According to Caring.com, 60% of American adults don’t have a will. If you fit into this statistic it’s time to make a change. It’s a necessity, as a will can help protect your family in case you pass away. However, many people are deterred as they believe a will cost a lot of money to produce. But, there are affordable and easy ways to plan your estate if you know how. Here are 3 tips on how to write a will on a budget.
1. Do You Need a Will?
Depending on your situation you might be unsure of whether you need a will or not. But, even if you don’t own real estate or have children, you still need a will. There’s a good chance that you have objects that matter to you, like pets or some savings in the bank. By having a will, you allow someone to make sure your final wishes are carried out. If you pass away without having a will, what happens to all your possessions and money is decided by a court. In this situation, only spouses and other close relatives will be able to inherit your estate – at the will of a judge.
2. Assess Your Needs
To figure out if you can use online resources to create a will, consider your situation. If you own a business, home, or have children, you should definitely have a valid will. In fact, you should even hire an attorney to make sure your will is correctly written and your estate is in order.
But, if you’re a young, single person who rents a property you can get one online using software that walks you through the steps of your will.
3. Consider Affordable Options
A lawyer can charge you anywhere from $300 – $1,200 to write your will. But, if you can’t afford to pay that, you have other options. Some affordable alternatives include:
- Make a DIY will online: There are lots of reputable make-your-own will websites online. Prices are as low as $20 for this service.
- Visit your local library: Most public libraries offer free legal forms and simple wills.
- Legal Aid: The American Bar Association offers free and reduced-rate services to those who earn low incomes or with special circumstances. Even if they can’t help you, it’s worth contacting them as they might be able to direct you to a company or charity that can.