Thursday, March 24, 2011

How to Set Up Your Last Will and Testament



Since people think that setting up a last will and testament is expensive, many wonder if it is actually even necessary. Whether you have a massive estate or very little property and money to your name, a last will and testament (more commonly just called a will) can make dealing with any issues that may arise after your death more manageable. A will is a legal document indicating how you want your estate to be dealt with following your death. It signifies who should be the executor of will and how property should be divided. In order to complete a written will, a person must show that he/she is of sound mind (which keeps people from taking advantage of elderly or disabled people), and he/she must revoke previous wills.
Wills vary greatly from person to person, and differ depending on the amount and type of property being left behind. Understanding the options and costs of setting up a will can help you decide whether you want to take on the task and how to start.

Hiring a Lawyer to Set Up a Last Will and Testament

When most people think of writing their will, they assume that they will need to get a lawyer involved. Though not the only choice, hiring a lawyer is certainly very common. Since you have an objective and experienced person reading your directives, hiring a lawyer helps ensure that the will’s language is clear. In addition, lawyers are especially useful when dealing with a complex will, which applies to someone who has large amounts of property, is worth over $1 million, or expects a relative to contest the will.
As you would, most people believe that setting up a will with a lawyer is expensive. However, lawyer fees vary greatly. Some lawyers charge a flat fee for simple or complex wills, while others charge hourly rates. Depending on the state, flat fees for simple wills can fall somewhere between $300 and $500, and flat fees for complex wills generally range from $500 to $1,000. However, many lawyers do not offer such flat fees. Lawyer fees depend on many factors (state, experience, complexity). Consequently, fees for setting up a last will and testament vary. Generally speaking, hourly fees will fall somewhere between $150 to $400, and setting up a will usually takes about 3 or 4 hours. Thus, setting up a last will and testament will usually cost $300 to $1600, if you choose to use a lawyer.

Setting Up a Last Will and Testament on Your Own

If you don’t want to spend the money on a lawyer or believe that your will is very simple, you can set it up on your own. There are plenty of online resources for writing your will. Since they will take you through a step-by-step process, you can be sure you are accurately completing your will. Most of the websites cost around $50 to use. These online wills are really only suitable for people who have very simple and straightforward wills because websites don’t allow for too many conditions and exceptions.  Here are a couple of websites to use for online wills:
If you are thinking about setting up a last will and testament, don’t be dissuaded by the potential costs. There are plenty of options for people with many different types of wills. For people who decide to use a lawyer, you can shop around for the best rate to keep the costs low. Likewise, with so many websites that help you set up a will, you can go online to reduce the cost of setting up a will. Whichever method you decide, most people should make the effort to set up a will early.
 by DR WRITER

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