Ask SAM: What should I do about my 20-year-old will?
December 1st, 2021 by admin
Question: I wanted to see if you could guide me in the right direction to get my personal last will and testament redone. My current one is 20 years old and it definitely needs to be updated. Due to my limited income, where could I get one redone that is of a fair price? I wanted to inquire about the validity of wills that you can prepare yourself in North Carolina.W.S.
Answer: Sometimes trying to save money ends up costing more in the long run.Mike Wells, a local attorney explained why it’s better to spend the money than risk having mistakes made to a will.
“If your estate planning documents are 20 years old, they clearly should be reviewed and updated. No lawyer would recommend that one prepare their own will or financial (durable/general) power of attorney. Having represented the executors of estates in which a relative prepared what turned out to be a defective will themselves, you are just asking for trouble, and generally expensive trouble.”
Wells said the cost of a simple will generally ranges from $400 to $600.
If you die without a will, the State of North Carolina will decide how your estate is divided and most people do not like the results.
“For example, if one is married, most married individuals want to leave everything to their surviving spouse. But if you do not have a valid will, the division North Carolina statutes directs is to divide one’s probate assets among the surviving spouse and one’s children,” Wells said.
For lower-income earners, Legal Aid of North Carolina may be able to offer help. For more information about on finding out if you qualify, contact them at 336-219-5262 or 866-219-5262, www.legalaidnc.org. In Winston-Salem the Legal Aid office is located at 102 W. Third St. #460, Winston-Salem, NC 27101.
“To extend the reach of its pro bono (free) services, many lawyers in private practice help, too, if they are part of the Legal Aid network of lawyers who agree to provide pro bono services for individuals Legal Aid determines meet their income/asset criteria.
“Another resource for Advance Directives (healthcare powers of attorney, so-called end-of-life directives, and necessary medical information permission documents), which is available to all citizens who are 18 years old or older, is through Trellis (formerly known as Hospice). If individuals do not have extensive extra “moving parts” to their planning in this area of the law, this is a reliable resource. And it is free, irrespective of one’s financial resources.
“Contact Karen Lawler at KLawler@TrellisSupport.org, or call 336-331-1232. Trellis has free workshops, many of which are held via ZOOM. But Trellis does not help individuals prepare wills or financial (durable/general) powers of attorney,” Wells said.
Thank you“Thank you to the person(s) who bought lunch for two ladies at Cagney’s Restaurant on Nov. 14 and 21. You put sunshine in our day.” Grateful>
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