• Reviewing inexpensive options to create your Will or Trust

    April 18, 2012 // 7 Comments

    Posted in: Estate Planning

    My new year’s resolution this year was to complete our family estate plan. I work in Finance and I constantly advise clients to complete their Last Will and Testament as part of their planning. So, the time came for me to practice what I preach. I wanted to create a simple Will that named a guardian for our children and perhaps created some form of simple trust for them so that they didn’t get their inheritance all at once if we passed away. So, I began calling around to various attorneys to get cost quotes and to learn what the process would entail. I was stunned to get quotes ranging from $500 for a bare bones package to $1,700 for a Will and Children’s Trust with 1.5 hours of time for the attorney to go over the plan in detail with us. Our family has limited resources and we simply cannot afford that kind of expense. So, I really had no other choice but to find a valid way to do it myself. I figured that all I’m paying for is the attorney’s knowledge and since we live in “The Information Age” why couldn’t I do this on my own? Now, let me be clear that I think it is always ideal to have a lawyer licensed in your state prepare your family’s legal documents and that it is very valuable counsel. However, I believe that many attorneys have simply priced themselves out of the market. If you have a straight forward situation like mine (not a blended family, no one is likely to contest the Will, etc), you may consider the review of each of the options on the tabs at the top. I did my best to analyze the options and use the best one. I couldn’t find a good review of each option when I was researching it, so I thought I would create this short website to pass along the information. Enjoy!

    PS… if you just want me to just cut to the chase, I used the Quicken Willmaker. Here’s the link to it:
    Quicken WillMaker Plus