As with any task that comes to mind on odd occasions in your life, writing your Will can seem overwhelming. So much so, that most people don’t do it. However, if you are coming to this page, something that probably happened in your life to make you realize that writing a Will is a vitally important task.
Sadly most people who feel an immediate need to prepare their Will just do a Google search for a local estate planning attorney. They make an appointment, pay several hundreds or thousands of dollars and live with the peace of mind that the task is finally off their To Do list. As long as they don’t need to update it.
However, with a little research, you will quickly understand that writing your Will needn’t be difficult, inconvenient or expensive
Here are ten quick steps to writing your Will; Continue reading
Every once in a while a news article appears that describes how a person made a mistake when preparing a “do it yourself Will”. The legal profession often latch onto these articles as a warning for anybody thinking of preparing their own do it yourself Will, suggesting that if the person in the article made a mistake, it follows that you should probably seek legal advice.
Clearly people make mistakes. Even lawyers make mistakes when preparing Wills, like this one who had a couple accidentally sign each other’s Wills. However, it would be disingenuous to use this example as a cautionary tale, and suggest that you should avoid using a lawyer because they always get things wrong.
So I have gathered up some recent news articles, and looked at some of our own support questions and listed the six most common mistakes people make when preparing a do it yourself Will.
Most people have not got around to writing a Will. According to a recent survey 64% of adults in the US do not have a Last Will and Testament. The more significant concern though is that in the younger age groups (people under 35) the percentage is much higher.
90% of Americans aged 18-34 do not have a Will
80% of Americans aged 35-44 do not have a Will
83% of single Americans with children do not have a Will
The primary reason for this is that young single people simply don’t feel that they need a Will, and of those that do, writing a Will is certainly not an urgent task. It ends up being something that they simply haven’t “gotten around to”.
Here are some considerations for young single people who fall into one of these two camps; the deniers and the procrastinators. Continue reading
Everybody knows that they need to write a Will, but the stats show that only about a third of adults in the US have managed to get it done. Some say it’s the cost that puts people off, others say that it’s finding the time to make an appointment. In our experience of fielding calls through our customer service center, the real issue is that most people have no idea where to start. A very common call we receive is “I know I need to write a Will, what do I do?”. Here we have ten steps to go through to prepare your Will.
1. Choose your approach
You can take one of three approached to write a Will. The cheapest is to use a blank sheet of paper, or a blank form kit, and fill in the blanks explaining what you want to happen to your things after you have died. Continue reading
You probably know that your Last Will and Testament is a description of how your estate will be distributed after you have passed away. It gives you an opportunity to recognize the people and organizations that have had an impact on your life and insures that your assets are distributed according to your wishes. But beyond the distribution of your assets, this article will highlight four key appointments that are made in your Will.
Your Executor (or Personal Representative)
This person has the responsibility to carry out the instructions in the Will and without a Will the Executor will be appointed by the courts. It’s a difficult appointment to make because you need to find somebody with the organizational skills to collect your assets, file your taxes and provide reports to the beneficiaries.
The Executor has to of course be trustworthy, Continue reading