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[quote=Anonymous][quote=Anonymous]If you have recently dealt with the death of a parent, what advice do you have for other parents setting up estate plans and wills for their adult children? DH and I are getting this process started now (our kids are adults) and we're trying to figure out if we need a full estate plan with an actual lawyer (which seems very expensive), or if we can just fill out the online POA/wills forms that are available through reputable online services. I don't really understand what the lawyer does. If we fill out those forms and then leave bank account/investment account information for our kids in a folder, and name them as beneficiaries, and then create a will for distribution of tangible assets like real estate, doesn't that take care of everything? Why do we need an estate lawyer involved? Thanks [/quote]

Do transfer or payable on death deeds, update all beneficiary paperwork and put the rest in a trust. Wills have to go through probate, are public, and give things outright, which is usually not desirable. Trusts can be used to protect assets and set conditions for distributions, and does not go through probate.[/quote]

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