No old person should have a will. Put your money, accounts and property into a revocable trust or else the probate lawyers will steal 5-10% of the estates value via the probate process. And if dear old dad (mom) had property in two states (like a summer home) you will be doubly screwed. Where I am you have lawyers who will set up a revocable trust for $400. But if you live in a state where it costs $1500 it is still worth it
When your friendly family lawyer offers to write your will for free....It is all because he will be probating it one day and getting his cut of your estates final value. My father set up a revocable trust 6 months before he died. Me and my siblings are grateful for this. The property could be sold right away if we had wanted. Under probate you cannot sell property until the probate process is finished 9-12 months down the road. So you can have a condominium and someone begging to buy it with cash....but they cannot so you lose out. By the time it has gone through probate the buyer is no longer there plus you have been stuck paying taxes and monthly condo fees on it
I have a will,have a living will,health care proxy,and a trust. An attorney did it all for me and it was pricey,but worth it.
The look back period in MA is 5 years-—I did the legal stuff 6 years ago.
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