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My husband and I are drafting our will. This is our second marriage. We both have children. We want our residence to go to my daughter. We want $60,000 to go to my husband’s son and $60,000 to go to his daughter. My daughter would have to give them each $60,000 either home equity loan or her obtaining a personal loan to give to them. We do not know the legal wording in drafting our will.
10 ANSWERS
Corporate/Business Attorney serving Beachwood, OH
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Christine Sabio Socrates Attorney at Law
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I would advise you to discuss your matter with an estate planning attorney give that this is a second marriage with children. It is difficult to accomplish what you have stated because for all of those provisions to happen you both would need to pass away, which is not likely to happen typically. You would probably want to take care of the surviving spouse for their lifetime then on the second death transfer the house and money to the kids. If order to ensure that happens, you will need a trust and a pour over will. If you would like more information or have more questions regarding this, please contact my office.
Answered on Nov 04th, 2017 at 8:21 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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It's your plan to borrow money to give children inheritances, it?s not a sound plan. No one will loan to you after your deaths.
Answered on Oct 27th, 2017 at 9:48 AM
Edwin K. Niles
California has a "statutory will". You can Google it for a sample. Do I recommend it? Not necessarily. A lawyer might charge around $300 for proper wills, and you would avoid the risk of a serious mistake. Also, you should consider a trust package, which costs more now but will save your estates a great amount. Many lawyers will offer a free conference, and can explain the options. Contact your local (County) bar assn. for a referral.
Answered on Oct 25th, 2017 at 6:50 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Please get the assistance of a lawyer with this estate plan. What you are trying to do is complicated, and the second-marriage situation with children must be very carefully planned out. The hundreds of dollars you will spend on your estate planning will be much less than the thousands of dollars your kids will spend sorting out a badly drafted plan. It sounds like there is not enough in your combined estates to do what you want to do; your daughter will have to come in with cash to make gifts to the other children. If your home is owned outright, she could do that with a home equity loan. First, discuss this with your daughter. Does she want your house? If she can get a HELOC to pay gifts to the others, she could probably qualify to buy her own home if you just distribute equally to the three kids. Again, it will be much better to discuss this with an estate planning lawyer.
Answered on Oct 25th, 2017 at 6:49 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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The best advice I can give you is to make all of your decisions regarding the distribution of your assets and then talk to a lawyer with experience in drafting wills. There are many issues to address, and you only have one chance to get it right.
Answered on Oct 25th, 2017 at 9:49 AM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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Drafting a will is not a do it yourself project. Each state has different requirements for establishing a proper enforceable will. You should see an estate planning attorney to assist you in planning your estate.
Answered on Oct 25th, 2017 at 9:49 AM
You should have an attorney draft a trust not a will to avoid probate court and its expense.
Answered on Oct 25th, 2017 at 9:48 AM
Contact an attorney who is experienced in drafted wills for blended families. What you are hoping to arrange will put a lot of pressure on your daughter to come up with the cash to pay your husband's children. Is your daughter willing to do this?
Answered on Oct 25th, 2017 at 6:18 AM
Estate Planning Attorney serving Baton Rouge, LA
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The Stutes Law Group LLC
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Your will is only to distribute your assets. You cannot direct someone to make payments of their assets to someone else. From what you have written, it seems your intent is to give each child an equal value of assets. Apparently, you have a house worth $180,000 and not much in the way of cash. If my assumption is correct, your plan to is leave your daughter with a $180,000 house and $120,000 in debt, and your husband's children with $60,000 each in cash. The numbers may be equal, but the house is not a liquid asset, and that's a lot of debt. There are several alternatives available to you in estate planning, but because of the way you're trying to divide things, you really need to consult with an estate planning attorney in your area, or you run the risk of messing up things pretty badly.
Answered on Oct 25th, 2017 at 6:18 AM
My best advice is to hire an attorney. As a probate attorney, I've seen many wills thrown out in probate due to not following statutory requirements. The best way to avoid a will being thrown out in court is to hire an estate planning attorney that can help you with a valid will. They are not as expensive as one would think!
Answered on Oct 24th, 2017 at 9:17 PM