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Eventually, we all have to face the inevitable. When your time comes, the last thing you'd want is to leave your grieving loved ones tangled in a mess of legal issues during such a tough time. That’s why, as difficult as it may be to think about now, having a last will and testament is essential for when you're no longer here.
What Exactly Is a Will?
A will, or 'last will and testament,' is a legal document that outlines how your assets should be distributed after your death. It also names guardians for your children (and caretakers for your pets), making it important even if you don't have significant wealth. There are a few straightforward ways to create one:
DIY with a Template
If your situation is straightforward (you don’t have many assets), you can create your own will for free. There are online templates available, allowing you to do it on your own, or you can opt for a service like RocketLawyer or Willing (using a service tends to be the better choice).
These tools (often free of charge) will guide you through questions regarding who will inherit your assets, your burial preferences, and any final wishes. They’ll then generate a document that you only need to have signed by two witnesses and yourself. No notarization is necessary. Just print and store it. You should inform your loved ones where your will is kept (more on that later), but according to Nolo, this is really all that’s required to create a legally binding will.
Even if your situation isn’t complicated, it’s wise to at least use a free service like Willing, RocketLawyer, or LegalZoom to assist you. As LegalZoom explains, these services are designed to take state probate laws into account. If you’re unaware of these laws and write your will without guidance, it may not even be valid according to your state’s requirements. For more complex situations, some services charge between $10 and $200.
Hiring a Lawyer
However, there are some drawbacks to the DIY approach. As former Mytour writer Melanie Pinola said:
Three DIY will-making services—LegalZoom, Rocket Lawyer, and Quicken WillMaker Plus—were assessed based on various quality criteria by a law school professor who specializes in estates and trusts. His findings showed that all three produced wills that are better than having no will at all, and they can be useful for estate planning... but there were some drawbacks with all of these DIY options if your will-making needs go beyond the basics. For instance, two of them contained outdated information. Additionally, certain tax and trust matters couldn’t be addressed by the software. If you have dependents, complex tax issues, digital assets, or want to ensure your will is as thorough as possible, consulting a lawyer would be your best choice.
Hiring a lawyer might not be as costly as you think. A simple will could cost you between $100 and $150. However, if your situation is complex or you have substantial assets, fees can rise to $5,000. But you're not just paying for someone to do the work; you're paying for an expert who keeps up with the latest laws and guidelines, giving you confidence that your estate planning is secure.
What to Expect When Drafting Your Will
Whether you choose the DIY route or seek professional help, creating a will follows a few straightforward steps:
Select an executor: This person will manage your property, assets, and everything else after your passing. They won’t have any authority until you’re gone, at which point a probate court will grant them power. Naturally, you’ll want to appoint someone you trust to take care of your affairs, such as your spouse or one of your children.
Appoint your beneficiaries: The individuals who will inherit your belongings — from retirement funds to your collection of Garbage Pail cards — are known as beneficiaries. It's important to assign them to every item you own. If you have pets, they are treated as property in your will, and you'll need to name who will care for them too. (However, keep in mind that beneficiaries are not legally obligated to look after pets, so it’s essential to discuss this with them beforehand).
Be clear and specific. If you want to leave particular items, like a cherished wedding gown or special jewelry, to a family member, be sure to include these details in your will. Also, if there’s someone you want to exclude from receiving anything, experts advise making that clear as well. As one estate planning lawyer told U.S. News:
Identify that person and explicitly state that they will not receive anything,” Colby advises. “Otherwise, it might be assumed you overlooked them, and your will could be contested in court.
Designate a guardian: If you have children, you’ll also name who you wish to have guardianship after your passing. You’re not required to ask their consent, but it’s a good idea to check with them beforehand. The person doesn’t have a legal obligation to accept guardianship, and if they refuse, the court will appoint a new guardian.
Write a letter: If there’s something you’d like to communicate to your loved ones after you’re gone, pen a “final letter” and attach it to your will.
Have witnesses sign your will: To make your will legally valid, you'll need witnesses. Typically, this means having two individuals who are not named as beneficiaries sign it. A notary may be a good option for this, though it's not mandatory.
Where to Store Your Will
After drafting your will, it’s important to store it in a safe place and ensure that your executor (or someone you trust) knows where to find it when necessary. U.S. News recommends:
Make sure someone you trust is aware of the location of your will, along with any other crucial documents and account passwords for financial institutions like banks. It’s also wise to keep the original copy in a secure spot, such as a fireproof safe. “I always advise my clients, I don’t want you, your house, and your will to go up in flames at the same time,” Neiburger says.
Lastly, make sure to review and update your will periodically. Perhaps the laws have shifted, your beneficiaries have changed, or you’ve acquired new assets. Whatever the reason, it’s a good idea to keep your will current.
