Re: writing wills?

You really can't get good advice on this kind of question from a group of
Americans which most of the posters here are, our system is very different
from England's.

phish wrote:
| On Mar 12, 5:56 pm, nos...@xxxxxxx wrote:
|| On 11 Mar 2008, phish <shipleyshap...@xxxxxxxxxxxxxx> wrote:
||
||| I need to rewrite my will and have found out
||| that banks will do this for less than a quarter
||| charge of a lawyer..
||| i guess a bank could help figure out tax questions
||| too (ie for various accounts) what do you think
||| would be better? a bank or a lawyer?
||
|| Note that you do not say that you have verified that any particular
|| bank you may have in mind would agree to draft a will for you
|| (regardless what you say you "guess" that not by you specified
|| "banks" in general sometimes do for some customers).
|
| I had written in my post before the specific banks but thought it
| would not be of interest to anyone as they are UK banks and many
| people here arent UK...
| sorry about the vagueness, it was just a general question..
|
||
||| ie Is using a bank to write your will a good idea
||| to do rather than use a lawyer? first, its cheaper
||| to use a bank, second, perhaps they would be better
||| to advise you on the amount of tax due on certain
||| accounts (like IRAs)and how to avoid it? any ideas
||| which is better bank or lawyer?
||
|| Whether you ought opt for a D.I.Y. will (generalized forms for so
|| doing are now widely available and so easily findable) or should have
|| some paralegal or office assistant of an accountant or of some bank
|| (again, assuming there is a willing such person) do the drafting or,
|| for that matter, ask the reference librarian of your local library or
|| some volunteer at your local retiree center for advice and will
|| drafting assistance or you should retain a "white shoe"
|| gazillion-partner law firm charging $800/hour (or more) depends on
|| the probable value and degree of likely complexity/simplicity of
|| whatever is the will you have in mind.
|
| my will is complex enough to need a "professional" to write it (hence
| why i mentioned that the bank would be able to offer "professional"
| advice about taxes, etc.. )
|
|| Expecting an answer to your question that would be reliable for you
|| despite your almost complete factual vagueness in these respects is
|| therefore little more than the accounting and law related equivalent
|| of you telling a joke without any punchline and expecting someone to
|| find it funny anyway.
|
| I was just asking about the general usefullness of banks at writing
| wills, I didnt expect to need to divulge my whole life story and
| assets for just a general question.. I dont think anyone would be
| interested in that anyway... I basically asked if banks were a good
| idea for will writing since they can give you info on the taxes on
| accounts, upon death etc, etc. than a lawyer.
|
|| (Even your mention of an IRA account raises the
|| question why not just designate a pay-on-death beneficiary and so
|| why, at least with respect to that account, you need any will at all
|| isn't clear from your posting).
|
| Um, because I clearly have more assets and belongings than simply an
| IRA? hence the requirement of a will? Even though I didnt
| *specifically mention* that I have more assets than an IRA, it could
| probably be safely *assumed* that if I have an IRA account, I also
| have a roof over my head and at least a few belongings (one of which
| being a computer) ... and at least another bank account to pay the
| retirement accounts money into when withdrawn...
| one would assume I am not naked and homeless if I actually write a
| post about making a will saying it might be useful to know about taxes
| for "various accounts"
|
|
|| That you pose what you appear to believe is
|| a meaningful question
|
| i never said it was "meaningful" I just wanted to know the pros and
| cons of using a bank over a lawyer for writing a will...
|
|| in such a factually skeletal manner therefore
|| alone suggests that you would benefit from professional advice,
|
| or it could be that i had already decided to *get* professional advice
| and was considering which advice would be more useful?
|
|| whether or not from a trust/estates specializing attorney from a bank
|| trust dept. officer or from an accountant who knows about this sort
|| of Stuff based, however, on facts specific to you.
|
| ok, sorry, the IRA (as mentioned) is the most important thing, which
| obviously another bank may have nothing to do with this, but the bank
| could at least tell me if its taxed as part of the estate and perhaps
| suggest other account schemes to avoid taxation if it would be
| massively taxed) ,
| other things are home (property), other various bank accounts
| (investment funds- which get a beneficiary form, savings, and current
| account), and overseas assets- jewelery and furniture. I need to know
| about taxation of overseas assets too while i am at it but i guess i
| could get that advice before making the will... (not sure where to get
| advice on overseas assets.)


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