You’ve finally decided to write your will, but you’re not quite sure where to start. If your financial situation is quite complex, or your have businesses you’d like to pass on, you may begin to wonder if you need a lawyer for your will.
While writing your will by yourself is an option, hiring a lawyer can ensure that your assets end up in the right hands and your family is at peace after you pass.
What is a Will and Why do I Need One?
We’re all familiar with the general idea of a will, but many people are unclear on what a will should consist of.
A will is a legal document that specifies who receives your property when you pass away. You can write a will at any age, but it’s recommended that you begin to write your will when you have children or when you begin to build your wealth.
A will allows you to clearly state who your beneficiary or heir will be. This is the person or people who have the legal right to inherit whatever property is given to them in the will.
Once you have determined who will inherit what, you must then name an executor for your will. An executor is a person who will make sure your will is carried out after your death and manages your affairs during this time.
Should I Write My Will by Myself?
Writing your will yourself may seem to be the most cost-effective choice. However, even though writing a will seems simple, a closer look shows that it is more complicated than you may think.
A will written by yourself needs to abide by the laws of your state. Some states may allow you to have a handwritten will, while others require the will to be typed.
You will also be required to look into your state’s laws on taxes and the states that your heirs live in as well. Some states may tax your assets, while others may not.
Advantages of Hiring a Lawyer for Your Will
If your financial situation is quite complex, it’s in your best interest to hire a lawyer to write your will. They’ll be there every step of the way to answer any questions you may have.
One of the main advantages of hiring a lawyer for your will is the peace of mind that comes along with it. While making a will is normally fairly straightforward, hiring a lawyer ensures that your will can stand up in court if contested, and they can account for any special circumstances.
For example, a lawyer can help determine what taxes will be applied to your estate, or make sure that someone is unable to contest your will in court. Even if your financial situation may not be overly complicated, having a lawyer look over your will can ensure that your will is accurate and well-founded.