Common Mistakes with DIY Estate Plans
Today we start our four-part series on common mistakes that are made with Do It Yourself estate plans.
The internet offers all the information and tools we need at our fingertips to create our own estate plan, right? For most people, this is simply not true. Several years ago, Consumer Reports®, an independent nonprofit consumer watchdog group, created wills using the forms provided by DIY websites and asked three law professors to review them.
Although the professors found that the wills drafted using the DIY services were better than wills drafted by non-lawyers on their own, they were inadequate to fully meet the needs of most consumers.
Although your DIY “estate plan” may initially cost only $99.95, it may end up being much, much more expensive than an estate plan designed by an experienced estate planning attorney.
Wills are only one part of a comprehensive estate plan that fully protects you and your family
Even if your DIY will meets all your state’s requirements and is legally valid, the will alone is unlikely to be sufficient to address all of your estate planning needs. Furthermore, DIY packages you can buy online that purport to be comprehensive may not include important documents you may be unaware that you need. As a non-lawyer, you have not received legal training and are unlikely to know which documents you need to fully plan for the future. This is not a criticism—an estate planning attorney doesn’t know how to fly a plane or create a delicious crème brûlée without the necessary training and experience.
Without expertise in a particular area, we simply don’t know what we don’t know—and this could lead to unnecessary heartache for you or the family and loved ones you will one day leave behind.
DIY estate plans may not conform to the applicable law.
The law that applies to estate planning is determined by each state—and there can be wide variations in the law from state to state. Although the forms you can find on the internet may claim to conform to your state’s law, this may not always be the case. In addition, if you own property in another state or country, the laws in those jurisdictions may differ significantly, and your DIY estate plan may not adequately account for them.
We Can Help
A DIY estate plan can lead to a false sense of security because it may not achieve what you think it does. If your DIY will is not valid, your property and money will go to heirs specified by state law—who may not be the people you would have chosen. An unfunded trust will be ineffective. Banks may not accept a generic power of attorney you found on the internet. Laws affecting your estate plan may change. These are just some of the mistakes or unforeseen issues that could cost your family dearly. An experienced estate planning attorney is aware of any trends in the law that could dramatically affect your estate plan and has the expertise needed to help you design and create a comprehensive plan. Call us today so we can help provide you and your family with the peace of mind that comes from knowing that you have an estate plan that accomplishes your goals and will avoid unnecessary attorneys’ fees, headaches, or conflict for your grieving family when you pass away.
At Marvel Law, we are here to help serve you with purpose. Click here to email us or call us at 309-807-2885 for your FREE 15-minute consultation.
