In 2020, only 32% of people say they have a will or another type of estate planning document. The fact of life is that you never know when it is going to end. It is smart to have a will in place just in case.
There's more to making a will than most people think. To help you begin, here are seven things to consider when making a will.
1. Write It How You Want It
There are a lot of things to consider when making a will, one being how to write it. A will can be handwritten, typed, or prepared by a computer. All of these ways will be valid.
The most important thing to know when making out a will is that it has to be valid. Each of these forms for making a will have different requirements by law. Certain information is required, such as a signature, date, address, etc.
Knowing these laws and requirements can ensure your will is valid however which way you decide to write it.
2. Online Wills
Making a will online is possible with companies that provide forms for making a will. Some sites even provide a template for making a will and power of attorney. They can provide you with all of the formalities the state you are in requires.
This is one of the easiest ways to make a will because directions will be provided. Your lawyer can review the will before it gets finalized.
3. It Must Meet State Requirements
Depending on the state you are in, two to three witnesses are required. These witnesses may even be required to sign the will with you. Most states do not allow beneficiaries, lawyers, or people mentioned in the will be witnesses.
This is one of the most important things to consider when making a will. Check your state guidelines when it comes to witnessing laws.
4. Must Be Made Voluntarily
Making out a will must be done voluntarily. A valid will has to be written by the person who's will it is without any outside influence. A will that is made because of force, threats, or duress will be invalidated.
5. Will Capacity
You must have the capacity to make a will. This means that you have to be in the right mind to know you are making a will.
You must know you are making a will, preparing for the distribution of things after death, have an intention to make a will, and know what is in the will. If any of these things are untrue, the will must be invalidated.
6. Staples Cannot Be Removed
This is one of the things to consider when making a will because not a lot of people know this. If pages of the will are stapled together, the staples cannot be removed. This is a rule because it will look like someone has altered the will.
If staples are removed, it will be assumed that the will has been messed with. This can void a will.
7. Cost of Making a Will
The cost is one of the things to consider when making a will and probably one of the most questioned things. In the United States, the average cost to make a will is between $940 and $1,500 for an individual.
Things to Consider When Making a Will Explained
There are a lot of things to consider when making a will. These seven considerations should be taken into account before starting to write out a will. Do the research and keep certain requirements and facts in mind.
For more information on wills and how to write them, contact The MG Law.