Understanding Wills
Financial glossary InvestorWords.com defines a will as "a legally enforceable declaration directing the disposal of a decedent's property." Traditionally, wills were drawn up by an attorney for thousands of dollars. Those without the means to afford a lawyer didn't know what would happen to assets and children after a fatal circumstance. Today, there are online wills that provide an affordable and legally binding alternative for everyone.
Finding Online Wills
True online wills are found on the Internet. For fees that range from $10 to $100, you can draw up your will with access to help and customer service features. However, you can also buy software that contains the necessary documents and forms. The software kits will also contain access to the online features.
Writing a Will Online
Online will programs consist of forms to fill out. The program asks questions designed to tailor the will to your situation. To answer these questions, you need a lot of information, including ID numbers from insurance policies, Social Security numbers, financial account information, deeds and titles. After you input this information, the program creates a customized will you can print out.
Writing the will isn't as simple as it sounds. You must take time to properly plan the will, make important decisions about child custody and asset division before filling out the will documents. This ensures that the proper decisions are being made. However, you may have to seek an attorney if you discover that your situation is too complicated for the program. Online wills are designed for simple circumstances much like a 1040 EZ tax form covers only the basic taxpayer's financial situation.
Making it Legal
To be legally binding, a will must be witnessed and notarized. Find two people that aren't mentioned in the will to witness the signing. Take your witnesses and the documents to a notary public. Notaries are usually located at banks, currency exchanges, or accounting firms. Sign in the presence of the notary who will apply a stamp that acknowledges the signatures as authentic. Make copies of the will to keep in a secure place, such as a safe deposit box or fireproof safe. Online wills do not have to be registered with the court.
Tags: legally binding, your situation