There are many services that offer online DIY estate planning. Although it might be tempting to save money by turning to the internet, it’s important to understand that attempting to plan your estate without the help of an attorney can result in costly mistakes — and ultimately, your wishes might not be met. Critically, estate planning is a highly nuanced process that involves careful consideration of many personal and financial details. You might think your affairs are in order after completing an online template, only to find out proper procedures weren’t followed and your documents aren’t valid.
Here are some of the risks you should be aware of when it comes to DIY estate planning:
Estate planning is not one-size-fits-all. One of the biggest risks to be aware of in DIY estate planning is that the boilerplate templates are not customized to fit the needs of blended families, special needs children, and complex family structures that require personalized planning. In addition, these generic documents are unlikely to be state-specific or updated when any laws change. They are also unlikely to take your specific preferences and wishes into account.
Unlike an attorney who focuses their practice in this area, a DIY estate planning website cannot provide you with the legal guidance you need when planning for the future. For instance, there may be different types of trusts you hadn’t considered that are best suited to help you achieve your objectives. There may also be important provisions to include in your will that are not addressed on a DIY template. An estate planning attorney can help ensure your documents are tailored to your needs — and they are designed to avoid disputes among your family members after your passing.
Without the guidance of an attorney, you could inadvertently make mistakes on your estate planning documents that would invalidate them. For example, there are specific legal procedures that must be followed when drafting and executing a last will and testament. If they are not, your estate could be distributed as if you passed away without a will. Also, if trusts are not properly funded, the intended beneficiaries may not receive the assets — and the property you intended to be safeguarded by a trust would have to go through the public probate process.
Estate tax matters are complex. DIY estate plans do not offer guidance on the strategies that can be implemented in your situation to reduce the amount of estate taxes your loved ones would be responsible for paying. Additionally, these templates do not address any changes to the tax laws. Rather, the software will create the same structure for all assets and do not take the type or amount into consideration. This can result in your estate owing more than it would if you had an attorney who could ensure you take advantage of all tax planning opportunities.
Once an estate plan has been established, it should be reviewed every few years or when major life events occur in order to ensure it still satisfies your goals. This is critical to ensure your wishes will be carried out. Online resources may not provide you with the flexibility to modify your estate plan or make revisions — which can cause your assets to be distributed to beneficiaries you had not intended.
Estate planning isn’t just about who will receive your assets when you pass away. It can also involve planning for the event that you might become incapacitated and be unable to manage your affairs. While the documents that must be drafted in connection with incapacity planning can be complex, DIY templates should not be used as a substitute for the personalized legal advice an attorney can offer you.
One of the major reasons to create an estate plan is to reduce the likelihood of litigation among your family members. Unfortunately, using boilerplate DIY estate planning templates can result in errors and ambiguities that lead to unintended consequences and conflicts among your heirs. Not only can litigation cause tension between your family members, but it can also be costly and substantially reduce the inheritance your beneficiaries would receive.
DIY estate planning comes with many risks. Rather than rely on boilerplate templates, it’s best to have the guidance of a skillful estate planning attorney who can help ensure your wishes are carried out. Located in Springboro, Ohio, Jonathan C. Turner Law Office works closely with clients to create customized estate plans that will provide them with peace of mind. Jon serves Springboro and the neighboring communities in Warren, Butler, and Montgomery Counties, including Centerville, Dayton, Franklin, Kettering, Lebanon, and Miamisburg. To schedule a consultation, please call 937-790-WILL or 937-790-9455, or use the online contact form.
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