The Internet has empowered millions of Americans with do-it-yourself guides. While DIY is the economical way to go, you might want to think twice when it comes to estate planning.
Yes, you write your own estate plan now—or more accurately, a computer program would help you write your own will and bypass a lawyer. It may seem like a money-saving endeavor, but Christensen Young & Associates and other legal professionals say that it’s not always the case.
It Might Incur Insane Legal Fees
A DIY estate plan is only faultless until proven wrong. Most likely, you wouldn’t know if it’s error-free or not because it’s not going to be you who would find out its woeful oversights.
Ultimately, your dependents would have to deal with the costs of your inadequacies in your self-drafted document. It may have to undergo necessary modifications to become acceptable, which may involve a number of costly fees.
It Might Become Outdated
One of the leading reasons it’s better to hire an experienced estate-planning attorney in Salt Lake City, Cincinnati, or any U.S. city is to make sure that your document is recent. Circumstances change and if your plan couldn’t keep up, your will may not be done.
The value of an expert lawyer is to ensure your plan agrees with your unique situation. Most forms online are cookie-cutter, which sometimes prevent you from updating your plan occasionally. In addition, laws change. Without an experienced attorney assisting you with this process, it’s extremely difficult to ensure your plan complies with the existing rules of the land.
It Might Not Be Valid at All
Without proper execution, your estate plan is a useless document. The rules on execution differ depending on the state and you might not be aware of what applies to your location. If you do it yourself, you might fall into a false sense of security that you have a legitimate estate plan to dispose of your hard-earned wealth when the day comes.
Estate planning is a critical matter you should only leave in the hands of true experts. Unless you’re single and certainly have no money, filling out a DIY estate plan might defeat its purpose and give your family unpleasant surprises at the worst time.