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Old 04-27-2021, 10:48 PM   #1
pseudoreality
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Any advice on how to do estate planning? I know I can hire a lawyer to draft a will, but I'm guessing they just type what you say. What I'm not sure about is how much money I should leave my kids and how much money I should leave my sister to take care of my kids if my wife and I both pass. For me, it's more important for my kids to have a good childhood and money for education than get a dead parents bonus when they're 25 or something like that.
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Old 04-27-2021, 11:53 PM   #2
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Lawyers don’t just “type what you say”, and make more $ fixing home-made wills than drafting proper wills.

What you want in your will is a Trust for your minor children, managed by an Executor you trust. They can take $ out of the trust before they are adults to help with their maintenance and education.
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Old 04-28-2021, 06:33 AM   #3
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Quote:
Originally Posted by pseudoreality View Post
Any advice on how to do estate planning? I know I can hire a lawyer to draft a will, but I'm guessing they just type what you say. What I'm not sure about is how much money I should leave my kids and how much money I should leave my sister to take care of my kids if my wife and I both pass. For me, it's more important for my kids to have a good childhood and money for education than get a dead parents bonus when they're 25 or something like that.
I think that troutman is right about a testamentary trust, but estate planning is part of my practice. I donít do wills/POAs/Personal Directives, but highly recommend those documents. I recommend that people do have a lawyer draft those for you as well, despite other options.
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Old 04-28-2021, 09:32 AM   #4
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I kind of enjoyed the process of drafting my will with my lawyer. Didn't feel morbid or weird at all...felt like taking care of business and simplifying things for the people I care about.
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Old 04-28-2021, 10:02 AM   #5
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Originally Posted by troutman View Post
Lawyers donít just ďtype what you sayĒ, and make more $ fixing home-made wills than drafting proper wills.

What you want in your will is a Trust for your minor children, managed by an Executor you trust. They can take $ out of the trust before they are adults to help with their maintenance and education.
I did not mean to offend. I was just stating that there is a difference between estate planning and drafting of the will. There is a lawyer in my office that does wills on the side, but I wouldn't book an appointment with her until I have a good idea of what I want as I don't believe she can really help me decide what I really want. It is kind of like how you don't engage a lawyer in a house purchase when you are in the early stages of shopping and don't know if you want a condo or farm. They typically just come in at the end of the process to cross the t's dot the lower case j's. I'm sure some lawyers do estate planning (or act as a realtor), but not all.

The trust does sound like the right approach. What I need to do is sit down with my sister and discuss how she would approach things. She might be downsizing soon as her kids are done university. So I would like to give her the option of taking ownership of my house. That way the kids don't have to move. It would be more like a sitcom where parents get recast.
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Old 04-28-2021, 01:43 PM   #6
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I would recommend talking to the lawyer first. She will gather information and ask you questions that will help you to think about your plan. You're not expected to come to her with your plan fully formed, as there can be many considerations you have not thought of.
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Old 10-31-2021, 07:10 PM   #7
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Aren’t wills pretty much yesterday’s news? Now it seems living trusts are all the rage. I wish I had established one much earlier.

Although I understand they are not as popular in Canada(vs US) due to rules of how trusts are taxed.
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