With online forms, preparing a living will has become easy and inexpensive. Anybody can now draft a will. Yet, it is always a good practice to get the advice of a good attorney when preparing your will. It may be pricey in the beginning. In the end, however, you will not only save dollars; you will also have peace of mind.
Let's take a look at an example that is possible. There is the story of Bill. Bill (not his real name) prides himself in being resourceful. By doing things himself, Bill manages to save a lot of money. Bill is in his mid-5os. A divorcee, Bill does not have children. His only kin is a sister, Judy. Bill is disdainful of Judy. Bill desires to have his estate divided among his friends.
After researching on the Net, Al was able to pen his will. Al put his signature and had witnesses do likewise. Two years later, Al made some revisions in his document. He simply marked out a few names. He failed to put his initial nor indicate the date of change. Later, Al contracted a serious ailment. Brought to a hospital, he confessed to his friend, Sue, that he wanted to "improve" his will again. He wanted to make it official that his friends should be the beneficiaries of his will. But alas! Al passed away before any changes could be made.
Susan was the designated Executor of the estate. Susan lost no time in hiring a lawyer to assist her. Alas! The lawyer informed Susan that Bill was terribly mistaken in the preparation of his will. The lawyer told her that Bill faced two probates because he had assets in two estates: one in California and the other in Nevada. The lawyer also noted that Bill made many erasures without putting a replacement information. Effectively, there was no will. In such a case, the law of the state of California will apply.
There were more surprises. Joseph's life insurance policy indicated that his beneficiary is his ex-wife, Maggie. Joseph was so careless that he did not have his beneficiary changed even after his divorce. And his will had no effect on the life insurance beneficiary designation.
Sarah soon realized she wasn't going to get anything from Joseph's estate. Worse, the estate would be divided between his ex-wife, Maggie as beneficiary of the life insurance, and his sister, Jeanne, as the intestate heir under California law-the two people he abhorred. Joseph's estate went to people he didn't like and not those who cared for him.
Al's story is not unique. It happens depressingly too often. It so happens that people would rather save money than come up with a well-written will. The more prudent way is to seek a lawyer's advice when drafting a will. It may cost you much at the start. But it's better for you -- and your beneficiaries.
Let's take a look at an example that is possible. There is the story of Bill. Bill (not his real name) prides himself in being resourceful. By doing things himself, Bill manages to save a lot of money. Bill is in his mid-5os. A divorcee, Bill does not have children. His only kin is a sister, Judy. Bill is disdainful of Judy. Bill desires to have his estate divided among his friends.
After researching on the Net, Al was able to pen his will. Al put his signature and had witnesses do likewise. Two years later, Al made some revisions in his document. He simply marked out a few names. He failed to put his initial nor indicate the date of change. Later, Al contracted a serious ailment. Brought to a hospital, he confessed to his friend, Sue, that he wanted to "improve" his will again. He wanted to make it official that his friends should be the beneficiaries of his will. But alas! Al passed away before any changes could be made.
Susan was the designated Executor of the estate. Susan lost no time in hiring a lawyer to assist her. Alas! The lawyer informed Susan that Bill was terribly mistaken in the preparation of his will. The lawyer told her that Bill faced two probates because he had assets in two estates: one in California and the other in Nevada. The lawyer also noted that Bill made many erasures without putting a replacement information. Effectively, there was no will. In such a case, the law of the state of California will apply.
There were more surprises. Joseph's life insurance policy indicated that his beneficiary is his ex-wife, Maggie. Joseph was so careless that he did not have his beneficiary changed even after his divorce. And his will had no effect on the life insurance beneficiary designation.
Sarah soon realized she wasn't going to get anything from Joseph's estate. Worse, the estate would be divided between his ex-wife, Maggie as beneficiary of the life insurance, and his sister, Jeanne, as the intestate heir under California law-the two people he abhorred. Joseph's estate went to people he didn't like and not those who cared for him.
Al's story is not unique. It happens depressingly too often. It so happens that people would rather save money than come up with a well-written will. The more prudent way is to seek a lawyer's advice when drafting a will. It may cost you much at the start. But it's better for you -- and your beneficiaries.
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