with getting a will, but if your situation truly is uncomplicated, you probably don't need one. Such as a DINK (Dual Income, No Kids) couple with no past divorce history, the court by default will give all the money to the spouse. Also, for those with no past divorce history and who have kids (legitimate), it's obvious where the money will go. The court by default evenly splits the money. I've seen some cases where having a will made things worse, where the kids and stepkids, previous wives, etc. would all get crack lawyer teams together to fight for a larger peice of hte pie.

Getting a will is one of our #1 priorities this year. Can anyone give us a ballpark figure for what a simple will would cost for a single-child family with total net worth under a million and nothing too complicated?

Money Monk --

A very simple will only (no power of attorney or healthcare documants) should be $200 or so.

This was something we drew up a couple ofyears ago. The children, (the elder ones) are now having their own views on who should look after the younger ones.

We want to discuss this further and then decide if we have to change our will.

> [We're] deciding when the kids get various amounts from the estate.

Does this mean you're using a trust? I'd like to hear more.

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