How to Prepare to Write a Will on an Online Will Service Program
1. Take Inventory of Your Assets
To ensure a thorough assessment of your possessions, create a detailed list of all your assets. Initiate with financial items, identifying funds in checking, savings, and investment accounts. Extend the evaluation to property, including your residence, any owned land, additional real estate, as well as vehicles like cars and boats. Don’t forget to document valuable personal items such as jewelry, artwork, family heirlooms, furniture, and collections.
Probate vs. Non Probate Assets
Probate Assets:
Probate assets undergo a court-supervised process after the owner’s death, including real estate, personal property, and any asset without designated beneficiaries or specific legal arrangements for direct transfer. This process can be time-consuming.
Non-Probate Assets
Non-Probate Assets are assets with designated beneficiaries, such as a property with a named beneficiary or a bank account with a payable-on-death (POD) designation. These assets bypass the probate process. Examples include life insurance policies, retirement accounts, and jointly owned properties. This streamlined transfer process is typically faster and doesn’t involve court supervision.
2. Choose Your Beneficiaries
A beneficiary is a person such as a spouse, sibling, child, relative or friend who will receive something listed in your will. It can also be an organization like a charity, church or nonprofit. In general, you can choose anyone to be a beneficiary except the person who is the witness to the signing of the will. You might choose to leave everything to one individual, such as your spouse, or to divide property among loved ones and organizations.
When selecting beneficiaries, keep in mind that some financial accounts may already have beneficiaries listed. A life insurance policy, for instance, might name a beneficiary you selected when you purchased the plan.
If you want to leave an inheritance to minors, you can set up a trust and name a trustee to manage it. “You can then decide in your will the age that you think is most appropriate for the minor to receive their inheritance,” says Tim Hewson, founder and CEO of USLegalWills.com in New York.
3. Special Bequests
Special bequests allow individuals to specify how they want to distribute particular assets, such as heirlooms, jewelry, specific sums of money, or property, to designated beneficiaries in their wills.
4. Residuary Estate
Residuary Estate: The residuary estate comprises all remaining assets after debts, taxes, and specific bequests have been settled. Beneficiaries named in this portion of the will inherit what is left, which can include individuals, groups, or charitable organizations.
5. The Importance of Choosing a Guardian in Your Will
Choosing a Guardian in Your Will – (If you have minor or a disabled child)
Choosing someone to become a guardian in case something happens to you is an important step every parent should take to safeguard their children’s well-being and ensure proper care throughout their lives. This decision has major consequences on their health, safety, and financial condition, ensuring clarity and peace of mind during difficult times.
6. Select an Executor
An executor is the individual or organization that will oversee the distribution of your assets as outlined in your will. The executor will agree to take an inventory of your estate, pay any needed bills such as taxes or debts you left behind and file final income taxes. You might ask a loved one you trust or a dependable friend to be the executor of your will. If you select a professional, such as a bank or attorney, there will usually be a fee charged to oversee your estate, which is generally a percentage of the estate.
What Are the Fees for an Online Will Service
Here are meticulously researched websites offering user-friendly online will templates for creating a will. It’s important to note that all of these websites are authored by estate planning attorneys, ensuring legal soundness. While some may appear to be free, others genuinely require no payment. However, if you are uncertain about your choice, it’s advisable to have an attorney review your final document. This will ensure it meets your specific needs and complies with state guidelines.
- Quicken Will Maker & Trust – Starting at $99./year Visit Now
- The U.S. Will Registry* – Visit Now 100% Free (No hidden fees) Also Offers Free Registration and Free iCloud Storage
- Rocket Lawyer – Free (with 7 day trial) Visit Now
- Trust & Will – Starting at $159. Visit Now
- Meet Fabric – Free Visit Now
- LegalZoom – $89.00 Visit Now
Picking the right one for your situation will require some research. Check for a site that has accurate, up-to-date information about wills in your location. The requirements for wills vary from state to state, and the regulations occasionally change. You’ll want to make sure your will follows the latest laws for your area.
