Prepare Your Will for Under $30
Skip the lawyer, write your own will, and you can save yourself hundreds of dollars. Just make sure you do your homework so you don’t make any costly mistakes.
“Making your own will isn’t difficult if your needs are relatively simple, but it does require attention to detail,” says Terri Rudy, program director for HALT, an organization of Americans for Legal Reform.
Make it legal. You need to follow certain standards to be sure the will is legal, Rudy says. Your document must state that it’s your will, name an executor, and make at least one provision for your property or underaged children. And you must:
- be at least age 18 when you sign the will — 21 in some states.
- be of sound mind — meaning you know your beneficiaries and you know the nature and extent of your assets.
- meet state requirements for signing and dating the will and for required number of witnesses.
Use a will-writing guide. Although it may sound complicated, you can find software, Web sites, do-it-yourself kits, or books to help write a will. Many products sell for under $30, and most are pretty mistake-proof, says Rudy.
“They take you through the process step by step and tell you exactly what you need to do to produce a legally valid will,” she says.
Look for software programs like Quicken’s WillMaker Plus that wave red flags if you forget to include a particular clause — or if information in one part of the will doesn’t jive with another part, she suggests.
Choose wisely. Not all self-help products are equal. HALT’s book Do-It-Yourself Law: HALT’s Guide to Self-Help Books, Kits & Software evaluates products that promise to produce legally valid wills. “We warn people to steer away from some products because the information given, while accurate, is overly broad,” says Rudy.
Choose a product that uses lots of details, prompting, and extra background help to guide you through the will-writing process. These may prevent trouble later on that could keep your will from accomplishing what you want.
Prevent disaster. After you have completed your document, make sure you proofread it to remove typing errors. “A typo could be a misspelled word or it could be an incorrect dollar amount in a bequest — for example, $11,000 instead of $1,000,” Rudy says. The smallest mistake could cause legal complications.
Know when to seek help. “The best self-help products will alert potential do-it-yourselfers about when to seek legal help,” Rudy says. For example, you need a lawyer to make gifts that depend on conditions you set or to arrange special trusts.
Your estate may end up being more complex than you imagined. If you have questions or you’re not sure whether you need legal help, play it safe and see a lawyer.
© FCA Publishing
