On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Tuesday July 12th, 2022.
DIY projects are popular, but is DIY estate planning a good idea?
Do-it-yourself estate planning has become increasingly popular in recent years — especially since a global pandemic has people worrying about the future in new ways. DIY planning seems like an excellent way to save money. People often think grabbing forms from the internet will be sufficient. However, there are some reasons why this is one area where doing it yourself may not be the best option.
Does It Meet Your State’s Requirements?
Each state’s estate planning laws are unique, and the rules that apply from year to year can change significantly. Unfortunately, there is no real way to verify if a DIY estate plan you download from the internet complies with your state’s laws, even if it promises to do so.
Most websites that provide do-it-yourself estate planning disclaim any liability for any paperwork that doesn’t function appropriately after settling your estate. On the other hand, an estate planning law company assumes full responsibility for the documents they design and will be on hand to help if any problems occur. They are available to testify in support of your objectives should it be required. They can review the notes they took during your discussions with your beneficiaries after your death.
It’s More Than Just a Will
Most people mistakenly believe that having a will is all that is necessary to establish an estate plan. Even if you create a DIY will that is legal and complies with state regulations, it’s unlikely that it will be sufficient to meet your estate planning needs. Wills are only one component of a comprehensive estate plan.
Besides, wills are usually not a one-and-done situation.
Wills require updating. You must update your will to reflect any changes resulting from having children, getting married or divorced, or acquiring a sizable sum of money. It will be much simpler for you to make these modifications if a professional is accessible to assist you.
Get the Help You Need
In the end, assurance that your legacy is safeguarded motivates most people to make an estate plan with an expert instead of relying on internet research and DIY forms.