Resources to help you write a simple will
By Jim Miller, “The Savvy Senior”
If you have a simple, straightforward estate and an uncomplicated family situation, writing your own will — with the help of a good do-it-yourself guide — is a viable alternative to hiring an attorney and a whole lot cheaper. Here are some good resources to help you get started.
Computer required
There are a number of computer software products and online resources available today that can help you create your own will very easily, and they usually take less than an hour from start to finish. Like tax software, these tools will guide you through a series of questions and will insert your answers into a will for you. But, you’ll need a computer to use them. Some good options to check out include:
• Quicken WillMaker Plus 2013: This is a comprehensive estate planning software product that’s very user-friendly. It lets you create customized wills for an unlimited number of people, along with other important documents like financial powers of attorney, health care directives, executor documents, final arrangements and more. And once you’re finished, you can store your documents on your computer and update them as needed, and you can print them out on paper. Available in downloadable or CD format at nolo.com for $43 or $52, this software works only with Windows operating systems and is valid in every state except Louisiana.
• Rocket Lawyer: This is an online resource — available at rocketlawyer.com — that helps you create a will, trust, power of attorney and dozens of other legal documents in every state. They start by offering a free seven-day trial period so you can actually make one document for free. Or, you can become a member for $20 a month, or $120 for their annual “Basic Legal Plan,” and get unlimited access so you can make, store, share and update any documents you want. They even provide annual members free legal reviews of their document and free phone assistance with an attorney.
• LegalZoom: Available online at legalzoom.com, this site makes wills, trusts, powers of attorney, pet-protection agreements and many other documents. After you create your will, or other documents, they double-check them for spelling and grammar mistakes (but not for legal issues) and mail you a printed copy in about a week to 10 days. Wills run $69, other documents range between $35 and $249.
No computer necessary
If you don’t have a home computer or Internet access, a good resource to turn to is the “Quick & Legal Will Book” sold by Nolo for $21. This guide provides forms and step-by-step instructions that can help you make a basic will that meets your needs. To order a copy, call 800-728-3555.
Hire a lawyer
It’s also important to know that if you have a complicated financial situation, blended family or if you have considerable assets, you need to hire a lawyer to write your will. An experienced lawyer can make sure you cover all your bases which can help avoid family confusion and squabbles after you’re gone.
The National Academy of Elder Law Attorneys (naela.org) and the National Association of Estate Planners and Councils (naepc.org) websites are good resources that have directories to help you find someone in your area.
Costs will vary depending on your situation and location, but you can expect to pay somewhere between $200 and $1,000 to get your will made.
If money is tight, check with your state’s bar association (see findlegalhelp.org) to find low-cost legal help in your area. Or call the Eldercare Locator at 800-677-1116 for a referral.
Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org.
Jim Miller is a contributor to the NBC “Today” show and author of “The Savvy Senior” book.
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I am an estate planning attorney. I just got a new client yesterday who had used Rocket Lawyer to prepare a will for his step-father. The result is that this very uncomplicated case now has to be probated and will cost approximately $40,000 (fees are set by state law). If he had contacted an attorney to do a LIVING TRUST prior to the man's death, it would have only cost $1,200. So even uncomplicated situations NEED a consultation with a LAWYER. This column is BAD advice and can be extremely costly. Get a free consultation and you can save tens of thousands of dollars.
In addition to Merrilee's comments, these are national websites and the "attorney" that you consult with may not actually be licensed to practice in the State of California.
The best resource for local referrals (besides Merrilee) is to contact the San Diego County Bar Association Referral Service at 619) 231-8585 or by going to http://www.sdcba.org.
Reminds me of when my tax preparer told me I was making a big mistake when I started using Turbo Tax to do state and federal returns. That was 13 years ago and I am very pleased with the results. The beauty of having an on line service is it is very easy, comprehensive, convenient and you can make changes right up to the time you file your return and all returns are stored and are always available.
Ditto for Living Trusts.
The gentleman in Ms. Boyack's comments, obviously, didn't understand that a Living Trust was needed to avoid probate. Had he been using LagalZoom their package comes with a Living Trust, a free Last Will and Testament. Others have similar packages. Searching the internet can be very fruitful if you are so inclined..
If you are computer literate and have some common sense using on line services can be very cost effective and efficient. It has for me.
Of course those people who are not able should seek the help of professionals, such as Merilee Boyack, who have respect and a known good record. The same goes for those who have very complicated situations.
All just my opinion.
The Nolo books are really good reading. I'd suggest for a will (or divorce or other big thing), getting the California Nolo book on the subject, read it over, and THEN go to an attorney. There are issues that need to be thought about and if you know ahead of time what decisions need to be made, your consultation w. an attorney can be more productive. Check the Poway library if you're short on cash, they had some Nolo books a while back and are free to check out for three weeks.
Legal Zoom is great if have no assets and no heirs. Even the most harmoneous of families can go sideways when dealing with estate issues – not to mention details overlooked, missed or unintentionally deleted. Legal Zoom and the myriad of other websites out there are national sites. The advice given on your particular item may work well in Texas but be invalid in this state. Not to mention the "attorney" advice they offer may be from someone not even be licensed to practice in this state. But then again, you get what you pay for – and if you paid nothing – well that's exactly what you may end up with.
Clariece, I have assets and I have heirs and am content with my Living Trust, my Will and my annual tax returns that are done on line. Why do you find it necessary to throw fear into the minds of the majority, most much smarter than me, who are perfectly able to distinguish the complexity of their situation, ..
I am not pushing Legal Zoom, but I know they are licensed in all 50 states and do distinguish between state laws when necessary.
The local attorney fee is$1,200 for a Living Trust vs. $249 at legalzoom.com and you get a free Last Will and Testament in the bargain. $941 savings if you can handle the details. Add the lawyers cost for a Last Will and Testament and you will probably save at least $1,200-$1400 if you decide to go on line.
Is it true that many lawyers use an on line service to process customers documents? $1,200 bill with a $249 cost. What a deal.
Joe, the following is from the nolo.com web site:
How Much Does a Living Trust Cost?
Assuming you decide you want a revocable living trust, how much should you expect to pay? If you are willing to do it yourself, it will cost you about $30 for a book, or $50 for software, or $70 to complete your living trust online. If you hire a lawyer to do the job for you, get ready to pay between $1,200 and $2,000.
You may assume that paying $1,000 or more for the assistance of a professional means you'll receive good value — you get what you pay for, right? Maybe not. If you are willing to invest a couple of hours of your time using a top quality do-it-yourself resource, you may end up with just as good a result.