do I need a will?
I am a newly married 27 yr old woman. My husband is 29. We have 4 mos old son. We rent currently and hope to buy a home in a year or so. What kind of will should we have? What are the most important documents I need for future planning? durable power of attorney? Power of attorney for health care? Where do I start and what are the most important documents to complete with my situation? Maria
1 Answer from Attorneys
Re: do I need a will?
There are many variables, so I will try to give you the best, consistent general advice. Since you have a minor child, you will want a will with a contingent trust, so that if either of you die, your spouse gets everything, but if both die, all goes into a trust for your child. You can then set the rules as to when the child gets what (which won't necessarily mean he gets everything the day he turns 18). Generally, attorneys couple a will with health care powers of attorney and durable powers of attorney. The going rate in SE Wisconsin seems to be in the $450 to $800 range. I generally see rates in our firm around $700.