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Top Tips for Preparing an Estate Plan

For many, preparing an estate plan can seem like a complicated and daunting process. Last wills, living wills revocable living trusts, powers of attorney, advance directives, probate, executors and much more. There’s no shortage of things to consider. But – where should you start?

Fortunately, for most, preparing an estate plan is a fairly simple answer.

First and foremost, make a will. It’s not complicated and simply enables you to identify who you would like your assets to pass to after your death, who you want to appoint as your executor and who you would like to act as a guardian to your children in the event of your death. That’s all fairly straightforward stuff that most people can quickly get their head around. For those with young children, they can also use their last will to create a trust for their children. That just means appointing someone to manage their children’s inheritance until such time as they are considered old enough to look after it themselves. Making a last will is a simple step in preparing an estate plan.

Next up, we would recommend a durable power of attorney. This is a simple estate planning document under which you appoint someone you trust to manage your legal and financial affairs in the event that, through illness, accident or otherwise, you are unable to manage your own affairs. Your trusted ‘deputy’ will have power to make decisions on your behalf for so long as you are unable to. Better still, you can given the as much or as little scope to do so as you please. For example, you can appoint your attorney to manage all of you affairs without restriction. You might give such authority to a family member or friend you trust implicitly. Alternately, you might give them very limited authority – such as the right to transfer money from one specific bank account to another specific bank account once per month, and in no greater amounts than $1,000 per transfer. You can be as specific as you want.

A legal and financial power of attorney can be a great tool in ensuring that your legal and financial affairs can be managed when you are unable to tend to them.

A healthcare power of attorney is similar to a financial power of attorney, except it allows your attorney to make healthcare decisions for you. They can give or withhold consent for all or specific medical treatments if you are unable to give or withhold consent yourself.

Apart from last wills and powers of attorney, you might also want to make a living will or a living trust when preparing an estate plan. We’ll cover these in detail in the next article. However, without a doubt, having a last will and power of attorney puts most people in a great position in so far as estate planning is concerned. Get those two right – and you’re definitely 90%+ there in terms of having a solid estate plan.

How Can EstateBee Help You?

For more information on last wills or powers of attorney, read some of the other articles in the Learning Center.

You can also check out our estate planning book, which is called Estate Planning Essentials. It will introduce you, in plain English, to preparing an estate plan and provide you with a clear and simple path to making an estate plan – without the need for a lawyer.

Alternatively, check out EstateBee’s online estate planning software that allows you to make an online last will and testament and online power of attorney without the cost or need to engage a lawyer. Without a doubt, our estate planning software (which is state specific) is one of the most sophisticated pieces of online estate planning software on the market and has been a market leader for over 20 years.

If you have any questions about our products or services, please contact our customer service team, who would be delighted to assist you.

Estate Planning Documents You Need in COVID Times

Is now the right time to prepare your estate planning documents?

Unfortunately, as many of us know only too well, COVID doesn’t come without risk. For the lucky ones, symptoms are mild. For the less fortunate, COVID can mean several days in a hospital bed or even worse.

While we have limited ability to prevent an infection, we have much more control over how we plan for the possibility of infection. This principle holds true for estate planning. There are steps we can take now to ensure that, should we contract COVID, we and our families will be best placed to manage our affairs.

In this article, we look at some of the estate planning documents we can use in such a scenario.

1. Financial Power of Attorney

A financial power of attorney document is an estate planning document that gives a trusted agent legal authority to deal with a person’s financial affairs on their behalf. In doing so, the agent can take steps to protect and preserve the value of the person’s financial assets – be they business or personal assets.

For example, the agent can write checks, pay bills, transfer monies, buy and sell assets, lease out real estate, file returns, take out insurance and much more.

There are few restrictions on who can be appointed as an agent provided they have reached the age of majority in the state in which they are performing their duties and are mentally competent. Of course, you should only choose someone that you trust implicitly to act as your agent because your agent has virtually the same legal authority to make decisions on your behalf that you would ordinarily have. It’s also wise to appoint a back up agent in case your first nominee is unable or unwilling to act on your behalf. This can be easily done in your power of attorney document.

