Online forms have made writing wills very simple and cheap. Now, any person with internet access can do a will. Nevertheless, it is a smart idea to consult a lawyer when writing it. This might seem expensive in the beginning, but, it will actually save you a lot of trouble in the long run as well as money.
Let me give you an example of what could happen. Joseph (not his real name) always wanted to do things on his own to save himself a bundle of money. Joseph was a middle-aged divorcee who had no children. His nearest relative was a sister, Jeanne, who he wasn't on speaking terms with. Joseph wanted to leave his estate to his small circle of friends.
After doing internet research, Joseph wrote his will. He affixed his signature and had the document witnessed. Two years later, he made some amendments. He crossed out some items - without initialing them or putting a date. Soon Joseph fell ill and was hospitalized. In the hospital, he told a friend, Sarah, that he would be amending his will again so his friends can inherit his estate. Unfortunately, Joseph passed away before he could make any changes.
Sue was appointed the Executor of Al's estate. Sue immediately commissioned an attorney to help her. With the lawyer, Sue learned that the will had many errors. The estate attorney informed Sue that Al would undergo two probates. This is because he owned property in two states -- Nevada and California. Al also made many deletions in his will without indicating any replacement name or information. For all intents and purposes, Al had no will. So, the lawyer had to turn to the laws of the State of California for guidance.
There were more surprises. Joseph's life insurance policy indicated that his beneficiary is his ex-wife, Maggie. Joseph was so careless that he did not have his beneficiary changed even after his divorce. And his will had no effect on the life insurance beneficiary designation.
With the realization that she wasn't going to get anything, Sue felt depressed. Even more depressing was the fact that Al's estate would be divided between May and Jill. Al's ex-wife and sister were people he didn't particularly like. But the people he cared for -- his friends -- will not get anything. How ironic!
Al's story is not unique. It happens depressingly too often. It so happens that people would rather save money than come up with a well-written will. The more prudent way is to seek a lawyer's advice when drafting a will. It may cost you much at the start. But it's better for you -- and your beneficiaries.
Let me give you an example of what could happen. Joseph (not his real name) always wanted to do things on his own to save himself a bundle of money. Joseph was a middle-aged divorcee who had no children. His nearest relative was a sister, Jeanne, who he wasn't on speaking terms with. Joseph wanted to leave his estate to his small circle of friends.
After doing internet research, Joseph wrote his will. He affixed his signature and had the document witnessed. Two years later, he made some amendments. He crossed out some items - without initialing them or putting a date. Soon Joseph fell ill and was hospitalized. In the hospital, he told a friend, Sarah, that he would be amending his will again so his friends can inherit his estate. Unfortunately, Joseph passed away before he could make any changes.
Sue was appointed the Executor of Al's estate. Sue immediately commissioned an attorney to help her. With the lawyer, Sue learned that the will had many errors. The estate attorney informed Sue that Al would undergo two probates. This is because he owned property in two states -- Nevada and California. Al also made many deletions in his will without indicating any replacement name or information. For all intents and purposes, Al had no will. So, the lawyer had to turn to the laws of the State of California for guidance.
There were more surprises. Joseph's life insurance policy indicated that his beneficiary is his ex-wife, Maggie. Joseph was so careless that he did not have his beneficiary changed even after his divorce. And his will had no effect on the life insurance beneficiary designation.
With the realization that she wasn't going to get anything, Sue felt depressed. Even more depressing was the fact that Al's estate would be divided between May and Jill. Al's ex-wife and sister were people he didn't particularly like. But the people he cared for -- his friends -- will not get anything. How ironic!
Al's story is not unique. It happens depressingly too often. It so happens that people would rather save money than come up with a well-written will. The more prudent way is to seek a lawyer's advice when drafting a will. It may cost you much at the start. But it's better for you -- and your beneficiaries.
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