Sunday, March 22, 2009

Wills are a Good Idea for Younger People too!


By Daniel Powell
Even though the thought of passing away and having a plan in place may not cross your mind in your younger years, you are never too young to do some basic estate planning. Putting together a simple plan can be very beneficial to parents, friends, and loved ones and can save them countless hours of time in the case of death. This plan does not take very long to put into action and there are two main areas that should be addressed to do so. A standard will should first be created to give instructions on how your assets are to be handled and distributed after death. Second, a plan should be in place that tells your wishes in the event that you are still alive but unable to make decisions for yourself.

These decisions may seem too soon to start making for those in there late teens and 20’s because they are either planning or just starting to plan their future. However, making a will is not as painful as it may sound and should be kept simple. For those of us who are young, single, and don’t currently have a lot of possessions, there are do it yourself books or software programs that can guide you through writing a simple will. The approximate cost of doing so is under $50. If you were to hire a lawyer, a simple will is going to start around $250 and could go up to $1,000 depending on your situation.

Most people will agree that the average person in their 20’s is not going to need a lawyer to write their will for them. Making a will is going to rarely involve complicated legal issues. Most lawyers will use a standard form that contains the same clauses that are found in most do-it-yourself wills. Many lawyers have their secretary type in all the basic information for the will which is something you have the capability of doing yourself for the cost of your time. However, for a will to stand precedent, you need to sign and acknowledge it in front of two witnesses.
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