The Risks Of Online & DIY Estate Planning

Now more than ever, there are thousands of online resources available to help you with your estate planning. Some are blogs or articles that explain the legal probate process, so you and your family can know what to expect. I’ve even seen ads on TV recently for do-it-yourself estate planning.

Many people turn to free online forms or online templates to complete their estate planning, rather than meeting with an attorney. It can be tempting to DIY your estate planning. On the surface, this seems like a cheaper and easier option than traditional estate planning with an attorney. Many individuals assume they can handle it on their own, regardless of their legal knowledge.

Unfortunately, there are many risks and unexpected consequences to online or DIY estate planning, of which the average person is likely unaware. These could end up costing you and your family a significant amount of time, money, and heartache in the long run.

Why Online & DIY Estate Planning Are Not The Best Approach

1. Wills Aren’t One-Size-Fits-All

In an ideal world, a simple digital Will would be enough to cover every family’s estate planning. But in reality, every situation is unique, and customized estate planning is typically required to ensure the wishes of the individual creating the Will. The online and DIY plans will prompt you with questions to answer, but I find the questions are often confusing, and you may not understand the implications of the question for your personal situation.

Online Wills or free Will templates may fail to account for the intricacies of your personal life, including:

• Your specific financial situation
• The nature of the property you own
• Who you want to be your heirs (it may not be the standard ones programs suggest)
• Who you do NOT want to be an heir
• Provisions for any minor children (guardians, trusts, and trustees)
• Provisions for step-children or children of a previous marriage
• Who you do and do not want to serve as executors of your estate
• Your wishes for your funeral and burial

An attorney will take the time to deeply understand your individual situation and your desires for your estate planning, which online Wills typically do not delve into adequately.

2. The Estate Planning Process Can Be Complicated

The probate process is often complex, and each state has its own particular laws regarding estate planning. For instance, in Texas, the Will must be signed in the presence of two witnesses, who are not beneficiaries of the estate.

Many online Will templates fail to account for these distinctions. Failure to properly execute your Will, even if it is drafted correctly, can result in your Will being contested, invalid, or require additional expense to probate.

I have seen many situations in which an individual assumed they knew enough about estate planning to create their own Will, using an online template. Unfortunately, they were unaware of many nuances in properly drafting a Will that truly accomplishes all their desires. As a result, their Wills did not accomplish what they intended. Their families often had to incur lengthy and more expensive probate proceedings than are necessary if the Will is properly drawn by an attorney.

An experienced attorney licensed to practice in Texas can ensure your Will is in compliance with state law. They can also help you take advantage of state-specific opportunities or “shortcuts” which must be mentioned in the Will, to make the estate planning process even easier. A penny saved is not a penny earned. When in doubt, always go to a professional.

3. Things In Life Rarely Stay The Same

As we all know, our lives are constantly changing. Your children may grow up and grow distant. Your marriage may end, and a new one begin. Your job could change, or you could inherit a large sum of money when a loved one passes away.

When you draft a Will with the help of a trusted attorney, updating your Will to account for life changes is fairly straightforward and pain-free. You won’t have to search for the exact site where you first created your Will, or start completely from scratch. You won’t have to guess what you need to change from your original Will.

Additionally, the original Will drafted by an attorney often already includes provisions to accommodate future life changes. So in the event that you forget or are unable to update your Will, you can have peace of mind knowing your estate plan will still be protected.

4. You Could Miss Other Critical Parts Of Your Estate Planning

TV and movies often make it seem like a Will is all you need for your estate planning. However, there are other essential elements of an estate planning package that you need to ensure your wishes are honored for both your assets and physical well-being. A comprehensive estate plan should include:

• Your Last Will & Testament
• A Durable Power of Attorney
• Medical Power of Attorney
• Directive to physicians
• A revocable living trust, in certain situations
• Guardianship documentation for any minors under your care
• HIPAA authorization
• And more

Each of these documents must be properly drawn up in accordance with Texas law to ensure they are valid. This is a lot of work for you to do on your own, and it’s very easy to miss a step or complete a form incorrectly.

An experienced attorney will take the time to ensure each piece of your estate plan is finalized correctly and represents your wishes.

Protect Your Estate & Your Desires By Skipping The DIY Estate Planning Tools

While online or DIY estate planning may seem like the cheapest option, in reality, it often costs your family significantly in the long run. It can also result in an outcome that isn’t what you would have wanted. The online or DIY process frequently can be much more cumbersome for you to handle than a consultation and follow-up with an estate planning attorney. I have had a number of clients come to me for help after throwing up their hands trying to figure out the DIY options.

Whether your estate is simple or complex, it’s always a good idea to leave your estate planning to an experienced professional. Investing in an attorney now could protect your family from a frustrating, more expensive probate process and ensure your wishes are accomplished.

If you live in Texas and would like to discuss your estate planning, schedule a free consultation* with Adair Buckner now. Adair will guide you through the complicated estate planning process, ensuring your family, your estate, and your desires are protected.

Schedule A Free Consultation*

*(The free consultation does not cover actual review of documents or giving legal advice on a specific situation.)

** This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal, or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.