A do-it-yourself will sounds like a simple and inexpensive way to let your loved ones know your wishes in the event of your death. Doing your own will at home, however, may end up leading to avoidable problems such as taxation and court battles. Do-it-yourself wills may seem like a good deal, but the money put out later could cost a lot more than using an estate planning lawyer to draw up your documents.
Do-it-yourself wills may prove to be invalid if you do not follow all state and federal laws. For instance, if you used a witness with an invested interest in your estate, the will may not hold up in court. It must also be proven that the signatures found on the will were properly witnessed. Also, if the original will can’t be produced, your wishes may not be followed. An estate planning lawyer typically stores your will in a fireproof location to ensure the original can be produced in court. An estate planner could also be called into court and testify about the validity about the claims included in the will.
The language used in the will must be perfect for claims to be valid. As an example, a court could interpret the wording wrong and subject your assets to costly estate taxes. Estate taxes can deplete the funds you leave behind for your beneficiaries. Instead, meet with an estate planning attorney to go over the language and inclusions of your documents to prevent will contests. Otherwise, your family may then be forced into a legal battle and be forced to pay an exorbitant amount of court and probate lawyer fees.
The biggest downfall of a do-it-yourself-will package? You don’t receive personalized advice from an estate planning attorney. The will software packages can provide general advice, but won’t be helpful if you have a more unique situation. Will software packages are not likely to provide you with guidelines on how to handle domestic partnerships, children from other marriages, disinherited children or special needs children. As an example, a stepfather who claims in his do-it-yourself will to leave all his assets to his children may find his stepchildren cut out of any inheritance money he meant for them. Also, living trusts and power of attorney are not usually properly handled in online will programs. In these cases, set up a consultation with a living trust attorney.
Do-it-yourself will software packages may require you to fix errors later on. Get your will right the first time by meeting with a licensed and professional estate planning attorney. Reduce family conflict by clearly stating your wishes and keeping the proper documentation stored with a lawyer. The Law offices of Adam Tobin is waiting to hear from you to create your legal and valid last will and testament.