zpostcode
Preparing your will: How an attorney can help
Nov 18, 2024 6:47 AM

  

Preparing your will: How an attorney can help1

  The proliferation of legal services and software available on the Web makes creating your will quick and easy—and some experts argue that creating a will online is better than having no will at all. But much like going to the doctor for treatment instead of diagnosing yourself online, hiring an attorney to draw up your will can give you a better outcome, and an extra layer of defense in case someone were to contest the will after you pass away.

  Estate planning is the process of deciding what you want to happen to your assets if you die or become incapacitated, as well as ensuring your final wishes will be executed. In addition to a list of your assets, your beneficiary forms, and other items on your estate planning checklist, your estate plan likely needs to include a will.

  Typical parts of a willWhen written properly, a will answers basic questions about what to do with your estate once you die.

  Executor: A will usually lists who is responsible for carrying out your wishes.Beneficiaries: A will should identify who gets which portions of your estate and what to do if a beneficiary dies before you do.Division of assets: A will states how your property will be divided among your heirs.Guardianship of children: If you die while your children are young, a will typically lists who will care for them and what funds might be used to support them.Creditors and debt payments: A will might identify which assets—and in which order—should be used to pay your loans or credit card bills.Ensuring your will is bindingEach state has rules regarding wills and what makes them legally binding. Typically, wills must be:

  Printed or typed. Many states also allow handwritten wills, also known as holographic wills, but they must meet certain standards.Signed by witnesses who do not benefit from the will, and at a time in which the person understands that they are creating a will.Notarized, meaning an official has reviewed the document to ensure it’s authentic. If you make a will using a website, the document must meet your state’s requirements to ensure its validity. If your will is found to be invalid, the state might consider you intestate (as having died without a will).

  If your heirs contest your will because they believe you were not of sound mind when it was made or that you were pressured by someone to make certain provisions, it’s much harder to prove your will is binding if you prepared it yourself.

  Other parts of estate planningIn addition to a will, a lawyer or other advisor might help you with other estate considerations.

  Medical concerns: A living will and health care power of attorney ensure your wishes are followed if you’re unable to make decisions.Tax consequences: If your estate is large, there may be tax implications for your heirs. Professionals may suggest gifting assets while you are alive or setting up trusts to manage your assets. Ownership considerations: The ownership of your assets, such as your home, car, investments, and bank accounts matters when you die. Beneficiaries: The people who will automatically receive a benefit from your insurance policies and retirement plans should be named.After reviewing your personal and financial situation, a lawyer can recommend steps for creating a solid estate plan beyond those you may have considered.

  Estate lawyersAny attorney can do basic estate planning for you, but if your assets are large or complicated, you may be better off hiring a lawyer who specializes in estate planning. Find one locally by calling your county or state bar association.

  The costs of estate planning vary depending on the size of your estate. Some lawyers bill hourly, while others charge a flat fee. Some attorneys charge more than $500 an hour; a simple estate plan can run $1,000 or more. Before making an appointment, understand the costs and how they are handled.

  The bottom lineA will is just a piece of the puzzle when considering your overall estate plan. By consulting an estate attorney, you can be assured that your financial situation and wishes are communicated and documented.

  Once your estate plan is complete, review it every three to five years. If anything has changed—if your children are now adults, or one of your heirs has died, for example—update your will and other estate documents.

  Be cautious if you’re considering using an online template to create your will. Even if your estate is small or simple, a will must be executed properly to be considered valid. Spending money on a lawyer now may save your heirs time, money, and stress after you’re gone. 

