|
Issue Date: December 2, 2007
Get yourself a will: Here's a way
Software and online firms help for a fraction of the cost.
By Sharon Epperson
More than 70% of Americans don't have a will, and parents with minor children are less likely to have one, according to a 2007 national survey by the online legal document company LegalZoom.com. While most of the people surveyed recognize the importance of a will, they stall because of the perceived cost and time involved in preparing one. And, after all, who wants to contemplate his own demise?
But the important question here is, who wants to die intestate, which means the state -- not you -- decides how to divide your estate? And who wants to leave a big legal mess for their survivors, especially at such a vulnerable time?
Any adult of sound mind can draft a basic will on his own for a fraction of the cost of turning to a trust and estates attorney. It may not be the most comprehensive will, but at least you will have a legal document designating guardianship for your children, naming beneficiaries and specifying your last wishes. (At the same time, be sure to update beneficiary forms for any IRAs, 401(k)s and life insurance policies you have.)
The following software kit, websites and books can help you get started.
-- Make a basic will and a health care power of attorney with Quicken WillMaker Plus 2008 edition (book and CD-ROM costs $32.99 on Amazon.com).
The package also provides information on planning and budgeting for a funeral.
-- Use online will forms at websites such as BuildaWill.com, Wills-Online.com and LegalZoom.com. Prices start at about $20 for a basic document and vary depending on the number of forms you need and the number of changes you can make.
--Check out Nolo's "Simple Will Book" by Denis Clifford, a Columbia Law School grad who has written many titles for Nolo, the legal do-it-yourself publisher. The book covers how to select an executor, handle debts and taxes, reduce estate taxes and probate fees, and make changes to or revoke an earlier will, as well as other topics.
Still, no book, software or website can answer the myriad questions that an estate-planning attorney can address. To find one of these specialists in your area, go to lawyers.com, and be sure to read the site's advice on screening potential attorneys before you sign on for individual services.
|
