How to Create a Will
At some point, we all have to go. When you die, the last thing you want to do is leave your grieving friends and family with a bunch of legal problems to deal with at an already dire time. This is why, even if it’s unpleasant to think about it right now, you need a last will and testament after you leave.
What is will?
A will (or “last will and testament”) is a document that spells out what should happen to your assets after you die. It also defines custody of your children (and the ownership of your pets), so even if you don’t own a bunch of property or a bunch of assets, it’s a good idea to have a will. There are several basic options for creating it:
DIY using a template
If your situation is simple (you don’t have many assets), you can write your will for free. You can browse the templates online and do it entirely yourself, or you can use services like RocketLawyer or Willing (using a service is the best option).
These (often free) tools will ask you questions about who will get your assets, how you want to be buried, and any last wishes you might have. From there, they will generate a document to be signed by two witnesses and you. In this case, notarization is not required. You can just print and file. Sure, you want your loved ones to know where they can find your will (more on that below), but according to Nolo , that’s really all you need to do to create a legally binding will.
Even if you don’t have a difficult situation, it’s probably best to use at least a free service like Willing, RocketLawyer, or LegalZoom to help you through the process. As LegalZoom points out, these services usually respect state inheritance laws. If you do not know these laws and write your will without any help, it may not be valid even with your state’s rules. If your circumstances are more difficult, some of these services cost between $ 10 and $ 200.
Attorney retention
However, there are some disadvantages to going on its own . As former Lifehacker writer Melanie Pinola said:
Three DIY will-making products – LegalZoom, Rocket Lawyer and Quicken WillMaker Plus – have been judged on a number of quality criteria by a law professor specializing in estate and trusts. He found that all three wills made up are better than no wills at all, and can be useful for thinking about estate planning … but there were problems inherent in all homemade products if you have anything other than very basic drafting needs. wills. … For example, two of them had outdated information. Also, some specific tax and trust issues cannot be resolved with software … If you have dependents, special tax issues, want to turn to digital assets, or just want to make sure your will is so complete. as far as possible, your best bet is to consult a lawyer.
And hiring a lawyer may not be as expensive as you might think. A basic will can cost you as little as $ 100 to $ 150. However, in difficult circumstances or with significant assets, you can pay up to $ 5,000. However, you are not just paying to have someone do the work for you. You pay an expert who is always up to date with changes in laws and regulations, so you can be confident in the reliability of your estate planning.
What to Expect When Drafting a Will
Whether you do DIY or go with an expert, making a will involves a few simple steps:
Choose an Executor: This is the person who will manage your property, assets and everything else after your death. They will not have control until you leave, but at this time, the inheritance court will give them power. Obviously, you want this person to be someone you trust to go about your business, perhaps your spouse or one of your children.
Designate Your Beneficiaries: The people who will inherit your assets – everything from your retirement savings to your collection and trash can cards – are called beneficiaries , and you want to designate them for everything you have. If you have pets, they are considered property in your will and you will also indicate who will inherit them. (Keep in mind, however, that beneficiaries are not required by law to care for pets , so you must check with the person in advance.)
Be specific. If you wish to leave certain jewelry or clothing, such as an old wedding dress, to someone in your family, be sure to include this level of detail in your will. And if there is someone in your family that you want to make sure they don’t get anything, experts say you should point that out too. As one estate planning attorney told US News :
“Name this person and tell them they don’t get anything,” Colby advises. “Otherwise, it may mean that you forgot about them, and your will may be challenged in court.”
Choose a Guardian: If you have children, you will also specify who you want to have custody over after you die. You do not need to get permission from that person, but it goes without saying that you will want to check with that person first. The person is not legally required to accept custody, and if they do not, the court will select a new guardian.
Add a letter: If you want to say something to your loved ones after death, write the “last letter” and attach it to your will.
Ask witnesses to sign your will: Finally, for your will to become legally binding, you need witnesses. This usually means that you need two signatures from people who are not listed as beneficiaries. A notary may be the best person to do this, although it doesn’t have to.
Where to hide your will
Once you’ve actually written your will, be sure to keep it in a safe place and make sure your executor (or someone else you trust) knows where to find it when the time is right. US News suggests :
Make sure someone you trust knows where to find your will, as well as any other important documents and passwords from financial institutions such as banks. And it is probably a good idea to keep the original copy in a safe place, such as a fireproof safe. “I always tell my clients that I don’t want you, your house and your will to burn down at the same time,” says Neuburger.
Finally, renew your will every few years. Maybe the laws have changed, maybe your beneficiaries have changed, or maybe you have new assets that need to be clarified. In any case, your will must be renewed from time to time.