Most people understand the importance of having a Will, but may put off writing it because they think it will be costly, difficult or time-consuming. Doyourownwill.com offers a free, simple online service that guides you through the process of writing your Will in a few easy steps. The service will yield a valid, state-specific Will you can save to your computer in a PDF or editable format. The process is completely private and free of cost – you will never be asked for an email address or credit card, and none of your information is saved on the site.
A power of attorney (POA) is a written authorization to act on another’s behalf in legal matters. The person creating a power of attorney is known as the “principal” and the person authorized to act is called the “agent.” A durable power of attorney is a specific type of agreement that remains in effect even in the event that the principal becomes incapacitated (e.g. through physical injury or mental illness).
Writing a Will can be an iterative process, evolving over time as your life situation changes. It is important to take the initial step of beginning a draft, but it is also important to recognize that you may need to update your Will one or more times throughout your life.
If you’re searching for an online will maker, DoYourOwnWill.com offers a free service that might be right for you. This free service helps you create a simple will that is generally sufficient for people who are under age 65 and own property worth less than the threshold limit for federal estate taxes ($5 million for deaths in 2011 and 2012).
If I am 25 years old and want to have a million dollars by the time I am 65, how much should I be willing to invest each year if my investments (e.g., mutual funds) pay an average of 12% per year?
Answer: $1304, or a little over $100 per month.
The above example is based on the power of compounding, where interest is calculated on the initial principal and subsequent accumulated interest payments (interest on the interest). Using the numbers from the above example, a person who invested $1304 at 12% interest would have $1460.48 (1304 x 1.12) at the end of the first year; $1635.74 (1460.48 x 1.12) at the end of the second year; etc. Naturally, the earlier you get started investing, the larger the amount of money you will acquire in your lifetime.
Many people put off writing a Will because they believe it will be costly or difficult, that it is unnecessary because their possessions will automatically pass to their spouse or children, or simply to avoid thinking about their own death. But writing a Will is critically important for all adults regardless of wealth, marital status, or age.
Proper estate planning allows you to minimize taxes, control how your assets will be distributed after you die, and keep certain details of your estate private if you wish to do so.
You can revoke any type of Power of Attorney (including a durable POA) at any time, for any reason, as long as you are mentally competent. The revocation must be completed in writing, and typically includes the following information..
If you're searching for free legal forms online, DoYourOwnWill.com and TrialData.com have you covered!
DoYourOwnWill.com has compiled several of the most commonly requested legal forms on our Free Legal Forms page, including power of attorney, lease and rental agreements, bills of sale and others.