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Savvy Senior: Do-It-Yourself Wills
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Posted by editor Wed Dec 26, 2007 10:53:24 PST
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0 responses 0 comments Dear Savvy Senior,
What self-help resources do you recommend for writing a will? At age 60, I need to get my affairs organized, but I don't want to go to a high-priced attorney to do it.
— Willing Wilma

Dear Wilma, 
Creating a will doesn't have to involve expensive visits to a lawyer anymore. Today, there are plenty of low cost ways to write a will, many of which take less than an hour from start to finish. Here are some good resources and tips to help you get started.

Take Inventory
Your first step in creating a will is to take an inventory of all the important assets that you have. You'll also need to choose your beneficiaries and an executor. The beneficiaries are the people or organizations you want to leave your property and assets to. And the executor is the person you designate to see that your wishes are carried out.

Do-It-Yourself
There are many user-friendly, do-it-yourself resources available today that make creating your own will a snap and are plenty adequate for most people. Here are some places to get help: 
        
• Online: Some top Web sites include www.buildawill.com, www.legacywriter.com, and www.itsmylife.com. For only $20, any of these sites will walk you through a questionnaire and insert your answers into a will for you. Once you're finished, you simply print it out and sign it with at least two witnesses present to make it legal (some states require you to do a separate witness affidavit that needs to be notarized). If you're looking for a little extra help, try www.legalzoom.com. This site, like the others, starts with a questionnaire, but will then have a specialist review your answers for completeness. These specialists are not lawyers and cannot dispense legal advice but are often trained law students and other college graduates. The cost of LegalZoom starts at $69.

• Self-help materials: If you don't find the online resources appealing check out Nolo (www.nolo.com; 800-728-3555), a legal information resource that offers a downloadable computer software program called Quicken WillMaker Plus that costs $40, or you can get it on a CD for $45. And if you don't have a computer, there's the Simple Will Book ($31), which offers seven different will forms, and can even help you build a custom will to suit special situations. Also worth a look is H&R Block's WILLPower (www.taxcut.com) and Suze Orman's Will & Trust Kit (www.suzeorman.com).

Tip: If you have a blended family or a complicated financial situation that may require legal judgment, or if you have assets of more that $2 million (the threshold for triggering estate taxes), do-it-yourself wills are not your best option. You probably need to get help from a lawyer.

Storing Your Will
When you're finished creating your will, you need to keep it (the original) in a secure location, but be sure the executor has access to it. A fireproof filing cabinet or safe in your home is a good choice. It's also wise to make several copies and placed in separate locations. And be sure to review and update your will every two or three years, especially after any major life change, like a death, remarriage or if you move to a new state.

Legal Help
If you need some legal advice when creating your will, try the Senior Legal Hotline service, a resource sponsored by AARP that provides free legal advice by telephone in 27 states. Visit www.legalhotlines.org to get the phone number for your state, or contact your Area Agency on Aging (call 800-677-1116 to get your local number).

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit www.savvysenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” books.

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