Comments
Welcome to zpostcode comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Recommend >
Tax Cuts and Jobs Act
     How does it affect your tax situation?© igorkol_ter/stock.adobe.comAre you a taxpayer in the U.S.? Then you need to know the rules that determine your tax obligations. The Tax Cuts and Jobs Act (TCJA)—signed into law by then-president Donald Trump on December 22, 2017—is significant legislation that altered many parts of the federal U.S. tax code. The goals of the...
David Tennant
     David Tennant Scottish actor David Tennant attending the 2024 BAFTA Film Awards in London. (more) David Tennant Scottish actor Actions Share Share Share to social media Facebook X URL https://www.britannica.com/biography/David-Tennant Share Share Share to social media Facebook X URL https://www.britannica.com/biography/David-Tennant Also known as: David John McDonald Written by Leigh Goldstein Leigh Goldstein is a feminist media researcher based in...
Shailene Woodley
     Shailene Woodley American actress Shailene Woodley, 2019. (more) Shailene Woodley American actress Actions Share Share Share to social media Facebook X URL https://www.britannica.com/biography/Shailene-Woodley Share Share Share to social media Facebook X URL https://www.britannica.com/biography/Shailene-Woodley Also known as: Shailene Diann Woodley Written by Laura Payne Laura Payne is a freelance writer whose work covers many topics. She is a former Wayne...
Mark Rutte
     NATO Secretary-General Mark Rutte Mark Rutte, April 2024. (more) Mark Rutte prime minister of the Netherlands and secretary-general of NATO Actions Share Share Share to social media Facebook X URL https://www.britannica.com/biography/Mark-Rutte Share Share Share to social media Facebook X URL https://www.britannica.com/biography/Mark-Rutte Written by Michele Metych Michele has a B.A. in English from Southeast Missouri State University and an M.A....
Information Recommendation
Svetlana Mojsov
     Svetlana Mojsov Yugoslavian-born Macedonian American chemist Svetlana Mojsov played a key role in the discovery of glucagon-like peptides (GLPs), which function in glucose metabolism. Her work informed the development of new treatments for type 2 diabetes and obesity. (more) Svetlana Mojsov Yugoslavian-born Macedonian American chemist Actions Share Share Share to social media Facebook X URL https://www.britannica.com/biography/Svetlana-Mojsov Share Share Share...
What Time of Night It Is
     Sojourner Truth Sojourner Truth photographed in Battle Creek, Michigan, c. 1863. On her lap is a photograph of her grandson James Caldwell of Company H, 54th Massachusetts Infantry Regiment. (more) What Time of Night It Is speech by Sojourner Truth, primary source Actions Share Share Share to social media Facebook X URL https://www.britannica.com/topic/What-Time-of-Night-It-Is Share Share Share to social media...
Axis of Resistance
     The Axis of Resistance (more) Axis of Resistance military network Actions Share Share Share to social media Facebook X URL https://www.britannica.com/topic/Axis-of-Resistance Share Share Share to social media Facebook X URL https://www.britannica.com/topic/Axis-of-Resistance Written by Adam Zeidan Adam Zeidan is an Assistant Managing Editor, having joined Encyclopædia Britannica in 2018. He covers a range of topics related primarily to the Middle...
List of Influential Women and Nonbinary People in Computing
     Katherine Johnson performing calculations at her desk at Langley Research Center at NASA Like many women and nonbinary people in STEM, Johnson faced prejudice and discrimination at her workplace. (more) List of Influential Women and Nonbinary People in Computing Actions Share Share Share to social media Facebook X URL https://www.britannica.com/technology/List-of-Influential-Women-and-Non-binary-People-in-Computing Share Share Share to social media Facebook X URL...
First-time homebuyer programs: Help with becoming a homeowner
     Buying your first house? You may be able to get some assistance.© Alexey/stock.adobe.com, © khwanchai/stock.adobe.com; Photo illustration Encyclopædia Britannica, Inc.Buying your first house or condominium has long been a monumental step, but steadily increasing home prices have made affording a home even more challenging for many first-time homebuyers. High costs, fluctuating mortgage rates, and a shortage of homes for...
List of Provinces and Territories of Canada
     Canada (more) List of Provinces and Territories of Canada Actions Share Share Share to social media Facebook X URL https://www.britannica.com/topic/List-of-Provinces-and-Territories-of-Canada Share Share Share to social media Facebook X URL https://www.britannica.com/topic/List-of-Provinces-and-Territories-of-Canada Written and fact-checked by The Editors of Encyclopaedia Britannica Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working...
Tyreek Hill
  Tyreek Hill American football player Actions Share Share Share to social media Facebook X URL https://www.britannica.com/biography/Tyreek-Hill Share Share Share to social media Facebook X URL https://www.britannica.com/biography/Tyreek-Hill Written by Fred Frommer Fred Frommer is a sports historian, author, and writer who has written for a host of national publications. Fred Frommer Fact-checked by The Editors of Encyclopaedia Britannica Encyclopaedia Britannica's editors...
Ja Morant
     Ja Morant NBA point guard Ja Morant, 2023. (more) Ja Morant American basketball player Actions Share Share Share to social media Facebook X URL https://www.britannica.com/biography/Ja-Morant Share Share Share to social media Facebook X URL https://www.britannica.com/biography/Ja-Morant Also known as: Temetrius Jamel Morant Written by Fred Frommer Fred Frommer is a sports historian, author, and writer who has written for a...