The Dangers of Do-It-Yourself Wills
Creating a will by yourself or preparing estate planning documents without the advice of an attorney create a big risk. Online estate planning services are a popular choice for some people who believe they can save time and money by doing it themselves. While there may seem to be benefits by using an online service, whatever these perceived benefits may be, are far outweighed by the negatives. There are serious consequences to creating a will or estate plan without professional assistance. Estate planning is vital to preserving wealth, passing assets to heirs, ensuring that last wishes are upheld, making sure that healthcare decisions made for you are what you wish, and so much more. Online services offer minimal customization, no personal accountability, and you won’t know there are problems with the documents. It is not until your loved ones try to use them after your death that they encounter costly problems, producing unforeseen outcomes that you never would have wanted.
What an Attorney Does that an Online Service Does Not Address
According to the American Bar Association, one of the greatest dangers of online do-it-yourself estate planning services such as LegalZoom, which recently gained $2 billion in valuation according to Bloomberg, is that they lull people into a false sense of security. The online services can be just as expensive as hiring an estate planning attorney. Vague wills are often created that are deemed invalid by a probate court. Some online documents inadvertently give too much power to a durable power of attorney. For example, a do-it-yourself will and estate plan will likely fail to take into account any of the following issues that an experienced estate planning attorney would certainly cover:
- Create necessary trusts to preserve wealth for spouses, children, grandchildren, and other family members;
- Provide professional tax guidance;
- Distinguish accurately between probate and non-probate assets;
- Provide representation for executors of the will, trustees, or estate administrators;
- Create a valid trust for special needs children;
- Create an accurate advance health care directive or durable power of attorney.
Do-It-Yourself Wills Often Fail to Meet Basic Requirements
In order for a will to be valid, it must meet certain basic requirements, such as being properly witnessed. In addition, it must address how debts and taxes should be paid, who should act as administrator, name potential guardians to minor children, and much more. A do-it-yourself will is probably not the right choice for you unless you are single, have no children or dependents, own no real property, and have few assets. Because most people do not fall into this category, do-it-yourself wills and online estate plans are too risky.
The Pasadena Estate Planning Attorneys at Frame & Frame Can Help
It is not a good idea to cut corners on your last will and testament by doing it yourself with a cheap online service if you want your last wishes upheld or if you want to pass down your property accurately. We strongly urge you to contact the top Maryland estate planning lawyers at Frame & Frame at 410-255-0373 to schedule a free consultation before you make any concrete decisions about your will or estate plan.