Let’s face it. Planning for one’s own demise is the very last thing on most people’s to-do lists. There are a lot of significant choices that you need to make, choices that you shouldn’t delegate to the people you care about the most. These include setting aside money for your burial and making plans for it, appointing a power of attorney, naming beneficiaries for all of your accounts, making preparations for your children, particularly if they are still relatively young, arranging your estate, and writing your will and testament before you pass away.
This last one may be one of the most crucial things you’ll have to accomplish when it comes to the things you’ll be required to do. When you’re pulling together this crucial document, there are a number of essential factors that you should keep in mind, which we’ve described in the following section.
KEY TAKEAWAYS
Creating a will constitutes one of the most essential steps to do when making preparations for one’s own demise.
Making your own will saves money and can be done for as little as $150 or even less if you do it yourself.
When drafting a will, you should anticipate spending anywhere from $300 to $1,000 on legal representation, depending on the circumstances.
Despite the fact that DIY projects will While will kits might save you both time and cash, working with a lawyer to draft your will is the only way to assure that it is free of errors.
An arduous Course of Action
Drawing out a will isn’t as simple as you may believe. When many individuals hear the term will, their first thought is that the procedure is very straightforward. The majority of people are under the impression that it takes only a few minutes to select who will receive all of one’s material possessions after death. However, that is not the case. In point of fact, there are numerous significant aspects of the document that you need to take into consideration, all the way down to the way that you express it.
If you have an abundance of assets, manage a business, or have more than one kid or grandchild, you need to spend some time thinking about what you want to happen when you pass away so that your wishes are carried out. If you do this now, it will be beneficial to people you left behind in the long run.
Create a list of all of your assets, including your home, vehicles, and any collectibles, as well as all of your bank accounts, including checking, savings, and money market accounts, certifications of deposit (CDs), and life assurance policies. The next step is to make a list of all of your children as well as who will inherit each asset. Make a note of it as well if there are any specific provisions that you want to have included in your will, such as the age at which minors will receive your assets, the manner in which accounts will be divided, or the disposition of your property when you pass away.
You have the option of attempting to write the will on your own or of hiring a lawyer to handle the work for you. However, even if you retain the services of an attorney, you will still be responsible for making these significant choices on your own. A little bit farther on in this essay, we are going to discuss the advantages and disadvantages of both options.
The Price Paid for a Will
The charge for having a basic will drafted can be as low as $150, which is considered to be quite reasonable and within most people’s financial means. Think about getting a DIY will creation kit, which can be found online or in local stores and may be obtained for a lower price. In most cases, they are blank templates that you may personalize online by providing the relevant details about yourself. You should be prepared to pay more money if you need more elaborate or additional inheritance planning documents. In more complex circumstances, it may cost one thousand dollars or more.
On the other hand, this can be too general for you, in which case you have the option of working with a specialist. However, you should be informed that hiring an attorney will come at a cost before you make the decision to do so. The expense of having a will drafted by an attorney starts at roughly $300, but the total may easily reach $1,000 or even more if your circumstances are particularly complex.
DIY: you do it yourself.
As a result of the low cost and ease of use, more and more people are turning to do-it-yourself (DIY) kits to draft and register wills that are legally enforceable. This may be the best choice for you if you do not have any children, your finances are not overly convoluted, and you do not have a lot of difficult decisions to make regarding your last desires. Because kits can be obtained for as little as ten dollars, you have the ability to draft your will whenever it is convenient for you and without having to pay an exorbitant fee for the privilege. You won’t have to spend nearly as much time on it, and you’ll be able to make changes at your own convenience and without too much hassle or expense.
Read the reviews that other people who have purchased one of these kits have left on the various platforms that sell the kits, and pay attention to what other people have to say about this particular product. This is a brand-new industry, and numerous businesses are competing with one another to secure a portion of it, despite the fact that the quality of the legal providers differs.
Second, ensure that you have a complete comprehension of all aspects of the kit, including the legal terminology. It is not a good idea to put your signature on a document that you do not completely comprehend. Think about whether or if the document is actionable in your state as well, as there are some documents that do not correspond with the requirements in certain regions. Concerning the issue of state compliance, you should get in touch with the platform and discuss with them the question. Additionally, you should inquire about their experience working with users from your state. It’s possible that you’ll need to bring witnesses with you or get your papers notarized.
Keep in mind that the basic will papers contained within this packet may not cover all aspects of life that need to be considered. When you reach this point, you proceed to the subsequent stage.
Employ the services of a Lawyer
If you have a difficult position, a lot of assets, a lot of beneficiaries, and a lot of people who depend on you, this is the finest choice you can make. Even though it is up to you to decide what becomes of your estate when you pass away, having an attorney by your side can assist you via the process and ensure that your will is written correctly so that there are no misunderstandings. After all, you are the one footing the bill for legal counsel, therefore it only makes reasonable that you get the benefits of a will devoid of any mistakes.
It is important to keep in mind, however, that the cost of employing a lawyer to prepare a document can range anywhere from $100 to $400 per hour or even more.
And if you do decide to carry out any modifications, it will be an additional expense because you will need to consult with the attorney again.
The decisions on what happens to your assets are entirely up to you, no matter whether you make the will yourself or employ a lawyer to do it for you.
Will vs. Living Trust
Wills or living trusts are two legal documents that are often confused with one another. There is a widespread misconception that these are the same thing, however they are not. You can name a guardian for any children who are under the age of 18 and specify how your assets are to be dispersed after your death if you have a will.
A living trust, on the opposite end of the spectrum, is an additional estate planning instrument that not only covers the issues that are addressed in a will, but also enables the installation a medical and judicial power-of-attorney in the event that you become disabled. This is in contrast to a will, which only covers the issues that are addressed in the will. Additionally, it names a successor trustee who will take care of any legal and financial concerns in the event of your passing.
2 The establishment of a living trust normally requires an investment of at least $1,000 but is regarded as a more comprehensive estate planning instrument than a will.
