11 Steps to Writing a Will
11 Steps to Writing a Will
Emma Kerr Tue, January 4, 2022, 10:54 AM
Most people should have a will, but it's rarely the most significant estate planning document an individual holds.
Many of a typical household's assets, such as retirement accounts, can be transferred outside of a will by naming beneficiaries, and documents such as the financial and medical powers of attorney can be more powerful in determining the outcome of an estate.
Still, having a poorly written or out-of-date will can be costly and derail an otherwise well-planned estate. Wills are also particularly important for individuals with dependent children; the will serves as the best means to name guardians for children in the event of the death of both parents.
Experts typically advise individuals to get the basic estate planning documents in order around the time they are married or buy a home, for example, and revisit the will regularly with special emphasis on this process around the time of retirement. Get started and complete your will in 10 simple steps:
1. Find an Estate Planning Attorney or Use a Do-it-Yourself Software Program
Individuals or families with relatively simple financial situations may be able to use an online, reputable software program to complete their wills. Some software programs to consider include:
-- Quicken WillMaker & Trust -- Fabric -- LegalZoom
Many situations, however, will require an estate planning attorney.
"There are so many rules that come into play," says Patrick M. Simasko, an elder law attorney in Mount Clemens, Michigan. "They can't make it to the lawyer or they go onto LegalZoom, which is great, and they prepare their own documents, go to a website, download the will or they download trusts or different forms. But they don't know how to fill them out right, sign them right, notarize them right, so they don't mean anything."
Hiring an attorney to create basic estate planning documents may cost a few thousand dollars, while an online software program can cost $100 or less. However, experts warn that improperly prepared documents can be costly down the road.
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