DIY wills are incredibly prevalent on the internet. It can be tempting to just download a premade template and create your will yourself in order to save some money. However, there are many risks that are associated with using DIY wills rather than creating your will with professional guidance. In most cases, these risks can outweigh the expenses of working with an attorney to create the ideal will for your situation. At Stevenson Smith Hood Knudson, we can provide superior estate planning to meet all of your needs. Here are a few of the dangers of DIY wills.
Failure to Distribute Entire Estate
When you use a DIY will, it is possible that you will forget to include certain assets of your estate. This can cause confusion when the estate is being distributed. When you work with a professional, you can be confident that your will addresses all of your estate.
Not Updated with Changing Laws
Laws, especially tax laws, seem to change and evolve over time. DIY wills circulating on the internet are usually not updated to meet these changes. This can cause the will to be ineffective or not meet your goals. An attorney can help to provide you with guidance toward creating a will that considers the current state of the law.
Not Specific to Your State
Laws regarding estate planning and distribution will vary depending on the state. A generic DIY will won’t necessarily address these differences. This can be extremely detrimental to the efficacy of your will. It is essential to work with an estate planning attorney that is knowledgeable about the specific laws in your area or the area where the estate is located.
Failed Document Interaction
A comprehensive estate plan often includes several documents to ensure that all kinds of factors are addressed. There are enough risks with trying to complete a single document on your own. When you use multiple documents, these risks are often exacerbated. It is important to ensure that each of your documents works together to develop a comprehensive estate plan that will best meet your needs.
The way that you sign your will impacts whether the will is valid or not. There are many steps that have to be taken to ensure the will is valid. You have to sign your will in the appropriate locations, as well as have the document witnessed and notarized. An attorney will ensure that your will is executed properly.
Failure to Plan for Alternate Scenarios
There are many things that can impact your estate plan and will. When you work with an attorney, you will be better able to plan for alternate scenarios that can impact your estate distribution process.
Lack of Personal Guidance
If you’ve never created a will before, you have no experience with the process. An estate planning attorney, however, has a great deal of experience in this process. When you work with our team, you can be confident that you will receive superior personal guidance to make the best plan for your own situation.
Delayed Surfacing of Problems
The major risk of DIY wills is that problems won’t surface until it is too late to resolve them. Your estate won’t be distributed until after your passing, so any problems with this distribution will only be apparent at that point. This will leave your loved ones to bear the burden of resolving these problems. It is important to work with an experienced professional when you are creating your will. DIY wills can lead to serious problems with your estate distribution. When you work with our experts at Stevenson, Smith, Hood, and Knudson, you can be confident that you will create the ideal will and plan to meet your needs. For more information about our will-related services, contact us at Stevenson Smith Hood Knudson today.