Ask Terry Questions Estate plan vs. Simple Will. Terry says Get a New Lawyer!

Estate plan vs. Simple Will. Terry says Get a New Lawyer!

By Terry Savage on July 24, 2022 | Financial Planning / Retirement

Hi Terry,

My wife and I recently met with an attorney who specializes in estate planning. We have 2 adult daughters who are happily married with young kids. The attorney suggested to us that we should just do a simple will and a transfer on death (TOD) for our home in Elmhurst. All of my 401k plans and similar investments have my wife as the primary beneficiary followed by my daughters (50% each). Do you have an opinion on his suggestion and is this something common? Our investments excluding our home is about $2 million.

Thank you for doing what you do Terry! We really enjoy listening to you on WGN!

Tom McGonigle

Terry Says

I disagree and suggest you find another estate planning attorney! A revocable living trust shouldn’t cost uch more than a simple will.
And it’s true that the end result will be about the same when you die. E Celt a will must go through probate and your attorney will earn ANOTHER FEE for handling this process, which takes time.

Even more important, if you become incapacitated a RLT allows your successor trustee to act o your behalf without goi to court (another fee for the attorney!)

Also you need healthcare and business powers of attorney. So get a lawyer with your best interests at heart, not his current and future fees!

Search at www.NAELA.org — the National Association of Elder Law Attorneys.

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