It’s been at least 30 years since my husband and I sat for hours with an attorney who specializes in estate planning. It wasn’t the most pleasant thing I’ve ever done. We were young and the idea of being old and planning for our respective deaths seemed ludicrous. That meeting together with nearly $2,500 made us the proud owners of a Family Trust and Estate Plan, which included the important legal documents that every adult needs.
Recently, a letter from Jenny reminded me that we need to update the documents in our Estate Plan because they may now be out of date. For sure they are “out of state,” due to our relocation to Colorado.
Thankfully, we now have an option to do this ourselves—legally and properly—for a whole lot less than it cost decades ago.
Dear Mary: I’m 50, married and have two adult children. Our financial life is not complicated. I do not have a will and know that I should. Can I put faith in a simple Will done by one of the large online companies or is it in my family’s best interest that I hire a lawyer? I have read your work for many years and appreciate your advice. Thank you. Jenny
Dear Jenny: Thank you for the trust you put in me, something I value highly. My quick answer is that absolutely you need a Will plus four other documents as well, and I have an online source to recommend to you which will help you do this yourself—a reputable legal help organization you can trust and without reservation.
Will this preclude the need to hire an attorney? It could, but I cannot advise you on that because every situation is different. What I can tell you is that you can do this yourself and be well protected now with all of your information and desires written down in proper legal order—and have that to take to an attorney if or when you find that necessary.