It is crucial to have an estate plan ready in the event of your death, and a will plays an important role in it. But despite this, statistics show that the majority of Americans do not have any will or advanced directive.
Instead, more people turn to the modern convenience that DIY wills provide. This option allows users to create their own will through software packages or websites, seemingly without needing any legal assistance. However, while these options often prove quick and cheap, they also pose a number of problems.
What are the downsides to DIY wills?
Forbes discusses some potential issues with DIY wills. First, they often assume familiarity with “legalese” and the law that you do not have. This is why so many people rely on attorneys when creating their estate plans in the first place. It takes years to gain full familiarity with any area of law, and one single mistake could create enormous legal problems for you.
Most online packages also try to generalize and apply to all 50 states. However, each state has its own way of handling the legalities of estate planning. What applies in one may not apply in yours, which could render an online package’s guidelines and instructions worthless to you.
Potential benefits of doing it yourself
On the plus side, having a DIY will is still better than having no will. The convenience, relatively low budget and ease of handling a DIY will easily convince others to start working on their estate plans when they might have continued to put it off before.
But if you do this, you will still likely want to turn to legal help sooner rather than later. Consider seeking the aid of an attorney to create the perfect estate plan for you.