Almost everyone needs a will, but only around one-third of American have prepared one. Having a last will and testament is important because it ensures your money and property will be distributed to the people you want to receive it after your death.
If you die without a will (a.k.a. dying “intestate”), your estate will be settled in accordance with state law. Details vary by state, but assets typically are distributed using a hierarchy of survivors i.e., 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 too.
Do You Need a Lawyer?
Not necessarily. Creating a will with a do-it-yourself software program may be acceptable in some cases, particularly if you have a simple, straightforward estate and an uncomplicated family situation. Otherwise, it’s best to seek professional advice. An experienced lawyer can make sure you cover all your bases, which can help avoid family confusion and squabbles after you’re gone.
If you need help finding someone the National Academy of Elder Law Attorneys the National Association of Estate Planners & Councils and the American College of Trust and Estate Counsel websites are good resources that have online directories to help you search. Two law firms in Northwestern Vermont that you may want to contact are Bergeron, Paradis & Fitzpatrick 802-879-6304 or BPFLegal.com and Jarrett & Hoyt 802-864-5951 or VermontEstatePlanning.com.
Costs will vary depending on your location and the complexity of your situation, but you can expect to pay somewhere between $200 and $1,000 or more to get your will made. To help you save, shop around and get price quotes from several different firms. And before you meet with an attorney, make a detailed list of your assets and accounts to help make your visit more efficient.
If money is tight, check with your state’s bar association at FindLegalHelp.org to find low-cost legal help in your area. Or call the Eldercare Locater at 800-677-1116 for a referral.
If you are interested in a do-it-yourself will, some top options to consider are Nolo’s Quicken WillMaker & Trust for $99 and Trust & Will for $159. Or, if that’s more than you’re willing to pay, you can make your will for free at FreeWill.com or DoYourOwnWill.com.
It’s also recommended that if you do create your own will, have a lawyer review it to make sure it covers all the important bases.
How to Store it
Once your will is written, the best place to keep it is either in a fireproof safe or file cabinet at home, in a safe deposit box in your bank or online at sites like Everplans.com. But make sure your executor knows where it is and has access to it. Or, if a professional prepares your will, keep the original document at your lawyer’s office. Also, be sure to update your will if your family or financial circumstances change, or if you move to another state.
Jim Miller publishes the Savvy Senior, a nationally syndicated column that offers advice for Boomers and Seniors.