Wills are part of an estate plan that ensures your money, possessions, and property are lawfully transferred to your loved ones. Do you need an attorney, or can you make your own will?
Can I Write My Own Will?
Yes. You can make your own will if you obey your state's laws. In reality, internet estate planning firms include state-specific do-it-yourself choices for creating legal documents.
If you understand the concepts described above, you may desire to write your own will. You should also be well-versed in your accounts and assets to ensure that nothing is left out of your estate plan.
However, anyone with a complex estate or large assets may benefit from hiring an estate planning counsel. An attorney will typically take 1-10 hours to prepare a will at their hourly charge. Many others charge a flat rate. If you have a substantial estate, hiring a law firm to handle the procedure is frequently worthwhile in terms of money and time saved.
You may particularly wish to hire a lawyer if:
You believe someone will contest your estate in probate court;
You wish to make arrangements for young children, stepchildren, special needs children, or mixed families;
You financially help other family members;
You require appraisals and records for complicated assets (for example, a company venture);
You have a great amount of money or several bank accounts;
You wish to create a living or revocable trust;
You wish to decrease your estate for Medicaid planning or to save on estate tax.
If you're prepared to make a will, you've probably come across dozens of templates and how-to videos after a fast Google search. While there are numerous internet tools for preparing wills, trusts, and powers of attorney, attempting to do estate planning on your own is not recommended.
Here are five reasons why you should seek “wills attorney near me” before preparing a will.
1. Addressing All Components of Your Estate
Most people believe that wills are only used to leave property to loved ones, however, this document can contain a wide range of assets and stipulations. For example, you can name the executor of your estate, designate guardianship for any young children, and donate some assets to charity. To avoid probate issues, a lawyer will guarantee that you consider everything when preparing your will.
2. Ensure That Everything Is Legally Binding
Although it is possible to create a legally binding will on your own, having an attorney review it thoroughly will assist ensure that the document stands up in court. Every state has rigorous probate statutes, which change frequently. That implies you should utilize an up-to-date template that also fits your state's criteria. If you choose an obsolete template, your will is unlikely to be legally binding.
3. To Navigate Complicated Family Dynamics
Perhaps you were previously married or had children with someone other than your present companion. Regardless of your family dynamics, estate planning lawyers can assist you in making arrangements that are most suited to your current position. They can also assist you update important paperwork if your circumstances change.
4. Reduce Your Loved Ones' Tax Burden
Depending on the size of your estate, you may be concerned about the tax implications for the beneficiaries. An attorney can explain numerous options for reducing your loved ones’ tax burden in conformity with the legislation.
5. Protect Your Own Interests
Some documents can accompany a will and take effect before your death. A healthcare power of attorney, for example, authorizes someone else to make essential medical decisions on your behalf in the event that you become incapacitated. Similarly, a financial power of attorney authorizes a third person to manage your money if you are unable to do it yourself. Because life is unpredictable, it is best to have a lawyer draft both of these documents while writing your will.