Wouldn’t you jump at the chance to create a will without the help of an estate planning attorney? Or wouldn’t you jump at the chance to create will for less than a $100? Of course, creating a will for such a small amount of money might seem unbelievable. However, it is a very true and in this article, we are going to provide you with a good insights into how to make a will for $100 or even less.
Before we jump into that, let’s take a look at what a will is first.
What is a will?
A will is an important estate planning document. This legal document usually contains the wishes of the estate owner including how they want their assets to be managed and shared, who they want the assets to be shared to etc.
The name of the estate executor (an individual chosen by the estate owner to ensure that his or her wishes are fulfilled) is also including in a will coupled with the assets of the estate owner. Information regarding how the estate owner wish to be buried is another thing that is included in a will.
A will remains an important estate planning tool. In fact, failure to create a will before death will give your state the right to share your assets based on the intestate laws of the state.
Now, let’s delve into how to create a will for $100 or less.
Creating a will for $100 or less
- Make your bank account payable upon death
If you own a bank account or certificate of deposit, you can make the account payable upon death. That means the beneficiary you designate will get the funds in your account when you pass on without undergoing the stressful probate.
Making an account payable on death is very simple. In fact, it is as simple as filling out a form with your bank of credit union. In some situations, you can do this online. You can as well alter the beneficiary any time you want by filling out another form.
Upon your passing, the beneficiary automatically becomes the owner of your account. To claim the funds, they’ll have to identify themselves and provide a certified copy of your death certificate.
- Review your beneficiaries for your retirement account and life insurance policy
If you have divorced and still have your ex-spouse stated as the beneficiary of your life insurance policy or 401(k) plan. Your ex will get the funds, even if you have remarried and your will states that your new spouse gets all that you own.
If you have several retirement plans and insurance policies, it can be easy to forget about them. Create a list of all life insurance policies and retirement, investment and bank accounts, and scrutinize the beneficiary designation.
- Create an advanced directive
Advance directives are legal documents that indicates what type of medical care you want should you become incapacitated. Examples of advance directives are:
A living will: This document states your wishes for end-of-life care. It only becomes active once two physicians separately determine that you cannot make decisions yourself.
Medical power of attorney, health care proxy: This is an individual you choose to make important decisions on your behalf if you become incapacitated.
Do-not-resuscitate order, or DNR: It is an order that informs your doctor not to carry out CPR if your heart fails.
- Create a will and a last testament online
There are several websites that allows you to create a last will and testament online for $100 or less. You’ll normally want to use it if your estate isn’t complicate, i.e., your assets aren’t much, you don’t have a child with special needs or estranged family member poised to contest the will. Some options are:
- Nolo Quicken WillMaker and trust 20201 : $99
- Roeket Lawyer: $39 per document
- Willing.com: Starts at $69 for online wills
- Speak to your family members regarding your final arrangements’
Even though you can state your wishes for funeral, and whether you want to be buried or cremated, often final arrangements have already been made by the time estate planning documents are found.
That is why it is important to speak to your family about your wishes, regardless of how weird it seems.
Need an estate planning attorney
Creating a will via online platforms is a wise decision if your estate isn’t complicated. However, if your estate is complicated, you will need the help of an estate planning attorney. Contact our office to hire an experienced estate planning attorney to assist you in creating your will.