Preparing your will--good ways and not so good ways

A recent Associated Press story described the various options for a person to write a will. First, the article stressed the importance of a will, "Even if you voiced your wishes to your family, the bottom line is that a proper will bestows a certain authority on your decisions."

The article continues by explaining that a person can hire an estate planning attorney, prepare a will online (or with computer software), or simply write one out for oneself. Here are the pros and cons for each method:

Estate planning attorney--

Hiring an attorney is probably the best approach if want to be sure you're making the most of tax and property laws.

Estate and trust attorneys should also be able to raise financial repercussions you didn't consider. Getting a lawyer's counsel is an especially good idea if you have a sizable estate or anticipate your wishes might trigger a family spat.

Even if your assets are very modest, you might simply get peace of mind knowing a professional is behind the wheel.

Online wills--
A basic will can easily be under $100 in cost. However, "the drawback of online will sites is that they don't offer personalized advice."

Do it yourself--
Although this version is easy and free, it may not be honored in some states if written by hand or if witnessed improperly. Furthermore, "it's easy to forget even basic details every will should include."

A Florida attorney did some research regardin online and software estate planning documents. See his blog entries on the topic here.

As a final aside, consider the backstory and the nearly 30-year saga of an estate in New York, as told by the New York Times. In a stunningly long-term family dispute concerning the dead man's will and his real estate holding, two sisters alleged their mother and brother conspired to divert the sisters' rightful share of their father's estate.