While no one likes to think about death, it’s always a good idea to be prepared in the event of an early passing. If you already have a general idea of your final wishes, you can easily memorialize them by writing out your will. Your will is basically a legal document that determines how your property is to be handled after you pass away. Deaths are always a hard time for families, so it’s best to have a clear plan drafted out.
Creating the Will
According to Milestone Retirement, writing out your will doesn’t have to be a difficult task. In fact, there are many free templates available through the internet to help make it an easy process. In its simplest form, your will includes an executor, your heirs, guardians for any dependents, and your property. You’ll need to figure out who gets what and include that in your will.
You don’t necessarily need to hire a lawyer when preparing your will. The many templates available help to make drafting go smoothly. If you choose to do it yourself, you must have it notarized. Make sure you’re checking your state’s requirements for a valid will. Of course, you’ll save money by preparing your own will.
On the other hand, a lawyer can be an asset in your estate planning. When you sit down to divide out your possessions, it can quickly get messy; lawyers can help clear this up. Probate attorneys spend their lives dealing with estates, so it makes sense to hire one. If you choose to not get an attorney, your estate may end up paying more money in the long run with drawn-out court costs after you pass away.
One important aspect of your will is your beneficiaries. Your beneficiaries are a list of who gets what. If you want your spouse to have all of your possessions, you need to specify that in your planning. If you have many assets and want to leave a little something to many people, you’ll have to clearly explain that. Always make sure to be as clear as possible when you’re listing your beneficiaries as being vague will just lead to problems and disputes once you’re gone. Without a concise arrangement, your family and loved ones could lose the assets altogether. Tryon Investments says that a will can ensure that the assets you leave behind don’t go to the government.
Once you’ve written everything down, it’s time to finalize your document and store it in a safe place. You’ll have to have a witness sign your will, as well. If you choose to make your own will without the use of an attorney, your fees will include having the document notarized. Alternatively, if you choose to hire a lawyer, Nolo says that you’ll have to pay whatever the lawyer is asking. Many attorneys charge a flat fee. A basic will can usually be written for around $300, but some lawyers may ask for $1,200 to complete everything. In most cases, lawyers offer free consultations, so you can always shop around for the lawyer to meet your needs.
In conclusion, a will is an important document that can make your passing easier on your family. Once you’ve drawn out how things should be divided up, you can have your will notarized to make it official. You can also hire a lawyer to help make the complicated process easier. Whatever you choose to do, don’t be ashamed to make your plans early.
Death is never an easy topic to discuss, but if you invest in life and final expense insurance you’ll rest easy knowing those you leave behind are taken care of. Contact us for details.