2. Health Care Power of Attorney

Next up is a health care power of attorney document or a HCPOA as they are often referred to. It’s similar to a financial power of attorney except that your agent’s authority is limited to making medical and healthcare decisions on your behalf rather than financial decisions.

You can also specify in your healthcare documents any instructions that your agent needs to follow. For example, you may be against blood transfusions for religious reasons and you may wish to stipulate that your agent cannot agree to such transfusions. In almost all instances, your agent and attending physician will be obliged to comply with your instructions.

A health care power of attorney can be really beneficial if you are unable to communicate your healthcare wishes during any period of incapacity. In that case, your agent will be able to step in and make the decision for you. Of course, as with financial powers of attorney, choose an agent you trust and who will respect your wishes should the need arise.

3. Living Will (Advance Health Care Directive)

A living will, also known as an advance health care directive, allows you to specify the end-of-life treatments you want or don’t want to receive if you become terminally ill or permanently unconscious and unable to communicate your wishes. Your physicians will be obliged to follow the instructions set out in your living will in administering your medical treatment.

You can also appoint an agent with responsibility for ensuring compliance with your wishes and communicating with physicians on your behalf.

The situations in which living wills apply are different to those in which health care powers of attorney apply. Living wills only apply where there is no reasonable prospect of the patient recovering from the disease, illness or condition that has resulted in their inability to communicate their wishes and where death is the likely end result. So, for example, if you were merely unconscious because you were sedated for an operation, the provisions of your living will would not apply.

Without a living will, your family would have to make the difficult decision as to whether to continue to apply every treatment possible to keep you alive (irrespective of the cost, your age and your overall health) or allow you pass peacefully. By having a living will, you remove this burden from them by setting out your wishes in advance.

4. Last Will And Testament

A last will and testament is one of the best estate planning documents you can make. It allows you to determine the distribution of your property, real and personal, after your death. It sets out who will receive your assets after you die and how your liabilities will be discharged. If you don’t have a will, state law will determine how your assets are divided up between your family and your loved ones (especially unmarried or unregistered partners) may end up with nothing.

You can also appoint an executor who will be charged with the responsibility of winding up your estate after you die, arranging for the payment of your debts and the distribution of your assets. If you don’t appoint an executor, a court will appoint one – and this may not be someone that you would have wanted going through your personal affairs.

More importantly, you will be able to nominate a guardian to take care of any minor children of yours after your death. You will also be able to make provision for your children in your will by creating a trust or custodianship for them. Again, if you fail to make the appointment under your will, a court will appoint a guardian and it may not be someone that you wanted raising your children.

5. Revocable Living Trust

A revocable living trust is one of the most spoken about and misunderstood estate planning documents. It is used to create a trust between you as grantor (the person who transfers the assets to the trust) and you as trustee (the person who manages the trust assets). As you are both grantor and trustee of the trust, you will be able to enjoy and control the trust assets after you have transferred the assets to the trust – in much the same way as you did before the transfer. Better still, you can always transfer the assets back in to your own personal name if you so desire.

The benefit of a living trust is that because the trust assets will be in the name of your trust at the time of your death, rather than in your personal name, there will be no need for those assets to go through probate. As such, the person named as successor trustee (which is a little like a personal representative or executor) in your living trust agreement will be able to quickly transfer the trust assets to the beneficiaries named in the trust document after your death.

Another advantage is that if you become incapacitated at any time, your successor trustee will be able to step in and take over management of the trust assets – without the need to go to court. He can also use the trust assets to make provision for your medical care or to provide for any of your named beneficiaries.

Properly drafted, a living trust is a fantastic estate planning device with many benefits.

How Can EstateBee Help You?

For more information on any of any of these estate planning documents, read some of the other articles in the Learning Center.

You can also check out our book Estate Planning Essentials. It introduces you to estate planning and shows you how you can make an effective estate plan quickly and easily without the need for a lawyer. You’ll learn about estate planning documents such as wills, trusts, powers of attorney, medical directives, probate avoidance methods and more. To help you get a fuller understanding, particular attention is paid throughout to beneficiaries, children, disinheritance, incapacity, estate taxes and inheritance taxes. If you want to prepare an estate plan, this book is for you.

