We are going to discuss why it is important to have a will, the pros and cons of writing your own will and outline the beginning steps to Do It Yourself Wills.

Why a Will is Important

Wills give explicit legal instructions about your intentions. Even people with modest means should have a will and it is critical for parents of young children to have a valid will. Without a will, your property will be distributed according to the probate law of your state and while the probate codes are reasonable for most cases, they can direct assets counter to your wishes. With a will you can craft specific inheritance tax planning tools to maximize what you leave to your heirs.

The Advantages of Writing Your Own Will

The biggest advantages to writing your own will is that you can complete one quickly and you can save yourself money by going down the do it yourself will route. Writing your own will can be a quick and straight forward process if you have a fairly simple scenario. There are also many resources that you can use to help you write your own will. See the Resources section below for more on creating a last will and testament.

The Disadvantages of Writing Your Own Will

The biggest con to writing your own will is that you can screw it up and it won’t be judged a valid will. In that case it probate court takes over as if you didn’t even have a will. If you have dependent children or complicated assets (like a business or trusts) the complications associated with writing your own will make the risks of getting it wrong outweigh the rewards of saving money. Using an attorney to create a will usually doesn’t cost a lot of money and you will end up with a will that you know will be valid. An attorney will also be able to suggest other forms of asset distribution that could save huge amounts of money or hardship.

The steps to writing your own will

1. Find a couple of credible references for your particular state. Probate law varies significantly from state to state. Don’t fall into the trap of using generic will forms or ones for a state other than the one you reside in. Good resources include books and online resources like your state’s bar association web site.
2. Create an inventory of your assets
3. Determine what you’d like to happen with each asset upon your death
4. Choose an executor. The executor is the person that will carry out the directions left in your will. Make sure the person you choose will have the time and skill necessary AND the willingness to do the job.
5. Write your will.
6. Have your will signed by two witnesses. Verify the requirement of your particular state.

Writing Your Own Living Will

Learning how to write a living will is more challenging than learning how to write a will yourself. Creating a living will is a more specialized task, fewer people do it by themselves and so there are fewer resources available to help you in the process. If you have your heart set on creating a living will for yourself, I recommend that you get it reviewed by a professional before calling it done. There are extra complications and challenges in creating a living will and it is easy to make mistakes.

Resources To Help You Write a Legal Will

There are many resources available that will make it easier when you are writing a will. Again I want to emphasize that every state has different probate codes so you must get up to date and state specific information if you want to learn how to write a will in Texas, or any other state, the right way.

First off there are MANY books that will teach you how to write a will. Some of the best are the ones that walk you through the process in small simple steps and before you know it you will be done with creating a will that will that will both stand up in probate court and represent your personal wishes. Two book recommendations: NOLO’s Quick & Legal Will Book or NOLO’s Simple Will Book, both by Attorney Denis Clifford.

If you prefer a little more interactive medium, there are a couple of very good “write a will” software programs on the market. A good choice for creating wills with software is Quicken’s WillMaker Plus. There are also online services that help you write a last will and testament. Some are simple questionnaire systems and others like LegalZoom also have a legal expert review your answers.