Why Should You Avoid Online DIY Wills and Trusts?
Will and trust are the two standard tools used in estate planning. These tools help communicate how you would want your assets to be disbursed on your passing. There has been significant chatter about DIY wills and trusts in the marketplace.
When considering online DIY wills and trusts, the cost-saving factor drives people to this option, but are the services offered worth it? Can cost-saving DIY wills and trusts avoid estate planning mistakes that prove to be expensive later on?
The article will look at what DIY wills or trusts offer and why you should avoid them.
Importance of Wills and TrustsBefore we get into DIY wills and trusts, you must understand the importance of both. According to a study, 50% to 60% of Americans do not have a will or trust in place. If you do not have a will or a trust, your assets get disbursed according to state law on your passing.
For example, in Illinois, if you pass away without a will, your spouse and descendants will inherit the assets 50/50. But in Texas, your assets will be entered in the state’s probate process, wherein they would be disbursed among your relatives.
What Does Online DIY Wills and Trusts Offer?DIY wills and trusts offer online templates and many forms that you can download to plan your estate. These DIY packages are available in off-the-shelf software or online mode and are usually low priced. They are marketed as a cheaper alternative to hiring an estate planning attorney.
The problem with these DIY kits is that you may never know what forms or important clauses are missing if you are not familiar with the law.
Why Should You Avoid Online DIY Wills and Trusts?When considering online DIY wills and trusts, you must take into account the range of services that are being offered. Cost should not be the only factor as any mistakes in the estate planning process could result in quarrels, misinterpretations, legal disputes, and thousands of dollars spent in legal fees later on by your bereaved family members.
Let us examine why you should hire an experienced estate planning attorney and give the online DIY wills and trusts a miss.
You Are Not Offered Personalized SolutionsEvery customer, every estate plan is unique. There is no cookie-cutter, one for all solution when it comes to estate planning.
There are several DIY solutions available that may not take into consideration your unique position. You might end up paying extra fees to get the DIY document reviewed by an experienced attorney. Due to the online mode, there is no guarantee that the attorney reviewing your document can handle estate plans from your state. As we have seen above, asset disbursement rules differ from state to state.
When hiring an experienced attorney, you get an estate plan personalized according to your requirements and the state where you reside. You could clear any doubts you have in a one-on-one session with the attorney of your choice.
No Customer SupportYour assets are handled according to the most recent will you leave behind. If you want total control over how your assets are distributed and not let a judge decide on your behalf, your estate plan should have clear and crisp instructions. There should be no margin for misinterpretation.
In case of mistakes, your family will be left behind to deal with them and spend more money solving those issues than that was spent on drafting the DIY will.
If your circumstances change, will the online DIY mode let you change your will or trust? Will you need to pay extra fees to make any updates?
You can avoid these mistakes with the help of an attorney. You get reliable lifetime support for your estate planning.
Experience Matters In Case of Estate PlanningAn attorney experienced in estate planning will have a keener eye for details than an online DIY kit. Laws differ from state to state. Some updates need to be tracked. There are common mistakes and issues which the attorney will be aware of due to their experience.
An experienced attorney will help you draft an estate plan keeping your unique situation in mind.
Hire Professionals to Plan Your EstateWhen considering online DIY wills and trusts, do not let cost be the only factor influencing your decision. Ensure your assets are handled according to your wish alone by hiring professionals experienced in the field of estate planning. Use free consultation services offered by attorneys to know more about estate planning today.
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