It is a mystery why most adults do not prepare their Will. We all know it is an essential document; it describes how the estate should be distributed, it makes somebody responsible to carrying out the directions (the Executor), it may name guardians for children, and set up trusts for minor children. Most importantly it avoids a significant headache for the family and loved ones left behind. But depending on which statistics you believe, anything from 60-80 percent of adults don’t have a Will, and of equal concern is that most people with a Will don’t continually review it to make sure that it is up to date.
We have many discussions with people contemplating preparing their Will and one misguided belief undermines the whole process. Many people have the notion that they only get one shot at preparing a Will. The document that they prepare will be their Last Will and Testament, the actual document that will be read in the days following their departure. If this is the case, then most people want to hold out until they know for sure that this document will be the one that reflects a life time of experiences and encounters. I’ve lost count of the number of times that I’ve been asked variations of “I am expecting a child next April, should I hold off on creating my Will until then”. The answer is that, of course you are going to need to update the Will when the child is born, but nobody should live a single day without a current Will representing their situation on that given day. Write a Will today, and update it next April.
So why are people so reluctant to do this? because it is inconvenient and expensive to write a Will with a lawyer and then have to update it every time a circumstance changes. We’ve heard horror stories of lawyers charging $100 or £100 per edit to a Will, and simple updates costing as much as 400 to 600 dollars or pounds. No wonder people want to make sure that they only have to do this once in their life.
This is why more people are turning to online services like LegalWills.ca, USLegalWills.com and LegalWills.co.uk where a Will can not only be prepared much more affordably, but the documents can also be updated in minutes, at home. A Will can be updated dozens of times a year if need be, at no additional cost. Using a service like this ensures that not only do you have a legal Will, it will always reflect your life at that moment.
Filed under: Contents of the Will, cost of a Will, Lawyers, updating a Will, Writing a Will Tagged: | cost of a Will, Executor, guardianship, Last Will and Testament, lawyers, updating a Will, Write your own Will