More than half of Americans don’t have a will or estate plan for when they pass away.
The common reasons why people skip having a will is that they don’t want to think about what happens when they die, and they don’t have many assets to distribute. Another reason is the cost of writing a will.
Do you know what happens if you don’t have a will and you suddenly die? Your assets don’t automatically go to your family. They go to probate court, where a person is assigned the duty to distribute your assets.
Read on to find out the true cost to write a will and how to make sure your assets are protected.
What Is the Cost of Writing a Will?
There are two routes to take to write a will. You can write the will yourself or hire an attorney to do it for you. The cost varies greatly between the two choices.
If you decide to write the will yourself, you can invest in software for roughly $100 and use professional will supplies to keep the will safe.
The lawyer fees for writing a will depend on a number of variables. The cost largely depends on your location and the complexity of state laws, and the types of assets to be distributed to your heirs.
For a simple will without many assets, a will can cost around $250. If you accumulated a lot of assets, such as stocks, real estate, and businesses, a will can cost more than $1000.
Which route should you take? It depends on your preference.
You can write the will yourself if you have a straightforward distribution of assets. A complicated set of assets and distribution plan may require an estate planning attorney.
A cost-effective alternative is to write the will yourself and have an attorney review it. They can provide valuable feedback and make sure your will holds up if anyone contests it after you die.
How to Write a Will
Did you decide to write the will yourself? There are a number of issues that you’ll need to address in the will. First of all, you’ll need to list your assets and your debts.
You can only distribute assets that you own. Take your car as an example. The loan isn’t forgiven and the person you want to leave the car to has to continue the car payments.
Some of your debts will get transferred to your estate. You should also take into account other expenses that happen when you die, such as funeral expenses, taxes, and probate.
If you have children, you need to assign a guardian. You’ll need to assign your beneficiaries and name an executor of the estate.
The Importance of Writing a Will
Don’t leave the distribution of your assets to chance. Writing a will ensures that your family doesn’t have the burden of figuring out how to handle your estate.
The cost of writing a will isn’t prohibitive. You can use software to write a will and have an attorney review it. Your family will have peace of mind in difficult circumstances.
For more financial insights, visit the Finance section of this site.
