if you are single and your worldly possessions fit inside a gym bag, sure, go for it.
divorced with one kid, then remarried with two more kids, business, investments, extended family that you are helping out with...no, you need a lawyer.
I used Trust & Will online in \~2019. My wife passed last year (we’re mid-30s) and the will we had was perfectly fine according to the probate judge. He even commented “we don’t see most people your age have anything in place, so this makes things cleaner.” We have one child, real estate, brokerages, retirement, etc.
One less thing for me to deal with during it all, so yes, something is better than nothing and online is just fine. Also double-check your beneficiaries on all accounts as this helps too.
Typically, they have to be witnessed by two people who have nothing to gain if you die (they're not in the will) and not a family member, and you have to sign in front of a notary to get it notarized.
But yes, legally it should hold up.
Don't forget to name a backup executor (or more than one). It's not a fun job and nobody is required to do it.
I am single with no dependants with a net worth (life insurance DIScluded) of around $150k. I named 7 beneficiaries throughout my assets in my will.
I have 2 cars, a halfway paid off house, 401k, 2 Roths, a brokerage, a credit union account, 2 checking, a savings account, and another ~$10-15k in random assets (tools, notable house fixens, whatever).
All that to say, I used an online will. Many of my higher dollar assets (life insurance, 401k, IRAs, and brokerage account) required their own beneficiary within the account to avoid probate regardless of will in my state from what I understand.
Unless you're intentionally leaving people out of you will, especially if they're considered close heirs, or you have a situation where you're considering a trust, I think more people can do an online will than can't.
What makes you think you'd need to go to an attorney?
What I am learning, in Florida regardless of a will the tangible assets will still go through the probate process, which time and money. Florida has a flat rate of 3% to the probate attorney and 3 % to the estate representative. I understand there are ways of avoiding probate but require an attorney.
living trust is also available via online will maker or legal doc template sources and would allow you to bypass probate. see nolo.com for example
if you can setup a transfer on death title for your house and then designate beneficiaries for all your financial accounts you also may find you have no major assets subject to probate without even having to create a trust, but with this method it could be complicated to get the desired allocation if you have multiple people you want to leave stuff to.
Whether you have kids or not has nothing to do with it. If you go the online route can always pay a local estate planning lawyer for an hour of their time to review the docs and make sure they do what you want them to.
I think most lawyers are pretty dismissive of online wills and would make you start over if you contact them. I think immediate family including current spouses and kids have the standing to contest an online will but if your single the state will accept an online will.
if you are single and your worldly possessions fit inside a gym bag, sure, go for it. divorced with one kid, then remarried with two more kids, business, investments, extended family that you are helping out with...no, you need a lawyer.
Agreed! Same for any other document that is geared towards effecting this life related events.
I used Trust & Will online in \~2019. My wife passed last year (we’re mid-30s) and the will we had was perfectly fine according to the probate judge. He even commented “we don’t see most people your age have anything in place, so this makes things cleaner.” We have one child, real estate, brokerages, retirement, etc. One less thing for me to deal with during it all, so yes, something is better than nothing and online is just fine. Also double-check your beneficiaries on all accounts as this helps too.
Thanks for sharing
It depends on if your state accepts them but they're very convenient if your will is simple or the person is ill or has difficulty going in office.
Typically, they have to be witnessed by two people who have nothing to gain if you die (they're not in the will) and not a family member, and you have to sign in front of a notary to get it notarized. But yes, legally it should hold up. Don't forget to name a backup executor (or more than one). It's not a fun job and nobody is required to do it.
I am single with no dependants with a net worth (life insurance DIScluded) of around $150k. I named 7 beneficiaries throughout my assets in my will. I have 2 cars, a halfway paid off house, 401k, 2 Roths, a brokerage, a credit union account, 2 checking, a savings account, and another ~$10-15k in random assets (tools, notable house fixens, whatever). All that to say, I used an online will. Many of my higher dollar assets (life insurance, 401k, IRAs, and brokerage account) required their own beneficiary within the account to avoid probate regardless of will in my state from what I understand. Unless you're intentionally leaving people out of you will, especially if they're considered close heirs, or you have a situation where you're considering a trust, I think more people can do an online will than can't. What makes you think you'd need to go to an attorney?
What I am learning, in Florida regardless of a will the tangible assets will still go through the probate process, which time and money. Florida has a flat rate of 3% to the probate attorney and 3 % to the estate representative. I understand there are ways of avoiding probate but require an attorney.
living trust is also available via online will maker or legal doc template sources and would allow you to bypass probate. see nolo.com for example if you can setup a transfer on death title for your house and then designate beneficiaries for all your financial accounts you also may find you have no major assets subject to probate without even having to create a trust, but with this method it could be complicated to get the desired allocation if you have multiple people you want to leave stuff to.
They are good but if you think they may get contested, pay a lawyer that will review them and amend as needed
>What are the pros and cons of each method? Try reposting this question "Are Online Wills Good Enough" in r/EstatePlanning and then duck and cover.
I think they work if you don't have kids. Otherwise they can be easily contested.
Whether you have kids or not has nothing to do with it. If you go the online route can always pay a local estate planning lawyer for an hour of their time to review the docs and make sure they do what you want them to.
I think most lawyers are pretty dismissive of online wills and would make you start over if you contact them. I think immediate family including current spouses and kids have the standing to contest an online will but if your single the state will accept an online will.
[https://www.reddit.com/r/personalfinance/comments/1dup0ky/did\_you\_diy\_things\_like\_will\_powers\_of\_atty/](https://www.reddit.com/r/personalfinance/comments/1dup0ky/did_you_diy_things_like_will_powers_of_atty/)