Alternatively, check out EstateBee’s online estate planning software that allows you to make an online last will and testament, an online living will, an online living trust and an online power of attorney without the cost or need to engage a lawyer. Without a doubt, our estate planning software is one of the most sophisticated pieces of online estate planning software on the market and has been a market leader for over 20 years.

EstateBee’s software is state specific. So, for example, when you are presented with options for property management for minor beneficiaries, various elements of your state’s laws have been incorporated in to those options – such as whether your state allows UTMA custodianships or not, the age of termination of such custodianships, etc. The same applies in relation to the execution of your will, for example. In the case of Vermont, for example, where three witnesses are required, the software adds the relevant number of witnesses to your document. And the list goes on…everything is state specific and bespoke to your situation whether you are married, in a registered partnership and whether you have children or not.

If you have any questions about our products or services, please contact our customer service team, who would be delighted to assist you.

Reduction of Estate and Gift Tax Exemption

The plan to pay for President Biden’s proposed Build Back Better Act has been released by the House Ways and Means Committee. Elements of the plan, which still needs to make its way to legislation, are likely to impact gift and estate tax planning.

In short, the plan proposes to reduce the current federal gift and estate tax exemption from the $10 million (indexed for inflation to $11.7 million for 2021) to $5 million (indexed for inflation to approximately $6 million) with effect from January 1, 2022. This is far sooner than the expected reduction, which was to take effect on January 1, 2026.

If this proposal is adopted into legislation, the federal gift and estate tax exemption would be reduced to just over $6 million (indexed) from January 1, 2022. This being so, you may want to think about using any remaining gift tax exemption before December 31, 2021. You can do this by making lifetime gifts or transferring assets to irrevocable trusts. Any transfers to irrevocable trusts using the current federal gift tax exemption ($11.7 million per person or $23.4 million per married couple) would need to be completed before that date – when the new legislation is expected to come into effect.

All of these changes are of course subject to change and invariably there will be some degree of change between now and when the legislation is drafted. As such, it’s important to check with your tax advisors before making any decision to act on information in the plan.

We’ll update this article once the legislation has been published.

Forms for Last Will and Testament

When it comes to selecting forms for last will and testament, you need to be careful. Don’t just choose the first website or legal documents you find online. Do your research. Check out the company supplying the forms for last will and testament and also the quality of the forms. Also check out any customer reviews you can find.

Standard forms for last will and testament typically include the following:

Preamble* – sets out the name and addresses of the person making a will.
Revocation* – revokes all previous wills and codicils made by the will maker.
Executor* – appoints one or more persons (known as executors of a will or personal representatives) to ‘wind up’ the will maker’s estate following his or her death.
Survivorship –requires beneficiaries under a will to survive the will maker by a fixed period, such as 30 days, before becoming entitled to inherit under the will maker’s last will. This clause is commonly used in connection with gifts made between spouses and serves as a means of reducing multiple estate administrations and the possible double payment of estate taxes where both spouses die within a short time of each other.
Cash Gift (legacy) – makes a gift of cash.
Specific Property Gift (bequest) – makes a gift of a specific item of property.
Residue Gift* – makes a gift of the balance of the will maker’s estate after all the cash gifts and specific gifts are made and after all debts and taxes are paid.
Estate Administration and Expenses – specifies how the will maker’s estate is to pay its debts, expenses, taxes and costs of estate administration.
UTMA and Child Trusts – creates a type of custodianship or trust to manage property gifted by the will maker to a young beneficiary under his last will and testament.
Guardianship – nominates guardians and successor guardians to care for the testator’s minor children and to manage property that they might receive.
Executive Powers* – sets out the powers to be granted to the executors of a will, which will be in addition to any powers that they might be granted under federal or state law.
Executors’ Fees & Liabilities – specifies whether the executors of a will should be compensated for their work as executors and whether they should be held liable if they negligently cause a depletion in the value of the estate.
Attestation* – the place where the will maker signs and executes his last will and testament.
Witnessing* – the place where the witnesses (usually two, sometimes three) sign and attest that they have witnessed the will maker sign his last will in their presence.

The clauses with the asterisk (*) above are clauses that should appear in every will.

How Can EstateBee Help You?

