Only a third of Americans have estate planning documents, according to a 2021 study. However, the pandemic has caused many to start taking estate planning more seriously. The research saw a 63% increase from last year in adults between the ages of 18 and 34 who have a will or another estate planning document. A total of 24% of all adults surveyed also said that COVID made them see a greater need for estate planning and take action.
Yahoo Life’s recent article entitled “Planning to Write Your Own Will? Here's What You Need to Know” explains that an online form may be cheaper. However, hiring a lawyer could save you money in the future. If you don't understand or review the probate laws in your state, when you try to write your will on your own, it can cost you and your loved ones more in the long run. It can mean added court fees, legal fees and stress. If there are any mistakes in your will, it can take a long time for it to clear probate court.
Drafting a will through an attorney is a way to make certain that your assets will be transferred the way you want them to, giving you and your loved ones more peace of mind.
You should hire an experienced estate planning attorney because the state's probate code and tax laws are constantly changing.
If you write your own will, it is possible that a minor mistake can cause the will to be invalid or contested.
Once you create your will, it is vital that you execute or sign it correctly according to state law. That means having the correct number of witnesses, the right formal language above the will-maker's signature and the legal requirements of your state.
Even if you decide to write your own will, you should ask an attorney to review it for you.
When you use an experienced estate planning attorney, you can fix any mistakes and know that your will is legally sound.
Many attorneys offer estate plan audits for those who have documents and want to make sure they work the way they think they do.
Reference: Yahoo Life (Sep. 17, 2021) “Planning to Write Your Own Will? Here's What You Need to Know”