If you have done any estate planning, you may already be familiar with the expenses involved in drafting a will or a living trust. Many people try to avoid these costs by turning to less expensive alternatives. But that mistake can sometimes cost you more in the long run.
Over the past decade, drafting a will online has become increasingly popular, avoiding some of the fees associated with hiring an attorney. These documents are sometimes called a Do-It-Yourself, or DIY, wills.
The myths about DIY wills
Despite the growing popularity of DIY wills, they are rarely the best choice. There’s no “one size fits all” DIY form you can fill out that will create an estate planning document capable of holding up in court with any degree of certainty, and even when they do, they may still not accomplish what the deceased intended. The most common reason is that our lives are far more complex than we believe, and DIY wills don’t easily reflect that compexity. If you are single with one retirement account and one bank account, a DIY will may be appropriate.
For most people, however, life usually involves joint accounts, multiple investing accounts, forgotten heirlooms, changes in marital status, and sometimes beneficiaries who pass away. All of these things vastly complicate an estate plan and may result in a contested estate.
Proponents of DIY wills may be quick to say that having something is better than having no estate documents at all. In some ways, it is true that having something in writing, even if less than perfect, is better than leaving it to probate court to work out.
However, 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 and may never get around to drafting a more effective or comprehensive estate plan with an attorney.
Disputes start with a question
It can be said for many will disputes, or estate disputes in general, that the case began with a single question that the person who passed away isn’t able to answer. The most attractive feature of a DIY will is that it’s not labor intensive. This means it’s inexpensive, but also means it cannot possibly cover everything. Attorneys who specialize in estate planning have helped draft hundreds of wills, and they know what questions to ask to avoid a dispute later on.
Drafting a robust will is a comprehensive process, and requires the efforts of both the holder of the estate as well as an attorney with appropriate legal experience. In addition, the 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,.
Know what to expect when estate planning
DIY wills are not necessarily bad. In fact, they can be a good way to familiarize yourself with what to expect when you hire an attorney to help with estate planning. You shouldn’t rely solely on a DIY will, however, as a will may not even be the best document for your estate. A living trust may be more appropriate for your needs. In addition, a DIY will typically won’t encompass a durable power of attorney and a health care power, which are equally important estate planning documents.
If you are looking for feedback on the security of your estate, or if you are concerned about the validity of a will drafted by a loved one, Gaslowitz Frankel can help. Contact us today for a consultation and legal guidance.
