With all the information that is available on the Internet, more people are saving money by trying do-it-yourself projects. Estate planning, however, is one area that really needs a professional guiding things along.
A do-it-yourself Will is typically a generic form that will probably not cover every area of your family’s needs. This could mean your children may not have a guardian, or perhaps your step-children or domestic partner may be inadvertently disinherited.
Generic forms aren’t always up-to-date on the latest state laws so if there’s recently been a change, your form might no longer be valid. In addition, future changes won’t be reflected in that form and chances are, you won’t be notified that your form is out of date.
A do-it-yourself version also doesn’t include options for advanced planning so if you have anything out of the ordinary –for example, a small family business, out-of-state property or a disabled dependent. Your form isn’t going to provide the language you need to cover these concerns.
And last but not least, your family may end up paying much more than you saved on your generic form. Estate planning attorneys can show you how to minimize taxes and avoid probate so that your loved ones get the most from your estate. A generic form won’t do so. Instead of enjoying all the latest tax breaks and expense-saving techniques, your loved ones could be faced with a very hefty bill.
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- Dangers of Do-It-Yourself Estate Planning - August 1, 2021
