Do you really need a will? If so, how soon should you draft one after buying a home or starting in real estate investing, and how should you go about doing so?
Writing a will and last testament is often one of the last things on a new real estate investor’s mind. There is so much to do and there is already enough paperwork floating around to re-stock an Amazonian rain forest. However, not having a will often means putting your wealth and the future of your heirs into the hands of lady luck.
Without a written will, virtually anything could happen to your estate and assets if anything were to happen to you. This would mean all of your hustle and hard work could be for nothing. Not only could your family be left in the lurch, but you could be too if you are living but unable to manage your money yourself any longer.
For these reasons, having a written will is a must. However, most homeowners and real estate investors simply don’t feel they have the time to deal with the back and forth with an attorney or don’t want to pay out the big bucks. While the best choice is probably to hire the best (and often most expensive) estate attorney you can find to craft one for you, there are other options available.
There are now plenty of inexpensive options for fill-in-the-blank wills to be found online. If this is your desired route, just be sure to do your research, as there can be some issues with these due to variations between state laws and/or outdated information.
If you don’t think you have the time or energy to write your own, there are other online tools that can help you with the process. For example, LawDepot.com is a relatively cheap (under $100) option that guides you through the process in just 15 minutes.
Even the busiest and stingiest real estate investors can’t afford to be without a will. You don’t know for sure what’s in store for you the rest of today, let alone in the weeks ahead. Crafting your own right now even if rudimentary, is a smart start. It can always be updated and revised later, but at least your chances of seeing your desires executed will be a whole lot better.