Also look for a site that is easy to navigate and allows you to save your work. In addition, make certain you are able to download and print it. Writing a will takes thought and planning,” so choose a site that will help you to do this.
The Imperative Role of Witnessing in Will Execution
The requirement for witnesses when creating a will is often imperative and mandated by law in all U.S. states to be considered valid.
The purpose of having witnesses is to add a layer of formality and verification to the process, ensuring the validity and authenticity of the will. While the specific rules may vary depending on local laws, witnessing a will is generally considered a crucial step for the following reasons:
- Preventing Fraud and Undue Influence: Witnesses help ensure that the testator is of sound mind and acting voluntarily. Their presence reduces the risk of fraudulent activities or undue influence in the creation of the will.
- Verification of Identity: Witnesses confirm the identity of the person creating the will, providing an additional level of assurance that the document accurately reflects the intentions of the testator.
- Documenting the Execution: Witnesses serve as third-party observers who can testify to the proper execution of the will. Their signatures on the document serve as evidence that the testator willingly signed it in their presence.
- Legal Requirements: Many jurisdictions have specific legal requirements regarding the number of witnesses, their qualifications, and the manner in which they must witness the signing of the will. Failure to adhere to these requirements may result in the will being deemed invalid.
Individuals creating a will should be aware of and comply with the witnessing requirements outlined in their local laws to ensure the document’s validity and effectiveness. Consulting with legal professionals can provide guidance on the specific regulations applicable in a given jurisdiction.
Store Your Will in a Safe Place
Once your will is finalized and properly witnessed, consider storing it securely. One option is to create an electronic file of your will. By digitally storing your will you ensure that your wishes are accessible to your family regardless of their proximity. Additionally, keeping a printed version of your will in a secure location, such as a safe or lockbox, is advisable. Lastly, register your will to ensure it can be located when needed. Registration, which is free for both the public and attorneys, is a crucial step to prevent the distress caused by difficulties in locating a will
Safeguarding Your Will:
The Importance of Storing a Copy Online in iCloud
Storing a copy of your will in the iCloud is not just a matter of convenience, it’s a crucial step in ensuring that your testamentary wishes remain intact and accessible. Attorneys commonly utilize iCloud storage for this purpose, yet the accessibility of these documents can become compromised due to various factors such as attorney retirement or relocation. SideDrawer.com offers FREE iCloud Storage to attorneys and the public.
Accessibility and Security
Registering a Will
Registering your will and clearly directing your family to its location, whether it be the original or a copy is of paramount importance. By doing so, you eliminate the uncertainty surrounding the whereabouts of your will. Registration (FREE with The U.S. Will Registry) of a will greatly prevents potential complications and legal disputes in the future. Storing your will in the iCloud provides assurance that your document can’t be damaged, lost, or maliciously destroyed.
Absence of a Will Causes Unraveling Family Turmoil
Families often face dysfunction when a will cannot be found. The absence of a clear plan leads to disputes over asset distribution and guardianship, escalating tensions and hindering the grieving process. Legal complexities and financial entanglements arise, straining family relationships and eroding trust. Proactively ensuring proper will storage and registration is crucial to preventing such disruptions and fostering family harmony during the challenging period following a loved one’s passing.
Conclusion
Always consider a reliable and secure platform that is compliant with legal requirements within your jurisdiction when selecting an online will service. These services guide you on how to create a will, including how you want to divide or distribute your assets and who should have guardianship of your children if you die, among other things. Drafting a will online can be fast, cheap and convenient.
Inventory all your properties in order to prepare for the making of a will. Select beneficiaries and do special bequests as well as choose an executor and guardian. Make sure the website provides accurate information and complies with state laws too. Keep it safely in iCloud storage where it can easily be accessed.
An online will service ensures that it respects your wishes, offering comfort to both you and your family.
