Is a will sufficient to make this happen if either of us dies? 5 Answers as of December 28, 2015

I have a will with my ex wife. We each have 2 million dollars and have left the proceeds to the other in case one dies. My ex is a retired lawyer and we have each have around about 500,00 dollars. We each have a will bequeathing to the other our entire estate in case of our death. Is a will sufficient to make this happen if either of us dies?

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Law Offices of George H. Shers | George H. Shers
You cite two totally different figures. You can provide in your Will what portion of your assets goes to which person or organization. But also realize, your ex can write a Will that does not leave you the entire amount and you have no way of knowing what her current Will says until she dies.
Answer Applies to: California
Replied: 12/28/2015
Law Ofices of Edwin K. Niles | Edwin K. Niles
Yes, a will is sufficient, but probate costs will eat into the net proceeds. You would be well served to have a trust, in order to save the costs of probate. An expenditure of around $2,000 now will save your estate over $30,000.
Answer Applies to: California
Replied: 12/28/2015
Patrick W. Currin, Attorney at Law | Patrick Currin
No, you should have a trust to avoid probate.
Answer Applies to: California
Replied: 12/28/2015
Law Offices of Robert P Bergman
Law Offices of Robert P Bergman | Robert P. Bergman
That sounds like it would work, but using a revocable living trust for each of you makes more sense.
Answer Applies to: California
Replied: 12/28/2015
Law Office Of Victor Waid
Law Office Of Victor Waid | Victor Waid
Yes; but each of you should have a trust prepared instead to stay out of probate court, appointing each other alternating trustees and beneficiary of each other's trust, and so forth.
Answer Applies to: California
Replied: 12/28/2015
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