Will Kits

There are many questions regarding the use of will kits. Regardless of financial status, everyone should draw up a will as part of sound estate planning, but there are many distinct conditions. In this article, we’ll review some of the pros and cons of using will kits.

A will is a directive that allows your wishes to be carried out as you like, rather than what your family or the state might assume. The law does not automatically grant your assets to a spouse or other family members.

Without a will, most states will take immediate control of all property and possessions, and contestation will be a lengthy, expensive battle for those close to you. Family and friends will not have input without the guiding document you prepare.

A will can put into motion even the most simple of directives, such as who gets the cat after your passing. You can earmark possessions for particular people, donate a portion of the estate to various charities, and even decide what percentage of the estate each person will receive.

Remember: wills can always be updated, so consider drafting one up now.

Take a few weeks to really assess your circumstances, possessions, desires, and the individuals in your life. Jot it all down, leave it for a few days, and then review. Don’t think of this as a morbid exercise. Creating a will is as important to money management as having a good accountant, lawyer, and financial advisor.

Doing a will well before you need to helps you work through the process with a clear head and without emotion. You can arrange for the necessary allocations and research the options that best execute your directions.

Your base of assets really determines whether you should use a lawyer or a will kit. If you have multiple properties, minor dependants, a need to establish trusts, and/or a high financial threshold, then turn to your lawyer. Lawyer fees for will preparation will range $150-$1,000, depending on the number of hours in the project.

Be aware that many propertied individuals find advantages to using will kits.

Pros

• Considerably less expensive than a lawyer’s preparation
• Uses the same general will configuration and many of the same forms
• Ability to update frequently without extensive cost

Cons

• Too simple to be effective legal coverage
• Some states don’t recognize certain directives outlined in a will kit
• Most kits don’t cover living wills (for health care) and/or Power of Attorney (for financial matters)
• Many wills produced still require a lawyer’s review, so additional cost is involved
• Document must have two witnesses and be notarized

Before choosing a will kit, review the laws in your residing state. If you split your time between two states, the will should reflect the laws of your primary residence. Gain a better understanding of what you really need to clarify in your will. These facts will aid in your kit selection.

• Parting Wishes is a comprehensive website dedicated to U.S. and Canadian residents. It claims that legal advisors in both countries have already reviewed its “MyWill,” thus it’s suitable for residents in the majority of states and provinces. The site offers secure storage option with membership, as well as other features. The basic will kit starts at $29.95.

• PC Magazine rated another online will kit, Legacy Writer, as “simple to use”. The complete estate plan is $34.95.

• The Socrates Last Will and Testament Kit is available at most office supply stores. It has Power of Attorney and living will options, as well as an affidavit of validity. This kit costs $31 in most retail outlets.

• Standard Legal is another software program, available by direct download, so there isn’t a shipping fee. There’s also an online creation option. The company’s site offers tech support and a variety of other legal forms. This kit is $14.95.

Even if you rent an apartment and live a minimalist lifestyle, securing the future in a will is important. If you think putting your legal documents together with a will kit suits your purposes, don’t delay. Once done, you can continue thinking about living your life as you wish.

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