INDIANAPOLIS — Creating a will or a trust is something that new studies show only 40% of American adults have done. It’s not something people like to think about, but it’s generally a necessity. It can now be done fairly quickly and without spending much money.
“A significant portion of those who do not have a will, know they need a will but there’s been some reason they’ve put off putting a will together. And unfortunately they are just unprotected and their family is unprotected,” said Patrick Hicks, head of the legal department at Trust and Will.
The most common reasons for not putting together a will are that you’re too young and don’t need one. People also say they don’t want to call a lawyer and start a sometimes lengthy and expensive process. But there are inexpensive and simple online resources. Trust and Will is one example.
“It’s an online platform, allowing you to create your own documents. You can have them shipped to you and you follow easy instructions, sign them and make a valid will,” said Hicks.
It takes about 15 minutes and you can get your will online sometimes that day or have it shipped to you. A will starts at $89, and a trust is $399.
“Estate plans with a lawyer are sometimes necessary. Not having a will often leads to disputes and disputes often lead to litigation which can be incredibly expensive,” said Hicks.
So what do you need to get started, if you’re doing a will online? Most online resources have a small online checklist.
“Most of the questions are things that you already know off the top. It’s information about you and your family, your preferences, and where you would want your assets to go. There’s nothing really complex requiring you to know specific account numbers or anything like that,” Hicks said.
You do need to think about a few other things to make a will, such as who would you want to care for your children (if you have any) and what should happen to your final remains. Just like a will, they are things most of us don’t want to think about, but experts say we should, for you and your family’s sake.