Legal Will Kit 101
A legal will kit is a do-it-yourself legal program designed to help individuals create a legally binding will. These kits take the form of printed documents, forms or books; online software; or a combination of these materials. They typically lead users through exercises that ask them questions about their finances and personal preferences. The individual also must explain the distribution of his or her estate , including the names of individuals who will be beneficiaries and those who will act as the executor and guardian for minor children. Legal will kits also explain how to choose a guardian and executor, and provide a place to reference specific provisions for pets if the person creating the will wishes to state their final preferences for them.
Advantages of a Legal Will Kit
As noted above, most people do not have a will. In fact, according to this study, a whopping 61% of American adults do not have a will. Even with this alarming statistic, a number of individuals forgo having a will because they believe that it is not necessary or too expensive.
Enter the legal will kit. Here are just four reasons why you should consider a legal will kit over drafting your will the traditional way.
Legal kits are extremely affordable. Most legal kits you buy online cost between $20 and $25 USD. Compare that to the price of hiring an attorney to draft a will for you. You could be looking at hundreds of dollars.
A legal will kit may require around 5 hours max to complete. A lot of that time includes reading and gathering the right information. However, after getting started, many individuals report being able to complete their will in less than 60 minutes.
If you did have to hire an attorney to draft your will for you, you would likely shop around and get quotes from a handful of attorneys. Then you would have to meet with one of the lawyers to discuss your will. The time it takes to draft a will can vary widely depending on how complicated your assets are, etc. However, the point is, having a will drafted by an attorney could take a significant amount of time when compared to using a legal will kit. Most people find the time savings with a legal will kit invaluable.
Especially if you buy a downloadable legal will kit, you can start working on your will anywhere you are — home, work, school, on the go, etc. vic. You can set up your laptop or tablet and work on your will during lunch or on your commute on the bus or train.
Regardless of where you physically are, you can complete your will whenever you want. If you’re a night owl, you can work on your will during the wee hours in the morning. If you’re more of an early bird, you can complete it in the early mornings.
Have you ever completed a project and failed to take the time to proofread your work before turning in a final copy? I bet you’ve realized you made a mistake just some time later. It’s an experience a lot of people have had. With a representative from a legal will kit company, you can have someone go over your will before you finalize it. This also gives you the opportunity to ask any last questions you may have.
How to Select the Best Legal Will Kit
When choosing a legal will kit, it is very important to select one that is suitable for you. Different estates, families and preferences will whittle down your options quickly.
To help you out, we present some of the most important types of legal will kits available. Note that these are just some of the most common kits available, and even within these categories there are differences. While looking through legal will kits, remember that they additionally fall into four categories: It is really important to be careful, as prices for will kits are very low, and you can find some for as little as $4.99. Legal will kits at this price are practically useless and are nothing more than fictitious legal contracts that serve no purpose other than attempting to bilk you out of your hard-earned money. Be wary of anything that looks suspicious and when in doubt always consult an attorney or legal expert in your state.
A Beginner’s Guide to Using a Legal Will Kit
When you are ready to take charge of your estate planning, you have two options for creating a will — a legal will kit or legal assistance. If you have decided that a legal will kit is all you need, be clear on how to use it properly .
Acquire a quality legal will kit you can use in your state.
Fill out the inventory sheet.
Complete the pages of the legal will kit.
Review what you have completed.
Update as necessary.
Have documents witnessed.
Top Missteps to Avoid
Legal jargon is often not the easiest to understand. When filling out the different forms in your kit you might not get it right on the first try, in fact, there are common mistakes that many people make. Just as with most things understanding how to fill out your will kit can seem like a nuisance. Let’s take a look at the biggest traps that people tend to fall for.
Firstly, don’t try to draft your kit before the death of the person you’re writing for, this may sound obvious but it can be very tempting to use a kit that your friend once used. You might think, the paper hasn’t changed, how hard can it possibly be? Unfortunately, even though the paper may well be the same, the change in context and personal information might just be enough to make it ring some alarm bells.
Secondly and even more importantly, don’t ignore state laws! This is crucial. Although we are all living on the same continent, 50 states and 3 territories later and the law can vary from one to another, be sure to do your research.
The third mistake that many people make is failing to have their signatures witnessed when you leave specific gifts, a witness is necessary in order to validate them, so be sure not to leave out anyone who might be left out of the will.
Finally, one of the most crucial things to remember when completing a will kit is to ensure that it’s clear who the witnesses are. One witness should preferably be a professional, such as an accountant or solicitor, in order to avoid any issues with the probate court down the line.
While legal will kit are generally straightforward it’s always important to think the process through and do your due diligence.
Common Questions and Answers about Legal Will Kits
**Are legal will kits legally binding?**
In general, yes. Most legal will kits, especially those of well-known brands, come with all of the information and documentation needed to ensure that the resulting will is considered legally binding in any state or province. The majority of companies that manufacture legal will kits also offer satisfaction guarantees, meaning that if there’s an issue with the kit in terms of missing paperwork in any way that prevents you from completing your will, they’ll replace it free of charge. Overall, these kits are legally binding and contractually sound for the purpose of creation a valid will.
**How much does a legal will kit cost?**
Prices for legal will kits vary based on the company and the type of kit. There are some very basic kits available through retail outlets that only offer a few documents that are available for as little as $10. For fancier kits, like those offered by LegalZoom, there are package prices of around $50. In many cases , it’s worth buying a kit that’s slightly more expensive and comes as a kit versus a boxed set of documents. While there are instructions available with every kit, there may be nuances and details necessary to complete your will the right way that you may not know. Take this into account when evaluating kit price.
**Should I use a legal will kit?**
It depends. Choosing to use legal will kits to create your will is a highly subjective decision that may only be right for some people. For those with added complexity in their lives—multiple property holdings, children from multiple marriages, complex financial and medical situations—a legal will kit may not be the best option. There’s a range of solutions out there for completing your will, from online services to meeting with a legal representative. Having nuanced discussions with a company such as LegalZoom may be all you need to determine if using a legal will kit is right for you.