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What about ‘fill-in the blanks’ do it yourself will forms?
Some thoughts to keep in mind before filing out "fill-in-the-blanks” forms:
(1) Fill-in-the-blank forms vary widely. Too many are just plain awful, so make sure you only use one that has been reviewed by an estate planning attorney.
(2) The fill-in-the-blank form you are thinking of using must be tailored to your state, because requirements for making a valid Will vary from state to state; but even if a form is tailored to your state, it may not meet your personal requirements. The forms often are designed for people with very limited assets and no potential for litigation (such as a family that will go along with anything the person decides, even if it “cuts out” some family members). Fill-in-the-blank Wills are not right for families who have special circumstances, such as owning an out-of-state vacation home, or having a disabled child or grandchild, or a beneficiary who has received public assistance, etc.
(3) Fill-in-the-blank forms may not deal with possible federal or state estate taxes, or their impact if both spouses die at or about the same time. Federal estate taxes apply to estates valued over $2 million for persons dying in 2008. That limit increases to $3.5 million in 2009; the Federal Estate Tax is repealed in 2010, and reinstated again in 2011 for estates over $1 million, unless Congress does something different. With the situation changing so rapidly and the future tax law so uncertain, it’s often necessary to get professional tax legal advice to keep up with tax issues. For federal estate tax purposes, the value of your estate is not only the property you own that passes by Will; it also includes property that passes by joint tenancy, the face amount of all life insurance, and the value of your IRA, 401(k) and other retirement plans which typically pass under beneficiary designations and not the Will. If you don’t take this into account, your estate could end up with a whopping tax bill that will deprive your heirs of property they would have inherited if you had planned your estate differently.
(4) Even with the best possible fill-in-the-blank forms, the crucial step most likely to be messed up is the execution of the Will. A Will is not valid unless “properly executed” in accordance with the laws of your state of residence (or the state in which it was made). Some states require that in order to make a valid Will there must be 3 witnesses, all present at the same time who see you signing the Will, who then sign it immediately afterwards as witnesses. If even one of the necessary witnesses was not present, the Will would not be valid. If one of the witnesses is also a beneficiary, that witness may be disqualified from taking anything under the Will.
(5) Fill-in-the-blank form Wills might also take longer to probate because judges may question the process used in their execution, requiring the witnesses who saw you sign the Will to appear in court. That creates expense, delay, and added legal bills.
If any person who would benefit from the Will being thrown out starts a “Will Contest,” he or she will be successful if the Will was not properly signed and witnessed. In other words, you may think you prepared a valid Will, but it would not be worth the paper it is written on, and that would not be known until after your death. So be very careful what resources you choose to use, make sure you know how the Will has to be signed and witnessed in your state, and get advice if you have any questions. |
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