If you want to make Forms for Last Will and Testament then EstateBee can help you. We offer a number of different make Forms for Last Will and Testament to cover a variety of different circumstances including:

Form for last will and testament for a person who is single with no children.
Form for last will and testament for a person who is single with children.
Form for last will and testament for a person who is married with no children.
Form for last will and testament for a person who is married with minor children.
Form for last will and testament for a person who is married with adult children.

All of our wills are approved by lawyers, and suitable for use in all states (except Louisiana). They even contain advanced provisions not included in many forms for last will and testament found online. Better still, if you want to prepare your will and send it to one of our lawyers to double check it, we also offer that Lawyer Review Service.

If you have any questions about our products or services, please contact our customer service team who would be delighted to assist you.

What is a Last Will Codicil?

A last will codicil, or a codicil to a last will and testament, is a document that amends the terms of an existing last will and testament.

There are many reasons why you may wish to amend a last will and testament:

You may wish to make new gifts or amend old gifts to beneficiaries. Perhaps the value of those gifts have changed since you originally made your will; or maybe you simply wish to choose new beneficiaries.
Maybe you have sold some of the assets you had gifted under your will, or maybe you have acquired new assets and wish to gift them to specific beneficiaries rather than have them pass to your residuary beneficiaries.
Maybe one of your executors, trustees or guardians has passed away or you simply wish to amend your previous selections.
Maybe you have married, divorced or separated; or maybe you have a new child or two.

There are may reasons to amend a last will and testament. These are just a few of the more common reasons.

In order to amend a will, you simply need to create a legal document called a codicil. A codicil to a will is a document which sets out the exact changes that you wish to make to your will. Once drafted, you then need to execute your document in the presence of two or three witnesses (three witnesses are required for Vermont) in the same way that you would execute your last will and testament. Once executed, your last will codicil serves to amend your last will and testament.

How Can EstateBee Help You?

For more information on wills, check out some of our other articles on wills in our Learning Center.

If you would like to make a codicil, check out our Codicil to Last Will & Testament Kit. This self-help legal kit includes step-by-step instructions, detailed information and all the legal forms necessary to prepare your own codicil document without the need or expense of engaging a lawyer. It also includes various examples of the changes that you might wish to make to your will.

If you would like to make a last will and testament, check out our Online Will Writing Software. Its free to try and you can make a will in as little as 10 minutes. It’s also one of the leading estate planning softwares on the market.

If you have any questions about our products or services, please contact our customer service team who would be delighted to assist you.

What is a Living Trust ?

One of the most common questions we are asked here at EstateBee is what is a Living Trust ?

Simply put, it is a trust created by a person for the purpose of holding some or all of his or her assets in a manner that avoids probate.

The trust is created by entering into a living trust agreement. That agreement is made between a person in his or her capacity as creator of the trust (often called the grantor) and the same person in his or her capacity as manager of the trust (also called a trustee).

Once the trust has been created, the grantor transfers some or all of his or her assets to the trust. These assets are transferred in the same way that they would ordinarily be transferred from one person to another.

Then, once the assets have been transferred to the trust, the trustee of the trust (which happens to be the grantor) takes over management of the trust assets on behalf of the trust. In that way, the grantor can continue to enjoy use of the assets while in the trust.

Under the terms of your trust agreement, the grantor can stipulate how the assets in the trust will be transferred after his or her death. In this respect, a living trust is very like a last will and testament.

When the grantor passes away, the person he or she nominated as their successor trustee under their living trust agreement will be able to step in, take control of the assets and distribute them in accordance with the terms of the agreement. In doing so, the successor trustee is acting very similar to how an executor or personal representative under a will would act.

However, the big difference between living trusts and wills is that, with a living trust, the assets held by the trust do not pass through probate. This means that the successor trustee is free to distribute the trust assets without the need to get court consent and without the need to have the trust assets admitted to probate. This can end up saving time and money.

Now, hopefully, when someone asks you about a living trust – you’ll be able to tell them 🙂

How Can EstateBee Help You?

