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February 2002
Solutions - How To Draw Up A Will
- Basic. If you don't have a lot of assets and want to leave just about everything to your husband, your parents, or your children, consider using a legal-software program. A good program, such as Quicken's (see Resources), walks you through what your will should include and spits out a completed document at the end, all in about an hour.
You can also use the preprinted forms in a good how-to guide, such as Nolo's Simple Will Book (Nolo, $35), though the end product won't be nearly as customized.
Alternatively, if you know exactly what you want your will to say, you can create one on-line at legalzoom.com. After you complete a simple form, professionals look it over for errors and mail the will back to you within 48 hours (cost: $55 to $115 for a basic will).
Be sure that you date and sign your will in the presence of two to three witnesses who are not named as beneficiaries.
If legal forms tend to make your stomach churn or you want the in-person reassurance of an expert who will make sure you're covering all the bases, turn to a lawyer. Lawyers don't charge much for a simple will - $150 to $400 is common.
- Complicated. If you have intricate finances or a blended family, plan to make unusual bequests, or have assets worth more than $1 million, use a lawyer who's an expert in estate planning. A lawyer can suggest tax-saving moves and tell you whether it makes sense to augment your will with a so-called living trust - a trust you create in your lifetime to which you can transfer some or all of your assets. Expect to pay $500 or so for a comprehensive will, $1,000 more if it includes trusts.
- Temporary. You may have heard about a holographic will - a document you write in your own hand on a plain piece of paper. Generally these are a bad idea. It's easy to make a small mistake that invalidates the will (like crossing something out), and not all states recognize such wills. (To find out if your state does, call your local Bar Association.) However, if you must have a will now - for instance, you're about to leave on a trip - a holographic will might be better than nothing. Be sure to replace it with a formal will as soon as possible.
where it goes
Once your will is complete, keep one copy at home and another in either a safe-deposit box or your lawyer's office. Then sit back and relax. You may not have eliminated all your fears about dying, but you've made that scenario a little less worrisome.
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