Make an Online Will: Should I or Shouldn’t I ?

Published on Jul 01 2011 // Written By // Finance Life Stages, Personal Finance

In my last post about Wills, we discussed Why do I need a Will.

To recap,
A Will can protect your assets and helps minimize the chances of a contest over your estate. If you die without one, your estate may not be distributed as you would choose. Use Online Wills to:

  • Provide for your family
  • Specify whom you would like to receive your property
  • State your funeral and burial instructions
  • Create a trust for minor children
  • Disinherit a person(s)
  • Name a guardian for minor children

According to Bankrate, here is when you should NOT write Online Wills.

When NOT to write an online will:

  • You or your spouse are citizens of another country.
  • You have significant assets.
  • You are married with minor children.
  • You’re in a gay relationship.
  • You’re raising grandchildren or stepchildren.
  • You have a disabled, dependent adult child.
  • You’ve been married more than once.
  • You anticipate your will might be contested.
  • You own a small business.
  • The online form doesn’t address your specific circumstances.

Advantages of online wills
Cost is a big factor where wills are concerned. Online will sites typically charge in the range of $19.95 to $225. By hiring a lawyer, you might be able to secure a finished document for $500, but usually it will cost more, and the price goes up exponentially depending on how complicated your estate is.

Disadvantages of online wills
One of the biggest drawbacks to an online will is that a professional hasn’t reviewed the documents. If that worries you, hire an attorney to review what you have done online. He should be current on any new laws in your state.



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About

Tushar Mathur has been blogging about Personal Finance since January, 2007. This has helped him recognize what topics readers like and relate to. The goal is to spot good news-worthy info and get it out to the public as soon as possible. Tushar Mathur maintains this Personal Finance blog called Everything Finance. The blog articles fall under these categories: Investing, saving money, shopping, blogging and making money online. Send an email at tushar@everythingfinanceblog.com

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