One of the most important tasks you need to handle i𝓀n planning for your own death is to draw up your last will and testament. The cost of creating a will depends upon the degree of complexity in your situation and whether you choose to 🔯write the will yourself or hire a lawyer to do it for you.

Below, we've outlined some important things you'll need to consider when you're putting together this important document.

A Complicated Process

Drawing up a will isn't as easy as you may imagine. Most people hear the word will and think that writing one is a fairly simple proces🍸s requiring just a few minutes to designate the recipients of all your worldly belongings. On the contrary, there are many importa🦋nt facets to the document you have to consider—right down to how you word it.

If you have a lot🍰 of assets, run a business, and have more than one child or grandchildren, ไyou need to take some time to make careful decisions about what happens after you die. Doing so now will help those you leave behind.

Start by making a list of all your assets—your home, vehicles, any valuables—along with all of your financial accounts, such as checking and savings accounts, 澳洲幸运5官方开奖结果体彩网:certificates of deposit (CDs), life insurance policies, and investments. Then jot down all of your 澳洲幸运5官方开奖结果体彩网:dependents and determine who will inherit each asset. Also note whether there are any special considerations you'd like to include in your will such as when minors will inherit yo🐻ur🦩 assets, how accounts will be split up, or what happens to your home after you die.

You can try 澳洲幸运5官方开奖结果体彩网:drafting the will yourself or you can hire a lawyer to do the work for you. But even if you hire an att🍸orney, you'll still have to make these important decisions on your own.

The Cost of a Will

The fee for creating a basic will can range from free or practically nothing to more than $1,000. One medium-priced option is to purchase a do-it-yourself will creation kit online. Sites like LegalZoom, Trust & Will, or Rocket Lawyer provide online templates you can fill in with your pertinent information for anywhere from about $100 to $200. Several sites offer additional 澳洲幸运5官方开奖结果体彩网:estate planning documents besides a will, such as a healthcare power of attorney or final arrangement forms, for example, for the same or a slightly higher price. Many will connect you with a lawyer for an additional fee.

But this may be too generic for you, leaving you the option to hire a professional. If you do hire a lawyer, though, it will be more expensive. The low end for having a lawyer draft a will is around $300, ꦫbut it can easily cost $1,000 or more if your situation is more complicated.

Do It Yourself

Do-it-yourself kits to create and file a legally enforceable will have gained in popularity due to the minimal cost involved. If you don't have a lot of complicated issues about your final wishes, your finances are fairly straightforward, and you don't have any children, this may be the most suitable option for you. Kits can be purchased for as little as $13, so they give you the option of drawing up your will at your convenience without having to pay an outrageous cost. There is 🥂a lot less time involved, and you can generally make updates at your leisure without much difficulty or cost.

Before you settle with one of these kits, first read the reviews of the platforms selling the kits to find out what their customers say about this product. This is a relatively n🌜ew busꦦiness and many companies are racing to take a share in it while the quality varies from the legal providers.

Next, make sure you understand everything the kit entails including the legal language. You don't want to sign a document you don't fully understand. Also consider whether the document is enforceable in your state, as some documents don't coincide with guidelines in certain areas. For the state compliance matter, contact the platform, ask them questions, and get their experience with other users from your state. You may be required to have witnesses or 澳洲幸运5官方开奖结果体彩网:have your document notarized.

Remember that the basic will documents may not cover every life situation that should be addressed. That's when you may need to move to the next step.

Hire a Lawyer

This is the best option if you have a complicated situation, a lot of assets, many beneficiaries, and a lot of dependents. While the decisions of what happens to your estate after you die are yours, 澳洲幸运5官方开奖结果体彩网:an attorney can guide you through the process and🃏 help you word your will properly so there are no mistakes. After all, you are paying for l🦩egal advice, so it makes sense that you get the full benefit of an error-free will.

Keep in mind, though, hiring a lawyer to draft a document may cost anywhere from $100 per hour to $400 per hour or more. Some lawyers charge a flat fee for writing a will and other basic estate planning services, which may cost as little as $300 or as much as $1,200.

Will vs. Living Trust

Some people confuse these two documents, believing they are one and the same, but they're not. A will covers how assets are distributed after your death and allows you to appoint a guardian for any minor children.

A living trust, on the other hand, is a legal document created by an individual (the grantor) to protect their assets while they are alive and distribute them to designated beneficiaries after their death. A living trust is overseen by a trustee appointed by the grantor (often, the grantor acts as the trustee during their lifetime), who manages the trust assets according to the beneficiaries' best interests. Living trusts typically cost about $250 for a DIY version or $1,500 to $3,000 or more for an attorney to draft one.

The Bottom Line

A will is an important document to have in order to be sure your wishes for your property are carried out after your death. Dying without a will means you are intestate, and a probate court will decide how to distribute you property among your next of kin, according to the intestacy laws of your state. There are inexpensive options for creating a will and other estate planning♚ documents that anyone can purchase and use. Just be sure to store them properly and update them properly when necessary.