OT - Will and Trust software

[DG001]

Hello,

Please let me know if this is not the place to ask about Wills and Trusts... somehow seems realted (after all, its all about the money and IRS, right?)

In any case, we recently had a daughter, and wanted to "tie up" that loose end, but are reluctant to pay $1500+ for a lawyer. We are looking to buy an OTS software, and was wondering if anyone had had experience with either Suze Orman's kit or Intuit's Quicken Willmaker?

Will the document, if properly notarized etc., here in MA be valid in Canada? How about elsewhere (DH is Indian)? How about if we create a trust? Do we have to buy the 'latest' version of the software every year, or just buy the latest when a life-changing event happens?

A bit of background, we are both working, early 30s, 1 child, I am Canadian, DH is Indian, both "awaiting" greencards here in the US (working on EAD). I have old RRSPs in Canada, hubby has maybe ~$10K worth of assets in India. Our total estate, including retirement and home equity, is maybe $500K.

Should we go with a laywer or consider this $30 solution?

Thanks a lot!
Cindi

[nelsona]

Will software only writes the will, it does not convey any legal assurances.

Once you sign the generated text, it is good forever. There is no need to update it. And a properly drawn up will in your stae or province of residence will be recognized anywhere in N America.

That said, given all the permuations of your 3 countries, the various laws and tax regimes, etc., it would be impossible for any software to ADVISE yo uas to the best course for your to take to mitigate the tax and probate burdens that you/estate will face.

You need to talk to an expert, and pay for it.

[DG001]

Thanks Nelson. I guess I did know that.

I am not too worried about the India part, as I am not sure how anyone would even begin to follow up on anything in that quarter - I will just leave that be.

But as long as I can create a legal and binding will that is valid in US and Canada, we should be fine.

Thanks, C

[nelsona]

The issue that face most Cdns in your siutuation are not the legal ones, but rather the estate tax issues, which could see large portions of your estate subject to tax, when a few simple (and some more complex) steps had been taken to avoid this.

See a professional.