What Should You Know When Creating a Will

A will may just be a piece of paper, but it’s a very important piece of document. It indicates someone’s “will,” what they want to happen with their properties after they pass away. The will is created to make key appointments. It assigns an executor, a person or entity responsible for carrying out the instructions in the will. The will then goes to discuss the distribution of the departed’s estate, which collectively refers to everything that the owner of the will owned.

One’s estate includes bank accounts, real estate properties, investments, company shares, and all other possessions, including personal jewelry and family heirlooms.

Contrary to what some people might think, a will is not just for the rich and famous. Anyone can create a will to make sure that everything is in place when they pass away. A will provides closure, in a way that there will be no confusion as to what property goes to where and whom.  A will ensures that one’s properties and possessions are left in the care of people they trust.

People who are wondering how a will is created might also be curious about how much it will cost. Read on to know more about what a will entails and how much creating one cost.

 

How to Create a will

Distributing one’s assets can be done in two ways. A specific “bequest” specifies an amount or particular property to be left with someone. For instance, one could say, “I leave $50,000 to my daughter, Emily Watson.” Another example would be, “I leave the house at (address) to my son, Sam Watson.”

Another way is to leave a percentage of the estate. For example: “I leave 10 percent of my entire estate to be equally divided and distributed to the employees of my company.” A will typically combine these two methods.

According to the law, a will must be written and printed on a piece of paper and manually signed at the end. When the will is typed and printed, it must be signed in the presence of witnesses. A witness is not required in most states if the entire will was handwritten, which is referred to as a holographic will. However, the latter is not recommended unless there is no other choice for the owner of the will.

Under the current law, electronically signed wills, video wills, and verbal promises are not accepted as legal wills. Photocopied, faxed, scanned, and digitized wills are not readily accepted by the court unless there is strong proof that the original was lost or damaged.

 

Free wills

When one searches about how to create a will, they will likely stumble upon “free” last will and testament. There are two ways one can create a free will.

  • Blank Form will Kit - In this method, a person can access a blank form that contains a generic paragraph with blanks. In the blanks, the person will supply the details of the will: who gets what and how much.
  • Do-it-Yourself - A person may attempt to create their own last will and testament after looking at samples online. DIY will’s result in cost savings.

 

Having the will Created by an Estate Planning Attorney

Working with an estate planning attorney will naturally cost more than the methods above. However, it will ensure that the will is comprehensive and concise and that it meets guidelines and law requirements. The estate planning attorney may also provide legal advice.

The average cost of having a will created by an estate planning attorney is more or less $500