For more information on what is a living trust and how to avoid probate, check out our book Make a Living Trust & Avoid Probate. It will explain all about living trust and guide you step-by-step through the matters you need to consider when making a living trust. You’ll learn all you need to know about trusts, their advantages and disadvantages, the tax implications, the alternatives to living trusts and, of course, how to easily make your own. With detailed information, easy-to-follow instructions, helpful worksheets and all of the forms necessary, we show both individuals and couples how to avoid the otherwise inevitable delays and costs of probate by preparing a revocable living trust and using other simple probate avoidance strategies.

For more information on what is a living trust or on any of our products, contact our customer service team who are here to help you.

How to Make a Will Online

The Internet is responsible for many things such as providing information quickly and allowing you to make money from your website. It also allows you to create documents online or to have them created for you. This includes the ability to make a will online.

There are many online companies that can make a will online for you. Other ways to make a will online include instant downloading or having a form printed out that you can fill in on your own time.

Some of these sites are free while others charge for their service. Some charge additional money for having an attorney review your document. Which type of website you should use for making an online will depends on whether you have a few or many assets and whether there are specific things you want in your will. It’s helpful to shop around for the website that will provide you with the right will for your situation.

Do-it-Yourself Wills
Some online companies allow you to make your own will with their software. The website will provide a general template that you can fill in with information specific to your situation.

When creating your own will, it’s important for you to find out what the law requires in your state because you must comply with it for the will to be valid. Using a do-it-yourself will company may save you a lot of money if you are savvy about your estate and about how you want to divide it. If you aren’t sure what you need to put in your will, you may not want to use a do-it-yourself company.

Downloading Forms Specific to Your State and Situation
Some websites provide specific forms which are state-specific and fact-specific. For example, if you need a will for Michigan, you type in the state and you’ll get a form for that state. The site also may ask for information such as whether you have children or whether you want to disinherit anyone. It may ask questions about the type of property you have such as real estate and personal property.

You provide certain information in response to the website’s prompts and your will is created for you. You can then print it, although some companies will email it to you. These sites take you from one page to the next and ask you specific questions. If the questions pertain to you, it will add a clause with the information you provide.

Some of these sites have the option to have an attorney review the document. That might be a good idea, especially if you think you may have overlooked something. This may be an extra service for an additional fee on some sites.

Creating a Will with Review by an Attorney
Some online companies will walk you through the steps of creating your will by use of a questionnaire and by having an attorney review the entire will. The will may take a little longer to create because it is being reviewed, but many of these companies can provide your will within a relatively short period of time.

Even if an attorney reviews the will you created, there may be things left out that should be included. You should be aware of what is required in your state and what the best options for your estate are. The more vigilant you are, the more you can protect yourself by knowing what belongs in the will and what doesn’t.

Some Online Websites
Do some research before you pick a company to prepare your will. There are websites such as EstateBee.com, LegalZoom.com, Rocketlawyer.com, and Nolo.com that prepare wills, but it’s up to you to see if you like these sites. There are many other companies, so review and compare their ratings and customer satisfaction before choosing an online will maker.

You don’t have to be a senior citizen to make a will online, and in fact, it’s important to have a will if you’re married, if you have a child, and if you have a large estate. You may want to discuss your entire estate plan with an online attorney. Sometimes other documents, such as a living revocable trust, a power of attorney, a healthcare power of attorney, and a living will—which contains your instructions for when you’re incapacitated—may be necessary or desirable.

If you have a large estate, a complicated estate, or if there are some complicated issues such as disinheriting beneficiaries such as a spouse or child, you may want to consult with an attorney in your state. This is also a good idea if you think people will contest your will in court.

Be Vigilant — Necessary Clauses in Your Will
It is important for you to know what to look for to ensure that the will follows your intent and that it doesn’t leave anything out. Some of the provisions a will should contain are:

The name of a guardian and a successor guardian to care for your children;
The names of beneficiaries and alternate beneficiaries;
The specific names of any charities that are beneficiaries;
The property, real and personal, that each beneficiary will inherit, describing each item in detail so there’s no guessing what you intended;
The name of an executor and a successor executor;
Forgiving debts others owe you, if desired, otherwise your executor can try to collect them;
Any people you specifically want to disinherit. The best way to do this is to name the person, and state that you are specifically disinheriting this person without explaining why. They’ll usually know why. If you are disinheriting someone, you are advised to discuss this with an attorney.
A residuary clause, which states how you want the remaining property distributed after all debts and taxes have been paid and after all beneficiaries have received their distribution;
Clauses which do not contradict your life insurance or other policies;
Your name and address and the addresses of the beneficiaries and executor so they can be located.

