There are a number of will form templates on the internet. For some people, the cost of paying an attorney to prepare a will is certainly a factor in using one of them. Depending on the complexity and size of your estate, the cost of legal help will vary. Attorneys offer a number of options to fit your budget.
What is certain in every case is there are decisions and choices one has to make whether one prepares a will on their own or with the help of an attorney. Not sure if you nee legal help or you can do it on your own?
Here are some ideas to think about before sitting down and drafting your will:
Decide what property to include in your will.
To get started, list your significant assets. Then decide which items should (or must) be left by other methods, outside your will. Keep in mind that if you’re married, each spouse makes a separate will.
Decide who inherits your property.
For most people, it isn’t hard to decide who gets what. After you make your first choices, don’t forget to choose alternate (contingent) beneficiaries, too, in case your first choices don’t survive you.
Choose a will executor to handle your estate.
Every will must name someone to serve as executor, to carry out the terms of the will. Be sure that the person you have in mind is willing to serve — the job shouldn’t come as a surprise.
Choose a guardian for your children.
If your children are under 18, decide who you want to raise them in the very unlikely event that you and their other parent can’t.
Choose someone to manage children’s property.
The Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) allow a minor to own securities in an account without forcing families to underwrite the expense of having an attorney draw up a special trust.
If you leave property to children or young adults, you should choose an adult to manage whatever they inherit. To give that person authority over the child’s inheritance, you can make him or her a property guardian, a property custodian under a law called the UTMA, or a trustee.
Still have questions? This office offers a number of solutions to meet your needs and budget. Call (646) 580-0617 for a free assessment of your case or use the contact form on this website.