The Downsides of DIY Estate Planning
With so many online options for creating your own will and estate planning documents, it’s tempting to go the DIY route. While this might seem quick and affordable, there are some major drawbacks to consider.
Here are a few big reasons to think twice before tackling your estate planning alone:
Risk of Errors and Omissions
Estate planning involves complex legal language, and small mistakes can have big consequences. For example, a simple typo or missed signature could make your will invalid, leaving your estate to be distributed according to state law. Also, many DIY options don’t include essential documents like a financial power of attorney or health care proxy, which are crucial if you become incapacitated.
Inability to Customize
Online templates often assume a “one-size-fits-all” approach, which rarely applies when it comes to personal matters like family dynamics, unique assets, or specific goals. Imagine someone with children from two marriages who wants to provide for all of them differently. A DIY estate plan may not allow for specific distributions or conditions, potentially leaving some children with less or more than intended. This can cause heartache and conflict down the road.
Lack of Legal Advice
Estate planning involves not only understanding your wishes, but knowing the laws that apply to them. Without professional guidance, legal considerations like taxes or the rights of specific heirs could go overlooked. On top of that, the laws change. An estate planning attorney can provide insight into how your plan will play out legally, offering up-to-date solutions an online form can’t provide.
A proper estate plan saves more than it costs.
Learn more about your options by booking a Peace of Mind Planning Session with Attorney Candice McPhillips. This is a 1-hour Zoom meeting where we will review your questionnaire, answer your questions, discuss your options, and review my unique flat fee packages! If we decide we’re a good fit to work together, we’ll take the next steps. And if not, that’s fine too! Book your Peace of Mind Planning Session HERE. Mention this blog and I’ll waive the $450 session fee!
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This article is not intended to provide legal advice or opinion and should not be relied on as such. Legal advice can only be provided to clients of McPhillips Law in response to a specific fact situation.
