Why DIY Estate Planning Could Cost You: The Risks to Avoid
These days, we do almost everything online—from shopping to banking—so it’s no surprise that people are turning to the internet for estate planning too. At first glance, using a DIY estate planning tool seems like a simple, affordable option to create a will or trust. You might think it works just as well as hiring a professional. But when it comes to something as important as your estate plan, there are some serious risks to consider.
Outdated Documents: Many online templates are static and may not keep pace with changes in estate laws. If your documents are outdated, they may not reflect the current legal requirements or your changing life circumstances.
Failure to Address Complex Situations: Estate planning can become complicated if you have a blended family, own a business, have significant assets, or want to set up trusts for minors, people with disabilities, or charitable purposes. DIY solutions often lack the flexibility to accommodate these complexities.
Improper Execution: Even if you complete the forms correctly, many states have strict rules about how wills, powers of attorney, and other documents must be executed (signed and witnessed). A failure to comply with these requirements can make the documents invalid.
Lack of Personalization: DIY estate plans are often generic and may not fully capture your specific goals, such as protecting a family member with special needs, safeguarding intellectual property, or incorporating charitable giving strategies.
Tax Implications: Without professional advice, you could overlook potential tax implications that affect your estate, leading to unnecessary tax burdens for your heirs.
No Legal Advice or Support: Online tools typically don’t provide the personalized legal guidance that a qualified estate planning attorney can offer. This leaves room for mistakes that might not be discovered until it’s too late.
Disputes and Contests: A DIY plan may increase the likelihood of your estate being contested by heirs, particularly if there are ambiguities or errors in the documents.
To ensure your estate plan is thorough, legally sound, and tailored to your unique needs, it’s wise to consult with an experienced estate planning attorney. At Wills, Trusts, Probate & Elder Law Firm, PLLC, we can help you navigate the complexities and avoid the risks of DIY planning, giving you peace of mind that everything is in place. Contact us today to create a plan that truly safeguards your future and your family. Call us at 941-914-9145 or complete our online form to schedule a consultation.
