3 Reasons to Use a Will Preparation Service

Summary: Creating a will on your own may seem straightforward, but there are many important factors to consider. It's essential to follow the proper steps to ensure that the will is both thorough and legally valid. A will preparation service can make the process more affordable, less complicated, and help you create a valid will as part of a comprehensive estate plan.

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It’s important to recognize how important wills are for estate planning and preparing loved ones for the future. These legal documents let you share your property and belongings in the event of your death and help answer key questions about your assets.

How will your possessions be split between your children and spouse? Who will inherit the family farm or house? Are your beneficiaries aware of who will receive the payout of your life insurance and annuities outside of your will?

Wills can also help speed up the distribution of your assets in court − the process known as probate, after your death. Without a will, you have less control over which of your loved ones receive your assets, and probate can take much longer.

Writing a will can be a complex process

There are three main ways to create a will: doing it yourself, hiring an attorney or using a will preparation service. Doing it yourself may seem simple, but there is a lot to consider because wills aren’t standalone documents. There are last wills, which distribute your assets after death. There are living wills, which detail your wishes regarding medical treatment in case you are unable to provide consent. There is power of attorney, which gives another person power to represent you legally. It’s a lot to handle!

3 ways a will preparation service can help

Will preparation services can simplify this complicated legal process for you. Many will preparation services are available online to help prepare wills. Using an online will service, you simply sign up, log in, answer a series of questions, and then your will is ready to print. After printing, you will need to get your will notarized. This ensures that it is just as legal as it would be if you used an attorney.

Here are three key ways that a will preparation service can help:

1Save money

Drafting a will on your own or hiring a private attorney to assist you can be expensive. Many people start by consulting an attorney, only to find that the costs quickly add up.

The cost of creating a basic will with an attorney typically ranges between $150 and $600, with additional hourly charges for extra consultations or revisions2. While this might be a reasonable option for complex estates, it can be a significant expense for those with simpler needs.

A will preparation service offers an affordable alternative by providing a clear, upfront pricing structure. These services are designed to streamline the process, reducing the time and resources required to create your will. You pay for what you need without worrying about unexpected fees or lengthy consultations.

For individuals or families on a budget, this can make a significant difference, allowing you to create a will without straining your finances.

2Take the hassle out of doing it yourself

Creating a will on your own might seem like a straightforward way to save money, but it often comes with hidden challenges. Legal jargon, state-specific requirements, and the fear of missing crucial details can make the process overwhelming. Mistakes in your will could render it invalid or lead to disputes among your heirs.

Will preparation services simplify this process by guiding you step-by-step. Most services use a question-and-answer format to collect the necessary information, making it easy for you to focus on your preferences and priorities.

For example, you’ll be asked to list beneficiaries, specify guardians for minor children, and outline how your assets should be distributed. The service then handles the legal requirements, ensuring that your will complies with your state’s laws.

This streamlined approach eliminates guesswork and reduces the stress often associated with creating a will. Instead of spending hours researching legal nuances or formatting documents, you can rely on the service to take care of the technical aspects, leaving you with peace of mind and more time to focus on your family.

3Get everything done all at once

Another major advantage of using a will preparation service is the ability to create a complete estate plan in one place. A well-prepared will is only part of the puzzle; other important documents, such as living wills and powers of attorney, are often necessary to ensure your wishes are fully honored.

Many will preparation services bundle these documents into their packages, offering a comprehensive solution for your estate planning needs. For example, you can create a last will and testament alongside a living will that specifies your medical preferences in case of incapacitation. Similarly, you can establish a power of attorney to designate someone to manage your finances or healthcare decisions if you’re unable to do so.

By providing all these options in one service, will preparation platforms ensure that you don’t overlook any critical components of your estate plan. They also guide you through each step, from drafting the documents to executing them properly, reducing the burden on you.

This all-in-one approach not only saves time but also ensures your estate plan is cohesive and aligned with your wishes.

Other important will preparation considerations

Prepare yourself for tough decisions

Regardless of how you are creating your will, mentally prepare to answer tough questions. Wills aren’t a pleasant thing to think about, but the protection they offer your loved ones is often worth it.

Once it’s created, the work isn’t done

Even after your will is created, there is still work to be done updating your will. Review your will every few years or as often as you experience major life changes. If you become a grandparent, you’ll want to make sure to include your new grandchild. If you purchase new assets, like a new home, your will should reflect that.

With 24/7 access and the ability to update information at any time, using an online will preparation service can be one of the simplest and most cost-effective ways to help ensure you or your employees have planned for the future.

Consult with a professional tax and/or legal advisor before taking any action that may have tax or legal consequences.

Sources:
¹Gallup (June 23, 2021). Web page: How Many Americans Have a Will? Retrieved September 25, 2024

²LegalZoom (July 29, 2024). Web page: How Much Does a Lawyer Cost? Retrieved September 25, 2024