DIY wills can fail people when they need them most.
Estate planning is essential for ensuring your wishes regarding your asset distribution are honored.
Even so, not all estate planning is created equal.
DIY wills may sound like a great idea, but they can cause significant issues for you and your loved ones.
Not all do-it-yourself projects are worth the risk.
Unless you are an electrician, trying to do your own electrical work can lead to fires or other disasters.
Similarly, trying to do your own estate planning can leave your loved ones with an expensive and emotional mess to sort out.
DIY wills carry greater risk than many DIY projects.
The main reason people opt for a DIY will is cost.
Estate plans prepared by an attorney can cost anywhere from $100 to several hundred dollars for a basic last will and testament.
If the estate or family dynamics or more complex, the cost can be greater.
This makes the cost of purchasing a DIY will for $20 feel like a bargain.
Although the option is tempting, it can end up costing you and your loved ones far more in the future.
Although writing a last will may seem simple, stringent legal standards must be met.
It is easy to make errors with the use of a DIY kit.
Think of them as a one-size-fits-all or one-size-fits-most, well, fill in the blank there.
Common mistakes include failing to use the specific language to meet state law legal requirements or neglecting to secure and document proper witnessing.
A last will requires two witnesses who do not benefit from the estate to be present at the signing of the document.
Other mistakes include incorrect descriptions of property, misspelled names, and failure to sign the document.
Any mistake in a last will can render it invalid.
Poorly written or invalid wills can lead to significant issues for the estate.
When a will is invalid, assets will be subject to intestate laws rather than the wishes of the decedent.
Translation?
People who were never intended to inherit can end up with your wealth!
Poorly worded wills can lead to legal battles, extensive legal fees, and tortured relationships.
According to a recent report from the Co-operative Legal Services, more than 38,000 families are subject to extended probate issues related to DIY wills.
Yikes!
Often the money drained from the estate to address the impact of these mistakes costs extensively more than the costs of a will created by an experienced estate planning attorney.
Many people have some amount of complexity in their estate planning needs.
For those who own businesses, have real estate in multiple locations, or have children from previous relationships, a DIY will falls significantly short of what is needed.
DIY kits do not address issues like tax planning for inheritances, family changes through divorce or marriage (or remarriage), or other specific conditions.
Flexibility is not a characteristic of most DIY wills.
As a result, changes in life circumstances often require the last will to be completely redone.
The unknown costs of a DIY will often occur when probate begins.
Unclear and invalid last wills lead to longer probate and greater legal fees and expenses.
According to an article from the The Guardian, up to 10 percent of the estate value can be lost due to an ineffective last will.
Losing this amount from your estate can be avoided with a professionally-prepared and executed last will.
Working with an experienced estate planning attorney is the most effective means of ensuring your plan is legally binding and addresses your goals.
A professional knows state laws and will be capable of sharing guidance on the legal requirements for your state and on how to address wishes and complexities.
You will have greater peace of mind knowing your last will can remain valid through your various life changes.
Whether you work with an organization or an individual attorney, you should ensure they are appropriately accredited.
Do your homework.
At a minimum, check out their independent ratings on www.avvo,com and www.lawyers.com, as well as their client ratings and reviews.
It is hard to hide on the internet.
As Ronald Reagan put it: "Trust, but verify!"
An experienced estate planning attorney with years of experience can create a plan to navigate the division of property, inheritance rights for unmarried partners, and estate taxes.
The structure they provide can help you avoid long probate processes and possible legal battles.
Rather than risking the security of your assets and your loved ones with a DIY will, you should invest in working with a professional.
If you are looking for an experienced estate planning attorney in the Johnson County area, contact Harvest Law KC to request a consultation.
Although DIY wills appear cost-effective at first blush, they can lead to greater expenses for your estate and your loved ones during probate.
Sometimes these costs can reach as much as 10 percent of the estate.
Mistakes can easily be made with DIY wills, like improper witnessing.
Such mistakes can invalidate a last will and testament or create other family or legal issues.
Those with more complicated assets, business ownership, and relationships often find DIY wills to be ineffective.
Ultimately, the best way to protect your loved ones, preserve your wishes, and give yourself peace of mind is to work with an experienced estate planning attorney.
This post is for informational purposes only and does not provide legal advice. You should contact an attorney for advice concerning any particular issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.
Reference: The Guardian (Feb. 9, 2015) “The dangers of DIY wills”
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