You don’t need a lawyer to write a Will.
A lawyer, or estate planning attorney is trained in the law. If you have doubts about a particular situation, and you need a legal opinion on this situation, then you should speak to a lawyer.
Most people when they write a Will do not need to consult with a legal professional.
For example, if you wanted to write a Will that leaves everything to your spouse. But if you were both involved in a common accident, your estate would be divided between your children. This is a very standard Last Will and Testament. There is no legal nuance with this Will, and you would not need legal advice to prepare it.
Even if you had to set up a trust for a minor child, and name a guardian for your children, it is still a simple Last Will and Testament. There would be no need to pay $500 or more for this type of Will.
It seems that the subject of making a Will is something that most people simply want to avoid as much as possible. Every survey ever done about the topic shows that the majority of adult Americans have not made a Will. We just avoid the subject and dig our heads in the sand. But you need a Will. No matter what your circumstance, you need a Will.
No doubt there are many reasons for the excuses. None of us wants to think about our own mortality. Some people are even superstitious enough to think that making a Will might hasten our own demise. However, even if you do not have a penny to your name, you should make a Will.
A recent article from Porch.com summarized the key reasons for writing a Will and the need for estate planning.
There are a lot of myths and misconceptions about making a Will. Here we talk about the confusion that people have about the reality of why you need a Will.
How much should you be paying for a Will? Why should you pay anything when just a few clicks away, you can find a free Last Will and Testament service? How can the exact same document cost $800 from an attorney, and absolutely nothing from a website? how do you choose how much to pay for your Will?
All interesting questions which we will answer in this article.
What is a Will?
To understand the variation in the cost of a Will, you have to understand what makes a document a Last Will and Testament.
A Will declares itself to be your Will. It typically appoints an Executor who is responsible for following the instructions laid out in the document. It then goes on to describe how you would like to distribute your things after you are gone.
To make this a legal document you must print it on a piece of paper, date it, and sign it in the presence of two witnesses, who both in turn sign the document. Continue reading
A number of surveys over the last few years have reported that anywhere from 55 percent to 64 percent of Americans have not written their Wills. However, one under-reported statistic is the number of people who have their Will in place, but made it so long ago, that it no longer reflects their current circumstance. At USLegalWills.com we wanted to explore the current state of Will writing in the US, and delve deeper into the issue of outdated Wills.
The USLegalWills.com survey was conducted within the United States by Google Consumer Surveys, June 2016, among 2,012 adults aged 18 and older, and has a root square mean error of 1.4%.
Results are weighted by age, gender, and region. For full information on Google Consumer Surveys’ methodology and validity, visit here.
- Across all age groups 28.4 percent of Americans had up-to-date Wills. 8.6% had a Will but it was out-of-date. 63% had no Will at all. This means that 71.6 percent of Americans do not have an up-to-date Will.
- Even when we focus on Americans over 35, two thirds don’t have an up-to-date Will.
- Only half of Americans over the age of 65 have up-to-date Wills in place.
- One in six Americans over the age of 65 have a Will that is out of date.
- Wealthy Americans are no more likely to have written their Will.
- Wealthy Americans are more likely to have an out-of-date Will.
Number of Americans without Wills
Our aggregated numbers show that 71.6 percent of Americans do not have an up-to-date Will. We rarely see the number of out-of-date Wills reported, but it makes a significant difference to the story and clearly demonstrates that there are significant improvements needed in the way that Will writing is presented to Americans.
We know that everybody needs a Will, and consistently over the years we’ve heard that around two thirds of Americans don’t have their Wills in place, but now knowing that nearly ten percent have an out-of-date Will adds to this concern. Continue reading
Thinking about Making a Will, but not managed to get started? don’t worry, you are not alone. Unfortunately, many people procrastinate the estate planning process for a variety of reasons. People might think that estate planning is complicated, time-consuming, or will cost them hundreds of dollars in fees.
According to a survey by legal insurance firm LawPRO, 56% of Canadian adults do not have a Will, more than half of them because they either don’t know how to get started or think they can’t afford to. The numbers are almost identical south of the border: the American Bar Association cites 55% of American adults as not having a Will or estate plan. Continue reading