DIY resources online can help you write a basic will
Dear Savvy Senior: Writing a will has never been a high priority to me, but this lingering coronavirus crisis has changed my thinking. Can you recommend some good do-it-yourself resources to help me write a simple will? — Getting Older
Dear Getting: The virus crisis has changed the way a lot of people look at things, including wills. Currently, fewer than half of American adults have prepared a will. But having a last will and testament is important because it ensures that your money and property will be distributed to the people you want to receive them.
If you die without a will, your estate will be settled in accordance with state law. Details vary by state, but assets typically are distributed using a hierarchy of survivors. Assets go first to a spouse, then to children, then your siblings, and so on.
You also need to be aware that certain accounts take precedence over a will. If you jointly own a home or a bank account, for example, the house, and the funds in the account, will go to the joint holder, even if your will directs otherwise. Similarly, retirement accounts and life insurance policies are distributed to the beneficiaries you designate, so it is important to keep them up to date.
Online will makers
If you have a simple, straightforward estate and an uncomplicated family situation, writing your own will — with the help of a good online program — is a viable alternative to hiring an attorney and much cheaper. These online tools will guide you through a series of questions and will insert your answers into a will for you, and it usually takes less than 20 minutes.
Three top-rated options
include Quicken Willmaker & Trust (available at nolo.com, it costs $100, works with Windows and Macs and is valid in every state except Louisiana); Legalzoom (available at legalzoom.com, it offers basic wills for $89, or $99 with assistance from an independent attorney); and Trust & Will (available at trustandwill.com, it’s $89 for a basic will).
If that’s more than you’re willing to pay, consider Freewill (freewill.com), a no-cost will-making resource supported by nonprofit organizations.
When to hire a lawyer
If you have considerable financial assets or a complex family situation, it would be smart to seek professional advice. An experienced lawyer can help prevent family confusion and squabbles after you’re gone.
The National Academy of Elder Law Attorneys (naela.org) and the National Association of Estate Planners & Councils (naepc.org) websites are good resources to find a lawyer in your area.
Costs will vary depending on your location and the complexity of your situation, but expect to pay $200 to $1,000 to draft your will. To save, shop around and get price quotes from several firms. And before you meet with an attorney, make a detailed list of your assets and accounts to make your visit more efficient.