Can You Write Your Own Will, How Does it Benefit You
Long discussion short, YES, you can write your own will . In fact, it would benefit you a lot than asking someone to do it on your behalf entirely.
Failure to choose the right independent executor, witnesses, and failure to waive the posting bond requirements are among the common issues being dealt with by some, so you may wonder how exactly writing the will on your own would provide you with several benefits. Read on to learn more!
Almost everyone knows what a will is and why they need one, but they do not fully understand what it is for and what it really does. Also known as a last and will testament, the will is an important document indicating the final wishes of a person. It can be used to name guardians for children and their property, name an executor, decide how taxes and debts will be paid, etc.
What You Should Know about DIY Wills
No law obstructs you from writing a will by yourself . Providing it is carefully written and complies with the law of your state. Generally, you must be eighteen years old and above and have two witnesses who are also aged 18 and are not your beneficiaries.
You can have you will either handwritten or typed out. Sign it in the end, in front of your witnesses – around two or three would do. They are also required to sign your will. Your witnesses must be persons who would benefit because of the will. A DIY will could also prove to be a better option if you have an understanding of property planning.
The Benefits of Creating Your Own Will
One obvious benefit is saving money. You may opt not to hire an attorney throughout the will-writing process .
Other valuable benefits include:
- Choose who will have control over your estate affairs and assets. This is what we call your executor. He or she will aid in managing your estate affairs and assets after your death, which includes paying taxes and debts. With a DIY will, you are assured that your executor is trustworthy and reliable since you will be the one to choose.
- Choose how your assets will be distributed after your death. If you don’t want your state to make a final decision about how to properly distribute your assets after your death, then writing your will is a good choice. Otherwise, your assets might be given to the wrong persons.
- Appoint a guardian to look after your minor children. Your children are most likely the most important part of your life. You only want nothing but the best for them, even if you’re no longer at their side. A handwritten or typed out can guarantee that your children will always be cared for and protected with the right guardian you choose.
- Make amendments whenever you desire. Do you want to leave your assets to another beneficiary? Perhaps your assets have changed? Regardless, you always have the opportunity to make changes to your own will.