how do I go about making a will?

[Tiam]

I have little or no physical property to distribute. But I have a retirement and bank account. I have no idea how to go about creating a low cost will to distribute my holdings for the day I'm no longer here. What's the simplest way to start/and go about this? I'm embarrassed to say I have no idea how to go about this, but there you go. Understanding appreciated.:)

[profnot]

I've seen hundreds of wills over the years. The simplest way is to phone your local mom & pop stationery stores and see who sells legal forms. Don't get forms from the big box stores, like Stapes. They are not state specific.

Another way is to buy Willmaker software from Nolo.com Nolo is a self-help legal press and resource.

I don't like the legal forms you buy online. They state they are state specific but I've seen lots of forms with errors.

You could subscribe to Pre-Paid Legal and have them write your will

Note that a "Living Will" is about your end of life health directives.

You will need to have your signature witnessed and notarized. Most states require 2 witnesses not named in the will and not related to you. Same rules for notary. Most states require everyone to sign under oath.

The witnesses will just watch you sign. They don't read the contents of your will. Most people chose neighbors to come over and offer a beverage and a snack. They hire a mobile notary to come to the house. Do not expect the notary to provide witnesses.

You'll need to find a very good notary who knows the rules specific to wills and witnesses. www.NotaryRotary.com is an online directory for notaries. Check each notary's profile carefully and get the best one in your area. Look for the best, full-time notary. Being an excellent notary requires a lot more knowledge and experience than most people think so choose carefully. I suggest you contact www.Notary2Pro.com and ask for a referral to one of their graduates. N2P is the best trainer of notaries nationwide. (The national notary assoc is among the worst.)

It's great you are thinking about getting this done now. Most people wait until there is a medical emergency. Good on you.

[beckyliz]

You can name a beneficary to your IRA and it will pass directly without having to go through probate. You can also name a Transfer on Death beneficiary to your bank account. That person or persons won't have any right to your balances while you are living, but can claim it upon your death, again, without probate. I do think it's a good idea to do the Durable Power of ATtorney for Healthcare, etc.

[bae]

My wife, an attorney, usually advises people to grab the Nolo product if they don't have anything complex going on in their lives.

[flowerseverywhere]

Excellent suggestions to check beneficiaries and pod accounts are properly done. Also, check to see if you have any life insurance at work. Make sure beneficiaries are up to date.

[TVRodriguez]

Definitely check beneficiary designation forms for the retirement accounts and any life insurance. Be sure to list contingent benes as well as primary, in case your primary does not outlive you. Also, you should be able to name a Pay On Death/Transfer On Death beneficiary or beneficiaries for the bank accounts. Be sure to check with the bank on all policies related to POD or TOD accounts, as some banks are much easier to deal with than others, and some are a nightmare.

As for form wills, well, I've seen a lot of them. I've never seen one prepared correctly by a non-attorney. I've even seen attorneys who are not estate planning attorneys draft Wills wrong. And the mistakes can be quite costly. I'd say it's worth at least a phone call with an estate planning attorney in your area. Location matters with probate issues. Not just state to state, but county to county as well. Ask around and get a reference to an estate planning attorney (not a litigator or bankruptcy attorney or other GP), then get him or her on the phone for 20 minutes. Most will give a consultation either by phone or in person for no charge. A good one can tell in 20 minutes what you need and what they'd charge you, provided you are up front and forthcoming with all relevant personal and financial info.

Disclaimer: I'm an estate planning attorney, just not your attorney.

[Ultralight]

When I was in grad school I went to the university's law clinic. They made my first will for me at age 29, I think. Something like that. It was very simple, this is why I suggest it if you have access to such a service.

But 5 years later I was going through a divorce. So when that happened I changed it dramatically. I went to a lawyer and he charged me a couple hundred dollars. But I basically did nothing. I told him my thoughts, he drew everything up, I read and signed. Easy enough.

I have a total of 187 possessions to my name. I hope to get to 100 in the next few years. So not much would be left for anyone but my retirement accounts currently go to my younger sister. My dog goes to my sister and her husband. But if they cannot take him then the dog goes to my ex-wife (who co-owned him with me when we were married). What I am getting at here is that you should think about your pets too.

Take care!

[iris lilies]

When I was in grad school I went to the university's law clinic. They made my first will for me at age 29, I think. Something like that. It was very simple, this is why I suggest it if you have access to such a service.

But 5 years later I was going through a divorce. So when that happened I changed it dramatically. I went to a lawyer and he charged me a couple hundred dollars. But I basically did nothing. I told him my thoughts, he drew everything up, I read and signed. Easy enough.

I have a total of 187 possessions to my name. I hope to get to 100 in the next few years. So not much would be left for anyone but my retirement accounts currently go to my younger sister. My dog goes to my sister and her husband. But if they cannot take him then the dog goes to my ex-wife (who co-owned him with me when we were married). What I am getting at here is that you should think about your pets too.

Take care!

we used to have a poster here who would annually count her items and list them. Her goals was to have no more than 100 items.

[Ultralight]

She still around? I'd like to know her secret!