When it comes to drafting wills and trusts, many people decide to “DIY” it to avoid the costs of hiring an advisor/estate planning attorney.
Whether someone attempts to create a handwritten will or draft one using an online service, we have seen that the repercussions of DIY estate planning can be far more costly than what would have been spent hiring an attorney in the first place.
Your needs are more complex than you might think
In an era where you can do just about anything online, our experience in this industry has shown that homemade wills are still rarely the best choice. This is largely because no estate plan is exactly the same. Trying to fit your complex needs and wishes into a pre-set mold, not to mention also considering your unique family dynamics, is rarely ever effective. Hiring an attorney who understands the complexities—and human behavior—is essential to ensure your estate plan will hold up in court and is built in a way that prevents disputes down the road.
Keeping up with the changes can be overwhelming
Between creating joint accounts, adding multiple investing accounts, discovering forgotten heirlooms, changing your marital status, grieving the passing of beneficiaries, and more, updating your estate plan without an expert present can be quite overwhelming. On the flip side, putting these updates off until it is too late or neglecting to make a necessary change may result in a contested estate—something that could have been avoided.
An insufficient will can actually hurt your estate
While it may seem like “something is better than nothing,” solely relying on a DIY will can affect an estate negatively. Someone who has such a will may be lulled into a false sense of security that all his affairs are in order when indeed they are not.
An attorney will be able to explain certain concepts and answer questions better than a web page can—candid advice that can help a person avoid common mistakes, like giving the position of executor to someone who may not be a good fit, or leaving assets to someone who may not be ready or able to receive them. Not to mention that a DIY will typically does not encompass a durable power of attorney or a health care power of attorney, estate planning documents which are just as important as a will or trust.
If you are concerned about the validity of your loved one’s estate planning documents, contact our firm to see if you may have a potential case.
Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes, representing individuals, executors, trustees, investors, shareholders, and corporate fiduciaries in complex fiduciary disputes involving wills, estates, trusts, guardianships, and businesses.
