Dying without a will can create a complicated financial situation for your loved ones. According to a recent survey by Western & Southern Life Insurance, only one in four Americans has a valid will.
The State of Estate Planning in America
The survey revealed that barely half of respondents (53%) were confident they understood their spouses’ wishes, while even fewer (48%) could say the same about their parents. Nearly a third of those surveyed (30%) admitted they’ve never discussed end-of-life financial plans with their family members.
The Consequences of Not Having a Will
The silence around estate planning can have severe consequences. Most Americans struggle financially when a family member dies, facing both funeral costs and the loss of income. While many rely on life insurance to cover expenses, a quarter of respondents reported difficulty accessing death benefits or other critical funds. Close to 40% turned to credit cards and personal loans to close the gap.
Without a will, your estate could be tied up in a lengthy probate process, and the state would decide who inherits your assets. State intestacy laws have specific rules for spouses, children, and siblings that might not align with your wishes.
Simplifying Estate Planning with Online Will-Makers
The advent of online will-makers has made estate planning easier and more affordable. Users can follow simple prompts and create a legally binding document recognized in all 50 states in just one afternoon.
Top Online Will-Makers
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Trust & Will: Offers an easy-to-follow question-and-answer format and access to attorneys for a line-by-line review or advice on estate and tax planning topics. Cost: $199 for an individual will, $299 for a joint will.
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Quicken WillMaker & Trust: Allows users to create wills, health care directives, and living trusts, both online and through downloadable software. Cost: $109 to $219, ($39 per year to make changes after the first year).
Expert Insights
“People don’t want to talk about a will for emotional reasons,” said Mary Clements Evans, a certified financial planner and president of Evans Wealth Strategies. “They don’t want to think about their death or their spouse’s death.”
According to Cody Barbo, CEO of Trust & Will, “Creating a will online removes much of the fear, cost, and complexity that have historically held people back.”
Frequently Asked Questions About Wills
Do I have to have a will?
You’re not legally required to have a will, but without one, you won’t have control over who inherits your assets or becomes guardian to your children.
Is an online will a good idea?
An online will is an affordable solution for many, especially those hesitant about traditional estate planning. However, individuals with large estates or complex family dynamics may need personalized care from an estate planning attorney.
Are online wills legitimate?
As long as it meets your state’s legal requirements, an online will is as binding as one prepared by an attorney. You’ll typically need to print the will and sign it in front of two witnesses who are not beneficiaries.
Conclusion
Estate planning is crucial for protecting your loved ones. With the help of online will-makers, creating a will has become more accessible and affordable. It’s essential to review and update your will every three to five years or after significant life changes.
