Whether you are young or old, rich or poor, everyone can benefit from having a last will and testament. With a will in place, you’ll reduce the risk of family disputes later, as well as potentially high legal fees and tax consequences.
More than 50% of Americans don’t have a will, according to a 2017 survey by Caring.com. Spelling out how your assets should be divided, is an essential start to estate planning that can be easily overlooked. Many people turn to an online will service, thinking this choice is better than doing nothing.
A U.S. News & World Report’s article asks “Should You Make a Free Will Online?” According to the article, before writing your will or using an online service, you need to know the legal requirements in your area. In many instances, this is best left to a legal professional in your state.
There are plenty of online tools that will help you create a will. However, before clicking on a website’s promise, you need to evaluate the available options. There are three main ways to write a will:
- Do it yourself;
- Use a do-it-yourself program; or
- Get help from our qualified estate planning attorneys.
If you draft a will on your own, you’ll need to be absolutely certain you understand all of the applicable probate, tax and property laws. People who’ve written their own wills are usually those with very basic estates, like a person with a single piece of real estate and a small amount in investments.
If you use an online will service, you’ll have access to software that walks you through the process. In this case, you’ll need to be sure that the software company has all the applicable laws covered, as required for your state. You also want a program that lets you make updates later if your situation changes.
However, if you engage the assistance of our experienced estate planning attorneys, you’ll have the opportunity to have our experts help you think through the details. This result will be a well-drafted will. Yes, it will cost a bit more, but for many situations—like those with blended families, complex investments, or property in several states—it’s worth it.
Remember that the probate laws can vary widely from state to state. For example, the basic form requirements may allow a handwritten will in some states, but in other states, the will must be typewritten. Some states require only two witnesses, and others require that the will be witnessed, notarized and typed.
If you have a larger estate or heirs with medical conditions, it may be wise to work with our attorneys who will counsel you on the best solutions for your situation. For example, if you have a child with special needs receiving government benefits, you should have our attorneys create a trust so their inheritance doesn’t negatively impact their benefits.
You should also use an attorney if you want to reduce your exposure to probate fees. Some people transfer their assets into a revocable living trust, so they are not subject to probate fees. An online service can’t give you this type of attention or personalized service.
If you have a complex situation, you may end up paying less by using an attorney. Our experienced estate planning attorneys have helped numerous families. We can offer insight into setting up guardians for minor children or appointing an individual to be in charge of the distribution of the estate. There are frequently estate and gift tax considerations about which the average person doesn’t know or monitor.