Has anyone used an online or software to prepare a will? I really need one, but finances are really tight that I don't think I could afford to go to a lawyer or anything.
We really only need something that says where our children are going, where our life insurance money should go, etc. We don't have a lot of assets.
ETA: I don't forsee any fighting with regards to money or my kids. My mom passed away a few years ago with very little in her will and us 4 kids didn't fight over anything. Not saying this couldn't be different, but really there is only one choice of who my kids could go to anyway.
Thanks everyone. I think I will go ahead and get a lawyer. Especially because of the kids. I don't want any loopholes or questions regarding it.
If you don't foresee any fighting over the kids you will be fine with online, where I don't know, I got a real attorney. If you think there is any chance someone will contest the will it is best to have an attorney draw it up.
We went to an attorney. It was only a few hundred dollars which was well worth the peace of mind.
Please be very careful using any legal document you find online!! The laws surrounding estates are very complex. Lawsuits have happened over the placement of a comma in a will. Every state has its own laws that have to be followed- a generic will online may be missing some of the latest changes to a particular state's laws or may just have a generic form for every state! For example, in some states a will must be either prepared by an attorney or hand written. If you print out a will and sign your name...your will legally consists of your signature, nothing else. You may be surprised at the pricing you can get for a very simple will- try calling around. You are talking about the future and financial security of your children. Would you let WebMD be their only pediatrician?
I wonder if you and hubby could type something up and sign it and have it notarized? You could get the wording online and type it up yourself. Just a thought.
If you do it online, you run the risk that your kids could end up in either temporary protective services or up for adoption in your state. See a lawyer and just have something very simple drawn up so that you can sleep at night. A simple will won't cost more than a couple hundred dollars. To make it last as long as possible, include all children and future children rather than naming names. That way you don't have to update to keep from inadvertently leaving a child out.
It is perfectly acceptable to call lawyers and ask how much it is to prepare a will. They will give you a price- not at all like asking a doctor or hospital how much something will cost.
When your oldest turns 18, you can decide whether or not to revise your will to name the 18 year old as guardian.
I am assuming when your mom passed, there were no custody issues? If you and your spouse should pass at the same time - there could be a huge custody battle especially if whoever gets kids gets money. I see it happen all the time (I am a financial planner who harps on her clients to have a will.).
Good luck! C.
I'd certainly think it's better than nothing. At the very least your wished will be known.
Your Will does not have to be formal or in legal language. Just write out what you want; sign it in front of a notary and then put it in a safe deposit box. Tell your family that's where they'll find it, and be done. Your life insurance money will go to whatever beneficiary you designate on the policy so all you really need to deal with is your children. BUT be careful. You say you don't have many assets, but think long and hard. Do you have any specific pieces of jewelry, for example, that you want to go to a specific person - include that in your Will. People will fight over a frying pan, for goodness sakes!
If your kids are minors, you should consider a revocable living trust in addition to a will. You make the trust the beneficiary of your life insurance (and any other assets such as your home) and in the trust, designate the trustee (who will have access to the money, for what purposes, and when) and set up parameters for what happens to the life insurance money if there is any leftover after the kids are grown. The will won't cover this. The will will cover who should be guardians of your children. It often makes sense to have the trustee of your estate and the guardian of your children be two different people...your trustee should be someone who you know is not only a good, honest person but is also good with money and can invest your insurance wisely to make it last. The guardian of your children doesn't necessarily need to have the financial know-how to ensure that the money will last, she or he simply need to request funds from the trustee when money is needed.
Of course it's best to have an attorney do both, but if you really can't afford that right now, DIY is better than nothing at all and then later you can have an attorney review and make modifications when your budget allows for it.
