{"id":178980,"date":"2021-02-15T17:54:00","date_gmt":"2021-02-15T14:54:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/opinion-should-i-do-an-online-will-avoid-these-pitfalls\/"},"modified":"2021-02-15T17:54:00","modified_gmt":"2021-02-15T14:54:00","slug":"opinion-should-i-do-an-online-will-avoid-these-pitfalls","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/opinion-should-i-do-an-online-will-avoid-these-pitfalls\/","title":{"rendered":"#\n  Opinion: Should I do an online will? Avoid these pitfalls"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3373ae9975f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3373ae9975f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/opinion-should-i-do-an-online-will-avoid-these-pitfalls\/#3_questions_to_ask_before_you_use_an_online_estate_planning_service\" >3 questions to ask before you use an online estate planning service<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/opinion-should-i-do-an-online-will-avoid-these-pitfalls\/#Dont_forget_these_crucial_steps\" >Don\u2019t forget these crucial steps<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/opinion-should-i-do-an-online-will-avoid-these-pitfalls\/#What_else\" >What else?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/opinion-should-i-do-an-online-will-avoid-these-pitfalls\/#CD_Moriarty\" >CD Moriarty<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Opinion: Should I do an online will? Avoid these pitfalls<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"3_questions_to_ask_before_you_use_an_online_estate_planning_service\"><\/span>\n  3 questions to ask before you use an online estate planning service<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000155618\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Drawing up the simplest of wills can<br \/>\noften cost over $500, depending on where you live and the legal counsel you<br \/>\nchose. More complicated ones can cost several thousand dollars.<\/p>\n<p> Doing a simple will online saves you money \u2014 it can even be free. But before you jump on board and make the low-cost purchase, ask yourself the following:<\/p>\n<div class=\"paywall\">\n       <strong>1. Is your family situation simple?<\/strong> Online wills typically are good for a single person with few assets or a couple without children. More loved ones may mean more complications. Estranged siblings, second marriages or young children requires specific language to counteract possible disagreements. <\/p>\n<p><strong>2. Are your financial affairs in order?<\/strong>\u00a0If your assets are incorrectly titled or if your net worth is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.actec.org\/resources\/state-death-tax-chart\/\" class=\"icon none\">taxable at death in your state of residence<\/a>, your situation may be too complicated for this <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach. If your estate is taxable, more personalized documents can be designed to save taxes, leaving more money for your heirs. <\/p>\n<p><strong>3. Does your trusted person have the knowledge and skills to implement the directions in the will?<\/strong> Executor is not a simple job. Even with a simple will, there are details to handle and accounting to record.<\/p>\n<p>If you answered yes to these questions, an online service would cover your basic\u00a0needs in not only a cost-effective but also efficient way. <\/p>\n<p>Where to start? Many of these<br \/>\nlow-cost services have been around for years, like Nolo and Legal Zoom. Find one that has good ratings from<br \/>\ncustomers and the Better Business Bureau.<\/p>\n<p>Most come with clear, understandable directions. They are<br \/>\nwritten by a national team of lawyers including those qualified to write wills<br \/>\nin your state. Many even have lawyers on staff for questions. Some offer monthly<br \/>\nsubscription services, which most people do not need, adding an unnecessary<br \/>\nexpense.<\/p>\n<p>The hardest part for many is facing their own death and answering essential questions. The following are stumbling points:<\/p>\n<ul class=\"articleList\">\n<li>\n      Who do I leave my assets to? <\/p>\n<\/li>\n<li>\n      Who will be my executor?<\/p>\n<\/li>\n<li>\n      Is there some personal property I want to go to a specific<br \/>\nperson?<\/p>\n<\/li>\n<li>\n      What do I do want done with my online presence: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>,<br \/>\nemail accounts and websites?<\/p>\n<\/li>\n<\/ul>\n<p>Because of this challenge, some put it off or slow down the process \u2014 or stop all together. Yet I continue to hear from people how good they feel once they do have a will done. They can carry on with their life and know their family and friends will have a plan in place.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<h6><span class=\"ez-toc-section\" id=\"Dont_forget_these_crucial_steps\"><\/span>Don\u2019t forget these crucial steps<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>As efficient as it may seem to do your will online, don\u2019t be misled by some sites that promise wills in less than 10 minutes. You may be able to fill in the information quickly, but there are more steps. Downloading the documents, filling them in but never having them <em>signed<\/em> defeats the purpose. <\/p>\n<p>Before you sign your will, review it a final time with the instructions in hand. You do not want to create a mistake where you leave out a child\u2019s name or vaguely say \u201call my children.\u201d Courts follow instructions and want details. <\/p>\n<p>Then have your will signed <em>properly<\/em> according to state law.  Depending on your state of residence, this probably means notarized with witnesses. Give yourself a deadline. People who buy these products and then leave them sitting in a corner virtually or in their home office are wasting money.  <\/p>\n<p>Finally, let your loved ones know where to find the will. If you have an old will, be sure to destroy it to prevent confusion. <\/p>\n<p>Congratulations, you are now one of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.caring.com\/caregivers\/estate-planning\/wills-survey\" class=\"icon none\">just 42% of U.S. adults with a will<\/a>. <\/p>\n<p>Two cautions: If you intend to leave out one of your children for whatever reason, see a lawyer, as you need specific language to avoid a legal challenge. The same applies if you own property in another state. Even if it is in joint ownership, estate tax implications vary as do state laws. Owning property out of state is perfectly fine, but the added step of distributing property there may mean you need something more than a simple will from your state for estate purposes.