Make sure beneficiaries and the executor are not witnesses to the will. Also ensure that you have the required number of witnesses for your state. Quite often the witnesses’ signatures need to be notarized. It is advisable to have all the witnesses sign in each other’s presence so the will is not invalidated.

Some states don’t allow you to staple anything, including the will itself. Others require you to initial all the pages. Check your state’s rules, which specify how your will should be signed, witnessed and bound.

Never keep a copy in your safe deposit box, as the box can be sealed by the probate court until a later time. It’s best to keep the original somewhere in your house where your loved ones can find it. You can always leave a letter to your family, explaining where your documents can be found.

Working online with websites such as EstateBee is a great way to make a will online, especially if your estate is relatively simple. In the event you have any questions, seek legal advice.

How Can EstateBee Help You?

EstateBee’s Online Will Maker Software allows you to make a last will and testament without the cost or need to engage a lawyer. Without a doubt, it is one of the most sophisticated pieces of online will writing software on the market.

EstateBee’s Online Will Maker Software is state specific. So, for example, when you are presented with options for property management for minor beneficiaries, various elements of your state’s laws have been incorporated in to those options – such as whether your state allows UTMA custodianships or not, the age of termination of such custodianships, etc. The same applies in relation to the execution of your will. In the case of Vermont, for example, where three witnesses are required, the software adds the relevant number of witnesses to your document. And the list goes on…everything is state specific and bespoke to your situation whether you are married, in a registered partnership and whether you have children or not.

EstateBee’s Online Will Maker Software is, without doubt, a market leader – and has been so for over 20 years.

If you have any questions about our products or services, please contact our customer service team who would be delighted to assist you.

Do I Need to Make an Estate Plan? Are There Benefits?

Many people think estate planning is for the wealthy or simply believe that there is no need for them to have an estate plan – after all, they don’t have much anyway. The reality is that anyone who has reached the age of majority in their state, has any assets which are important to them, or who has children should make an estate plan. A decent estate plan will include, as a minimum, a last will and testament, a durable general power of attorney and a healthcare power of attorney and living will.

The fact is, whether your estate is large or small, there are many compelling reasons why everyone (with very few exceptions) should take the time to organize and plan their estate. For example, developing and implementing a good estate plan will ensure that:

• your assets will be managed during any period in which you are incapacitated (this is accomplished using a durable power of attorney);

• someone you know and trust will be able to make medical decisions in accordance with your specific instructions and wishes should you become incapacitated (this is accomplished using a healthcare power of attorney and a living will);

• your assets will be disposed of as you would have wanted following your death and you avoid intestacy – which is where the courts decide who inherits your assets based on state laws (this is done using a last will and testament);

• your family and friends will not have to wait months or even years to receive their inheritance following your death (this is done using estate planning techniques such as pay-of-death account, transfer-on-death securities, living trusts, insurance policies, tenancy and common and other similar methods);

• your children will be properly looked after by a guardian of your choosing and not one appointed by a court (this can be achieved using a last will and testament); and

• much more.

When it comes to estate planning, one thing is certain. If you fail to plan ahead, a judge will make all of the above decisions for you. In making these decisions, the judge will look your state’s law and the predefined estate plan that applies for everyone who fails to plan for the distribution of their estate themselves. In essence, a court will appoint someone to make medical decisions on your behalf, dictate who receives your assets based on specific rules of inheritance (known as the rules of intestacy), appoint someone to look after your children and much more. What is worse, neither your wishes nor those of your family can override the decision of the court.

From the above, you can see that one of the most compelling reasons to prepare an estate plan sooner rather than later is control. If you have a proper estate plan in place then you, and not a court, can determine how your affairs are dealt with.

If you want to put that estate plan in place, EstateBee can help you. We provide all of the self-help documents, kits and books necessary to enable you to put your estate plan in place. We are experts in estate planning and have been in existence since 2000 – so we know what we are doing and we know how to help you. On top of that, all out documents have been prepared by lawyers and are written in easy to understand language.

