You may be wondering if a do-it-yourself will is a good deal. A DIY WIll can be worse than DIY Dentistry. What may seem like a cheap idea now, can cost a lot more later.
There are lots of places that offer free or low-cost Wills online. You can go to Groupon and find a $20 will that normally costs $100. All you have to do is answer 10 questions or so, and then out pops a Will. This sounds like a great idea, unless you have one of a dozen different scenarios that are not covered by the cheapo will programs. A poorly drafted will can cost your loved ones more than money. The time and money you save using FREE WILL program, can be very costly if it fails to take you and your loved ones unique situations into account.
In New Jersey, there are both Inheritance and Estate taxes that start at $675,000. Most people have homes and insurance policies that easily exceed this amount. If someone has been in an accident, and they have a large settlement, this could be facing a large ding in inheritance tax if it is not handled correctly. So, tax avoidance is not always planned for in a FREE WILL service.
New York has a higher Estate tax threshold, but imagine your spouse having to spend every dime you have ever made on medical care. Without a proper trust being set-up, your spouse may be forced to spend down all savings until $2000 before being eligible for medicare.
Are you sure you have the will signed correctly? Imagine your will being challenged in probate, and being thrown out because of a defect in the way it was signed.
Did you have the option of naming a guardian, trustee and executor in your will if you have minor children? Do you really want one person in charge of welfare of your kids instead of a team of people looking out for their best interests? For instance, your sister may be great with your kids, but should she be the one managing your children’s financial investment?
There are also the simple issues of allowing for the care of your pets once you pass. Not all do-it-yourself Will packages remember man’s best friend when they ask you what you what your final wishes are.
Did you want to leave money to your grandchildren in the event your children pass away? If your will does not handle this correctly, they may be left out. Imagine everything going to the one child you wanted to disinherit, and nothing to any of your grandchildren.
Take the time to speak to an attorney about your unique situation. If you would like, fill out the below form, and we will have an attorney contact you about creating a will customized to suit you and your family’s needs.
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