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Title: How to Create a Will and Estate Plan: A Comprehensive Guide
Nobody likes to think about death or no longer being around for their loved ones. However, having a proper will and estate plan in place is one of the most important things you can do for your family. It ensures your assets and wishes are carried out according to your desires. It also makes the already difficult process of grieving smoother for your loved ones.
In this guide, we’ll walk through everything you need to know to create a will and estate plan, including:
What is a Will and Estate Plan?
A will is a legally-binding document that specifies how you want your assets and property to be distributed after you die. It also allows you to name guardians for any minor children. Having a will prevents your estate from going to probate court where a judge will decide how to divide your possessions.
An estate plan is a collection of documents like your will, powers of attorney, trusts, and other instructions about how you want to distribute your money, property, and personal items. An estate plan addresses nearly every aspect of your life to preserve wealth and ensure your family is protected.
Key Components of an Estate Plan
At a minimum, an estate plan should include:
– Last Will and Testament: Names beneficiaries for property and assets, guardians for children
– Durable Power of Attorney: Designates someone to handle your finances if you’re incapacitated
– Advanced Medical Directives: Specifies how you want medical decisions to be made if you can’t make them yourself
– Trust Documents: Avoids probate and protects your privacy and assets for your beneficiaries. Common trusts include living trusts, AB trusts, charitable trusts, and more.
Additional items depending on your needs may include:
– Letter of Intent: Providing additional guidance about your wishes, values, etc.
– Beneficiary Designations: For retirement accounts, insurance policies, and other non-probate assets
– Funeral Instructions: Details for burial/cremation, memorial service, obituaries, and more
– Pet Care Instructions: Designating caregivers and providing funds for pets
The basic components of most estate plans are the will, power of attorney, and advanced medical directives.
How to Make a Will and Estate Plan
There are a few main ways to create a legal will and estate plan:
Online Will Services ($)
There are reputable online will-writing services like Trust & Will, LegalZoom, and Rocket Lawyer that provide a guided process to create your will and other estate planning documents. This is one of the most affordable will-making options starting at around $100 – $300.
Download Will Forms (Free/$$)
Some online legal sites provide free or low-cost downloadable will forms and templates that you can fill out yourself. These are legally binding but may not cover complex estate planning situations.
Hire an Estate Attorney ($$$)
Consulting with an estate planning attorney gives you the most comprehensive guidance and customized plan, but it’s also the most expensive route. Expect to pay $1,000 – $3,000+ for an attorney to create an estate plan for you.
Regardless of which path you choose, the key steps include:
1. Inventory your assets and accounts
2. Decide how you want assets distributed
3. Name beneficiaries for money/property
4. Choose guardians (if you have kids)
5. Designate powers of attorney
6. Specify medical/funeral wishes
7. Finalize documents and get them notarized
Be sure to also formally name beneficiaries on all retirement accounts, insurance policies, and other non-probate assets.
Roll It All Up Into an Estate Plan
While having a basic will is better than nothing, taking the extra step to create a full estate plan will ensure all of your key preferences are documented and legally arranged ahead of time.
Don’t make the mistake of procrastinating on your will and estate planning. Getting your affairs in order now through either an online process or with a professional attorney will provide much-needed peace of mind and prevent hassles for your loved ones down the road.