How Can We Help You?

For more information on estate planning, read some of the other articles on this website.

You can also check out our book Estate Planning Essentials. It introduces you to estate planning and shows you how you can make an effective estate plan quickly and easily without the need for a lawyer. You’ll learn about estate planning devices such as wills, trusts, powers of attorney, medical directives, probate avoidance methods and more. To help you get a fuller understanding, particular attention is paid throughout to beneficiaries, children, disinheritance, incapacity, estate taxes and inheritance taxes. If you want to prepare an estate plan, this book is for you.

If you have any questions about our products or services, please contact our customer service team, who would be delighted to assist you.

How to Create a Will Online

We all know of the importance of estate planning and, in particular, making a last will and testament. However, despite this over 65% of Americans pass away without ever making a last will. Of those that actually make a last will, many of these wills turn out to be invalid or flawed in some way. This usually happens with home made wills as people fail to take proper care in making their last will and subsequently in executing their Will. Fortunately, there is a simple way to avoid having your last will deemed invalid – you can create a will online.

One of the best ways to make a legal will is to create a will online using the internet. There are a number of reputable companies, like EstateBee, which have been in business for a long time that now offer online will writing services.

As you answer questions, the online will making software will present you with questions relevant to your circumstances. For example, when you indicate that you have children a good piece of online will writing software will automatically ask you about guardianship of your minor children – in much the same way as a lawyer would.

Once you have answered all the required questions and made all appropriate selections, the online will maker software will process your answers and formulate a last will & testament that is unique to your particular circumstances. You can then usually purchase the last will you made online for a small fee.

In choosing an online will provider, you should ensure that you select software that has been prepared by lawyers (many are not!) and that is being sold by a reputable company with estate planning experience – like EstateBee which has been operating online since 2000. You should also look for will making software that includes advanced features like the inclusion of alternate beneficiaries (few pieces of online will making software do), UTMA custodianships, child trusts, pot trusts, guardianships and options for the payment of taxes and debts.

You can buy cheap online wills on many websites. However, before you do, you should make sure that these cheaper online wills contain the same options (or at least some of them) set out for online wills above. Otherwise, the cheap online will may end up costing your family a lot in the long run…..be careful……

How Can EstateBee Help You?

EstateBee’s Online Will Writing Software allows you to make a last will and testament without the cost or need to engage a lawyer. Without a doubt, it is one of the most sophisticated pieces of online will writing software on the market.

EstateBee’s Online Will Writing Software is state specific. So, for example, when you are presented with options for property management for minor beneficiaries, various elements of your state’s laws have been incorporated in to those options – such as whether your state allows UTMA custodianships or not, the age of termination of such custodianships, etc. The same applies in relation to the execution of your will. In the case of Vermont, for example, where three witnesses are required, the software adds the relevant number of witnesses to your document. And the list goes on…everything is state specific and bespoke to your situation whether you are married, in a registered partnership and whether you have children or not.

EstateBee’s Online Will Writing Software is, without doubt, a market leader – and has been so for over 20 years.

If you have any questions about our products or services, please contact our customer service team who would be delighted to assist you.

Why It’s Important to Make a Will

Many people believe it’s not necessary to make a will while they’re young, before they have children, or if they’re not married. There might be some truth to this but you should forego making a will only if you’re completely familiar with your state’s intestate succession laws. Those are the laws that take effect if you die without a will.

If you die intestate—without a will—the laws of your state determine who gets your property. If you have a child, the absence of a will can lead to serious consequences because you haven’t properly chosen a legal guardian for your child. That means a court will have to choose one. Also, if you die intestate, some relatives you didn’t speak with may end up being beneficiaries of your property. The bottom line is even if you are young, single, and have no children, it’s beneficial for you to have a will.

Reasons to Make a Will
The most important reason to make a will is to make sure your wishes are carried out after you die. It’s important to have a will even if you have a small estate. An estate is the property you own and what you owe. A will tells the probate court what you want to do with your property and who you want to receive it. Without a will, your property could end up going to various heirs you didn’t suspect would get it.

