Should We Write our Own Wills?

[sparky13]

What is the name of your state (only U.S. law)? Maryland

Hello, Everyone,

My husband and I wish to write our wills and are considering composing them using will-making software or templates we found via Nolo Press instead of going to a lawyer. Is this a good idea? We have modest assets, no debt, one house and two grown children to whom we will eventually leave everything. In the meantime, of course, he and I will leave our personal estates to each other.

What are your opinions about do-it-yourself will making?

Thanks in advance for your time!

 

[HomeGuru]

What is the name of your state (only U.S. law)? Maryland

Hello, Everyone,

My husband and I wish to write our wills and are considering composing them using will-making software or templates we found via Nolo Press instead of going to a lawyer. Is this a good idea? We have modest assets, no debt, one house and two grown children to whom we will eventually leave everything. In the meantime, of course, he and I will leave our personal estates to each other.

What are your opinions about do-it-yourself will making?

Thanks in advance for your time!

**A: I fully support nolo but in this case a do it yourself may turn into a do it to yourself or do it to your kids issue.

 

[FlyingRon]

If your will is simple you might get away with it. However, there are other things you probably should be looking at:

1. How are assets titled that can transfer automatically at one of your death?
2. What are the beneficiaries of retirement accounts and insurance?
3. Is a trust a better idea for many of your assets?
4. Do you have advance care directives in case you become incapacitated?
5. Do you have mutual powers of attorney (both general and medical)?

You can usually find an estate planning lawyer who will do all of these which is far beyond just typing up a will.

Be sure to put the wills, trusts, and other documents in a safe but accessible place and make sure the potential heirs, poa's know how to access them.

 

[sparky13]

Thank you for your good advice. I will take it to heart as my husband and I continue to look into this process.

This forum has always been of immeasurable help to me and my family. I am grateful to you all!

 

[justalayman]

there is one point that, to me, suggest an attorney would be of great benefit:

In the meantime, of course, he and I will leave our personal estates to each other.

if there is an intent to eventually leave everything to the children, it would be a great idea to work with an attorney to do this. If not done properly, (using the following merely as an example) should you die first and leave your estate to your spouse, unless bound by contract, your spouse could then leave anything or everything to anybody he chooses. Additionally, should be remarry, it will confuse the heck out of the situation unless dealt with properly so the new wife could end up with everything and the children nothing.

While not saying the surviving spouse won't do as discussed, unless contractually bound to do so, there is nothing that says they can't change their minds after the other gone.

 

[sparky13]

Thanks for that. Good point. We should try to cover every imaginable situation, including possible future marriages.

 

[Kiawah]

In my opinion the first time you go through this....it is not "writing a will" that you should be worried about, it's doing estate planning. It takes someone knowledgeable about all of the tax laws, who can question you regarding all of your assets, financial, and personal situations and what you are trying to achieve. They can then make suggestions specific to you, and help you determine the appropriate course of action to achieve your goals/desires....and avoiding all of the pitfalls (that you haven't even thought could exist).

How accounts are set up and titled, can matter tremendously. There are many things that may pass on, not even governed by a will. The will itself, is only a piece of your overall estate planning. You may end up re-titling assets, setting up beneficiaries, begin a gifting strategy, creating and moving assets into a trust, etc. If you just do a will, you may be missing a much more important bigger picture.

You should also consider setting up POA's which can be sprung into action should one become incapacitated, and medical health care directives. It's easy to do all of this at the same time, and is all part of your estate planning.

Many firms may do a free initial consultation with you. Good luck.