Ask Stacy: Can I Put Together My Own Will?

Photo by Iakov Filimonov / Shutterstock.com

As any financial adviser worth their salt will tell you, having a will is mandatory, no matter your age or net worth.

A will doesn’t have to cost a lot. But this week’s reader question is from someone who would rather pay nothing by simply writing a will on a piece of paper.

I have received various answers to this question, Stacy. Can you tell me if I can write my own will (my permanent address is in Florida), and if so, have it witnessed and should it be notarized? Also, can you give me a source to properly know why a power of attorney is necessary even if one is not incapacitated — or perhaps you can give me an answer to that. I have been told I should have one, but keep it in a safe place. Why? And that it is automatically invalid when I die and my will takes over? — J

Can you write your own will?

The instant you die, your estate is born.

The person in charge of your estate, known as the executor or administrator, will be given the authority to dispose of your remains according to your wishes, distribute your money and possessions, and provide for the care of any minor children you leave behind.

How does the executor get named and know what to do with your body, possessions and children? It’s all spelled out in your will. If you die without one, these decisions will still be made. They’ll just be made by a court instead of you.

There are several ways to get a will. The traditional way is to visit a lawyer and pay them from a few hundred to a few thousand dollars, depending on your situation and their rates. A less expensive option to create a will is by using software and/or online forms and doing it yourself for $100 or less.

The final, and free, option is to write your own will from scratch. This is known as a holographic will.

Here’s a list from Nolo.com of the 26 states where holographic wills are recognized by courts. There are a few additional states that accept holographic wills from soldiers at war or sailors at sea, but those wills become invalid after discharge from the military or returning to shore. You’ll note that Florida, where J lives, isn’t on the list.

  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Hawaii
  • Idaho
  • Kentucky
  • Maine
  • Michigan
  • Mississippi
  • Montana
  • Nebraska
  • Nevada
  • New Jersey
  • North Carolina (if found after death in a place intended for safekeeping)
  • North Dakota
  • Oklahoma
  • Pennsylvania
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • West Virginia
  • Wyoming

Even if you can, why would you?

It’s understandable that you wouldn’t want to spend hundreds of dollars to create a will, especially if your estate is small. But scratching it out yourself on a piece of paper? In my opinion, that’s the epitome of penny-wise and pound-foolish.

If you want to create your own will, at least use professionally prepared and approved online forms or software to do it. If J is computer literate enough to send me a question via email, J probably has what it takes to use one of those products. If J doesn’t, J should find someone who can help. Potential sources:

  • Rocket Lawyer: Free one-week trial, membership for $39.99 a month
  • Nolo: Online wills and software from $34.95.
  • LegalZoom: Basic, $69; Deluxe, $79

As you can see, prices aren’t astronomical. And because these solutions do the vast majority of the work for you, there’s no reason to attempt a holographic will.

Now for J’s next question:

Why is a power of attorney necessary if you’re not incapacitated?

The short answer: A power of attorney is rarely necessary if one is not incapacitated. However, should you become incapacitated without one, it will be too late.

It’s like dying without a will. It doesn’t matter if you don’t have a will as long as you’re alive, but it’s very hard to draft one when you’re not.

So it’s important to draft a power of attorney, or POA, while you’re still functional. Then, should you become either mentally or physically unable to make decisions, you’ve already named someone you trust — typically called an agent — to act on your behalf. They’ll be able to do everything you’d do yourself, from paying the water bill to taking care of insurance claims.

However, since your agent may also have the authority to drain your bank account, don’t give this task to just anyone. They may literally have your life — financial and otherwise — in their hands.

We’ve published an article called “Have You Got the Power … of Attorney, That Is?” Check it out and you’ll note there are several special types of power of attorney you can use:

  • Durable power of attorney: This POA gives someone the ability to manage your finances after you’ve become incapacitated.
  • Limited power of attorney: This document gives an agent POA abilities for a limited time or only for certain purposes.
  • Medical power of attorney: This is the POA that allows others to make medical decisions on your behalf.

What if you don’t get a power of attorney?

If you die without a will, a court will decide where your kids and property go. If you become mentally or physically incapacitated without a power of attorney, a court will decide who gets to make financial decisions on your behalf.

Imagine you have progressive dementia and suddenly start sending your life savings to Nigerian scam artists. Your kids want to protect you from yourself, but they don’t have the legal authority to intervene. The only thing they can do is hire a lawyer, go into a public courtroom and convince a judge you can’t manage your affairs.

Sound like family fun? If not, naming a power of attorney before you need one is a good idea.

Powers of attorney, both medical and durable, are generally included in the estate planning process, so if you use either a lawyer or the kits above, there’s no additional expense to create one.

As for J’s question about keeping powers of attorney in a safe place: Yes, all of your estate planning documents should be kept in a safe place. The agent named in the power of attorney will need to produce it for it to be of any use, so they’ll need access to it. Which means, unless the person named as your agent has access to your safe deposit box, keeping a power of attorney there isn’t a good idea.

If you use an attorney, have the attorney keep originals and keep copies at home. If you don’t, find the safest possible place for both your powers of attorney and will, and tell those affected where they are.

Got any words of wisdom you can offer for this week’s question? Share your knowledge and experiences on our Facebook page.

Got a question you’d like answered?

You can ask a question simply by hitting “reply” to our email newsletter. If you’re not subscribed, fix that right now by clicking here.

The questions I’m likeliest to answer are those that will interest other readers. In other words, don’t ask for super-specific advice that applies only to you. And if I don’t get to your question, promise not to hate me. I do my best, but I get a lot more questions than I have time to answer.

About me

I founded Money Talks News in 1991. I’m a CPA, and have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate. Got some time to kill? You can learn more about me here.

Got more money questions? Browse lots more Ask Stacy answers here.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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