<\/p>\n<p>As a single homeowner, the first will I did was filled out<br \/>\nwith an inexpensive online program. Before I signed it, I made an appointment<br \/>\nwith a local lawyer, not a big firm. I owned my home and wanted my executor to<br \/>\nhave a trusted resource. Because I had taken the time to thoughtfully complete<br \/>\nthe online document, the lawyer suggested only minor changes around wording to<br \/>\nbe more personalized. We did not need as much time together, and he was clear<br \/>\nwhat I wanted. <\/p>\n<p>The next time we met was to sign the documents. He even filed a copy with the court for me, which is an option in many states like Vermont. Now I knew the lawyer, myself, my executor and the court would have the information if something happened. And best of all, I saved his hourly billing because he did not draw up a whole will from scratch.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"What_else\"><\/span>What else?<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Remember the will is only one piece of good estate<br \/>\nplanning. You need to have a financial power of attorney<br \/>\nand health care directive legally in place, too. This are available online.<br \/>\nEach state has a standard form for health-care directives. Power of attorney forms<br \/>\nare often free online from the will services.<\/p>\n<p>In addition to signing all the legal documents, you should confirm the beneficiaries on your retirement accounts as they will receive your retirement funds, no matter what your will says. These beneficiaries can be changed at any time and supersede what your will says. Investment and bank accounts can also be \u201cpaid on death\u201d or \u201ctransferred on death,\u201d avoiding the will and probate process through paperwork at your financial institution. <\/p>\n<p> Opinion: How to make sure your spouse gets your retirement savings when you die <\/p>\n<p>A will is still needed for personal property and whatever may have slipped through the cracks in your planning.<\/p>\n<p>Away from your will, organize a list or easily accessible file with all the information someone would have to know if you died, from who to contact to where your money is. List the correct name on each account , what debts you have and who your employer is. Other pieces of information you may include are who to contact, passwords and safe-deposit information.<\/p>\n<p>Your funeral wishes don\u2019t belong in a will. This document is often not found until after your memorial service.<\/p>\n<p>Never put your estate plan on autopilot, thinking once done,<br \/>\nyou are set for life. Review it every five years. Also, be aware of these<br \/>\ntriggers:<\/p>\n<ol class=\"articleList\">\n<li>\n      As<br \/>\nyour assets grow, your estate plan should as well. Your net worth impacts your<br \/>\ntaxable estate and perhaps your planning for distributing assets.<\/p>\n<\/li>\n<li>\n      Changes<br \/>\nin\u00a0 your personal life whether new<br \/>\nmarriage or a divorce means your will needs to be updated. <\/p>\n<\/li>\n<li>\n      A move<br \/>\nto a new state where you are become a resident means it is time to create a new<br \/>\nwill for that state. Wills are particular to the state.<\/p>\n<\/li>\n<li>\n      Changes<br \/>\nin federal estate laws are reason to review your will, as are changes in state<br \/>\nlaw. For example, some current federal estate laws expire in 2026. <\/p>\n<\/li>\n<\/ol>\n<p>Cost-effective may not mean cost-efficient if you lose track of the will or do not keep it updated. Because problems or issues are not discovered until after death, the outcome is costs, delays and strain on your heirs who are already grieving.<\/p>\n<p><strong>Read:<\/strong> Skip these \u2018free\u2019 sources of financial advice \u2014 they will cost you dearly <\/p>\n<p>I have heard sad stories from relatives who meant well and<br \/>\nwanted to save money. <\/p>\n<p>One divorced man\u2019s disabled son lost his government<br \/>\nbenefits because his father left him a chunk of money at death. A lawyer<br \/>\nspecializing in special needs trusts would have been the way to go.<\/p>\n<p>A woman hired a lawyer to draw up the will but requested<br \/>\nthe lawyer send her the document and she would get it signed, rather than pay<br \/>\nto do it in the lawyer\u2019s office. The woman signed and got it notarized but<br \/>\nfailed to have the two witnesses as her state law required. Her estate got tied<br \/>\nup in probate, costing her family money and undue stress. <\/p>\n<p>So know yourself. Are you the type of person who needs to be nudged when it comes to details or considering your own death? The human interaction may give you the impetuous to make this happen. <\/p>\n<p>Online, with a lawyer or with a combination is a way to thoughtfully care for your heirs. Whatever way you chose, know that you will be making their lives easier when they are grieving. <\/p>\n<p> <em>CD Moriarty, CFP, is a columnist for MarketWatch and a personal-finance speaker, writer and coach. She blogs at\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.moneypeace.com\/\" class=\"icon none\">MoneyPeace<\/a>. Email your questions to\u00a0<\/em>MsMoneyPeaceQuestions@MoneyPeace.com <\/p>\n<p><strong>Now read:<\/strong>  Avoid these 3 estate-planning mistakes and make probate cheaper and easier for your loved ones <\/p>\n<p><strong>Plus:<\/strong> Re-creating a loved one\u2019s financial life is hard \u2014 5 steps to follow after a death in the family <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"CD Moriarty\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"CD_Moriarty\"><\/span>CD Moriarty<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D25FE2CAF59C%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Opinion: Should I do an online will? Avoid these pitfalls &#8221; 3 questions to ask before you use an online estate planning service Drawing up the simplest of wills can often cost over $500, depending on where you live and the legal counsel you chose. More complicated ones can cost several thousand dollars. Doing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":178981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-178980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=178980"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178980\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/178981"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=178980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=178980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=178980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}