Each state has different laws concerning what happens if you die intestate or without a will. In many cases, if you have a spouse, either the spouse will inherit most of your estate or all of it, depending on your state. If you have children, state law determines whether they inherit property. In some states, they will get a share of your property along with your spouse. In other states, they will not. Stepchildren generally do not inherit under state laws unless they are named in the will. The same applies to domestic partners—unless named in a will, they usually do not inherit anything.

It is possible in some states that if you have no children, your parents could inherit from you, and it’s also possible for siblings to inherit property if there are no surviving parents. This could include half-brothers and half-sisters. If there are no surviving family members, it’s possible for the state to take the entire estate. If this is not what you want, see an estate planning attorney to draw up a will for you. It doesn’t cost as much as you think and you can shop around.

If you have children, it is essential to have a will so you can appoint a guardian for your children. If you don’t appoint a guardian, the court will appoint one for you and it may not be someone you want.

If you don’t have children and have only a few possessions, you may not need a will if you understand the laws of intestate succession in your state.

What Can a Will Do?
A will is a document which shows how you want your wishes carried out after you are deceased. It can include:

Who inherits your property and how to divide your assets;
Who the contingent beneficiaries are in the event the beneficiaries you chose die before you do;
Who is the guardian of your child and the successor guardian;
Who you want to disinherit, if anyone;
Who you want to name as executor of your estate to pay bills and administer your estate;
How you want your pets cared for;
Who you want to manage the children’s property, called a property custodian or trustee;
The names of people who might not inherit from you without being named in the will—for example, a niece, friend, stepchild, grandchild, domestic partner or common law husband or wife;
The name of a charity you want to inherit some of your property, if desired;
If you have a living trust, a clause in the will which states that whatever property was left out of the trust gets transferred into the trust after you die, or however else you wish to deal with property that you forgot to specifically mention.

How do You Make a Will?
Certain things must be present in a valid will. If the will is not valid, it will be as if you died intestate, so it has to be done correctly. A will has different requirements in each state but many of the requirements are the same. Check with an estate planning attorney for the requirements in your state.

Making a Legally Valid Will.
To make a valid will, the will must:

Be made by someone of sound mind when they make the will so they know they are making a will, what it means, and what it contains;
Be in writing, which can be by computer, typewriter, or by hand if the witnessing and proper signing for handwritten wills are followed;
Be of legal capacity to make the will, which usually means to be at least 18 years of age;
Be made with intent by the testator (the person making the will) to make a will;
Be made voluntarily, as any will made under threats or coercion will be declared invalid;
Function as a will so that it includes a) distribution of your property to certain beneficiaries, and b) includes the possible appointment of an executor and a guardian for your children;
Be signed in the presence of at least two witnesses and a notary; in some states three witnesses are required. Do not let anyone who is mentioned in the will be a witness or the will could be declared invalid. Also ensure that all witnesses are at least 18 years of age;
Be dated the same date it is signed;
In some states, have each page initialed in the margins;
Not have staples removed. If stapled, removing them generally renders the will invalid because the court will think it was tampered with.

It’s important to make a will to ensure that your property goes to your chosen beneficiaries and to ensure that anyone you want to disinherit is specified. A will is also essential for choosing a guardian and an executor. To make sure your will is valid, see an estate planning attorney who can prepare the will under the laws of your state. You also can have an estate planning attorney review any will you have made online to make sure it complies with your state’s laws.

How Can EstateBee Help You?

Alternatively, you can use EstateBee’s How to Make a Last Will & Testament book or its Legal Will Kit, or better still its Online Will Writing Software – which is state of the art and a market leader in North America.

EstateBee’s will writing software is state specific. So, for example, when you are presented with options for property management for minor beneficiaries, various elements of your state’s laws have been incorporated in to those options – such as whether your state allows UTMA custodianships or not, the age of termination of such custodianships, etc. The same applies for in relation to the execution of your will. In the case of Vermont, for example, where three witnesses are required, the software adds the relevant number of witnesses to your document. And the list goes on…everything is state specific and bespoke to your situation whether you are married, in a registered partnership and whether you have children or not.

If you have any questions about our products or services, please contact our customer service team who would be delighted to assist you.

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Why It’s Important to Make a Will

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