Should You DIY Your Will? | brokeGIRLrich
It’s been a while since we’ve been really morbid over here, but Kassandra’s Financial Fire Drill reminded me that it’s time to work on my will.
One of the perks of being young, single and having no children is that those free do-it-yourself wills are completely adequate for me.
At least, the state of New Jersey says they are and since that’s where I’ve been a resident most of my life and where my will would be probated, those were the laws I was concerned about double checking.
If you’re in a similar boat, I recommend doing a little reconnaissance to make sure a DIY will work for you in your state, but if you have very simple instructions, the odds are in your favor (and may they ever be).
I used the Do Your Own Will website (yeah, turns out that’s a thing) and found it really easy to navigate. It does have options for married people and people with children, so if your estate is still very simple, odds are good you can DIY your own will too, but if you have any concerns about where your money is going to go (or if your children are minors – even though you can still do it yourself, I’d feel better having that double checked by a professional), consult a lawyer.
First you’ll need to select an executor. This is the person who is going to have to deal with all the paperwork, getting your will probated, etc. It’s kind of an irritation. So I was perfectly happy to pick my little brother.
What I didn’t know is that you also have to name a back up executor. That one caught me by surprise because I had to consider who might still be in my life as far as 50 years from now. I selected a cousin I’m pretty close to and I’m going to hope I kick the bucket before she does.
You should then inform your chosen ones you’ve made them your executor and tell them where they can find a copy of your will upon your death. If they roll their eyes and mutter at you, you can remind them that executors get paid. A small portion of the estate is given to them with the understanding that being an executor is a crappy job and takes up several hours or even days of your life.
Perhaps it’s naïve, but I also didn’t realize I would have to account for what to do if my beneficiary pre-deceases me. So if you’re young and single like me, planning to pass on your estate to a sibling, best friend, cousin, etc. you may want to figure out your backup plan.
I was able to list my parents as well, should I do something crazy like take out both myself and my brother in a fiery car accident… honestly, that’s more likely to be him than me. He drives like a lunatic. The point of this rambling is that it’s not impossible we could die together. Really, we’re both pretty questionable drivers. And we like to jump out of airplanes.
However, if the natural order of life occurs, then listing them will probably not cut it. For the time being, I listed a charity in the event all three predecease me.
My free little DIY will also had a section where I could list specific items that should go to people. I actually inherited a charm bracelet from my grandmother that my aunt also really loved, so on the off chance she’s still around when I go, I was able to list that the bracelet should go to her.
So now I’ve got this printed copy of a will, but it’s not actually legally binding yet. An interesting fact I found (again, only confirmed for NJ) is that I don’t have to have it notarized or anything, but I do need two witnesses. The paperwork prints with places for three, so I’m guessing different states require different amounts of witnesses.
As soon as I get the signatures of two witnesses on my will, it’s a legally binding document. However, when it needs to be probated, the witnesses may need to confirm that they did indeed sign it, I did not appear to be under duress, yadda, yadda, yadda. To skip this step and make probate even smoother, I can have the will signed with witnesses in front of a notary, which I think is the approach I’m going to take.
Total time commitment to this project:
- Fill out will at Do Your Own Will – 15 minutes
- Print – 1 minute
- Trip to bank to notarize will – Est. 30 minutes
Thankfully, my dad is an attorney and I have no dependents, so it’s all fairly simple for me right now.
Stefanie @ The Broke and Beautiful Life recently posted…Apple Stock: A Lesson In Patience
We paid a bunch of money for an attorney to do our wills in Florida, only to find out they are state based and we needed new ones when we moved to NY, so we DIY’ed it the second time, got the same results and spent A LOT less money! I advise clients all the time to not spend too much on a will. They are pretty boilerplate and if you don’t have any complicated issues, you could do it yourself and save a bunch of money.
Shannon @ Financially Blonde recently posted…Shameless Plug Sort Of
I like that you have the perspective from both sides of the coin – definitely makes me feel better about my decision.
I agree that the DIY is the way to go for a lot of people if their affairs are not complex. A lot of people feel that because they are single a will is not necessary. But dying without one allows the courts to determine how any assets should be dispersed. And that takes time and money! Thanks for including my Financial Fire Drill post!
Kassandra @ More Than Just Money recently posted…Financial Fire Drill – Are You Ready?
Thanks for reminding me to get my act together! I expected to ace that thing and it didn’t quite go as planned…
Nice bit of research. This was close to my own experience… I’ve had a will, testament, and life insurance since I was 19. A couple years later I added a form for disposition of remains… Hooray!
Mario recently posted…Why blog? Reframing what a blog is in 2014
Huh. I didn’t know there was a form for the disposition of remains. I actually cashed in my life insurance because it’s really unnecessary at this point in my life. My savings will more than cover my funeral and my family would not have trouble floating the expenses until my estate would pay out.
I think it’s completely fine to DIY your own will. We bought some software that guided us through ours. They will hold up legally if done right and are much cheaper than hiring an attorney. That being said, if I had a very complicated financial life or personal family issues, I’d probably seek professional advice.
Brian @ Luke1428 recently posted…How to Pass the CPA Exam On the First Try
I agree! It’s always better to be safe that sorry with something like this, but in a super simple situation, it’s nice to know you can DIY… and maybe it’ll help some people stop procrastinating doing one.
I like the idea of a DIY will, especially for those without a complicated estate. I would have to look into it more to see if it would work for my family.
Kay @ Green Money Stream recently posted…The Intersection of Frugality and Charity
Pinned! This is really good to know. I don’t live in NJ, but thank you for the great info and list of things to look into.
Farrah recently posted…Ice Bucket Challenge Accepted
If your will needs are simple, DIY seems to suffice for most states! Just double check yours. The website I used is good for the entire US.
A quick google search shows the rules for DIY Wills are the same in NY too. I researched this a little bit and found a lot of “Why DIY WIlls are Bad” horror stories. Every single one was about someone who left $2M to someone but the document wasn’t done correctly so it couldn’t be paid out. Clearly if you have millions in assets, you can probably afford a lawyer to do it right!
Leslie Beslie recently posted…July Spending & August Goals 2014
Agreed. What the heck were they thinking??
Very interesting… thank you for sharing!
Stasia recently posted…What You Wish Wednesday No. 14
Going to check out the rules for PA for next time we update. We tend to have regulations on everything so I’m not hopeful.
femmefrugality recently posted…The Ethics of Saying You’re Native American for Scholarship Opportunities
I know I need to do this…. It’s an excellent reminder and glad to know I can get it down fairly quickly and cheaply (being a young, single female as well). At least all my retirement funds are set up to go to my sister in case something happens, which makes me feel a bit better.
Broke Millennial recently posted…Leaving a Job? Here’s How to Rollover a 401(k)
It should. Actually anyone you designate as a beneficiary overrides a will – so if you wanted it to change someday, make sure you update both. Or your sister will get your retirement funds instead of your kids!