Senior Associate
The internet has revolutionized the legal industry and has given consumers the ability to handle a number of matters on their own. This is no less true with respect to estate planning. And while it may be tempting to plan your own estate, there are several potentially serious risks involved which make it more prudent to seek legal counsel. LaFountain & Wollman P.C.’s estate planning attorneys explain why.
What Is Do-It-Yourself Estate Planning?
This broad term refers to any estate planning that an individual does for him- or herself without the guidance of an attorney. It usually involves filling out form documents, many of which are commonly available for purchase online. In some cases, an individual will use another person’s estate planning documents as a template for their own. A person might handwrite what they believe is a comprehensive, legally binding estate plan or even adopt what an attorney did in another state to the one in which they are currently living.
What Are the Risks?
Attempting to use forms, templates, and executed documents which were not specifically drafted with you in mind could jeopardize your estate planning goals and cause more harm than good. These are a few of the reasons:
- The uniqueness of each state’s laws: Every state has its own estate planning laws, and some of them have subtle but legally significant distinctions compared to other jurisdictions. If you fail to understand the relevant laws of Massachusetts, the estate documents you execute could be invalid.
- The uniqueness of each individual’s plan: What works for one individual might not work for you. Someone else could benefit immensely from a trust, for example, while you might not need one. Even if you and another person should require the same estate planning instruments, the contents of each document are inherently unique to the person who executes it.
- Preprinted forms may be overly simplistic: Online forms may appear sufficient on the surface, but the devil is often in the details. You need a personalized estate plan that is drafted with your exact estate planning objectives in mind. A form will probably not meet this need and might even contain vague, ambiguous, or legally ineffective language.
- Failure to abide by formalities: The contents of your estate plan may be legally valid and may meet your specific needs. But there could be another issue: the technical requirements to properly execute the document. Every state has its own rules for witnesses, signatures, notarizations, and other formalities that you have to follow.
- Modification requirements: You might want to only make changes to your existing plan. However, simply crossing out existing words and phrases is not the way to do so. For example, in Massachusetts, you must either execute a new will or a codicil to an existing will. Either way, you need to understand the requirements to do so.
- Not making the most of estate planning: Many people falsely believe that an estate plan is little more than a last will and testament. But there are also trusts, powers of attorney, and more. If you don’t take advantage of these you could be missing out on a comprehensive plan that saves your estate money and avoids hassle for your beneficiaries.
Taken together, a do-it-yourself approach may be ineffectual in meeting your estate planning needs. Your surviving family could end up squabbling over your assets and litigating over the meaning of the documents you left behind. Your estate might even be subject to intestate succession, which means people you never intended to inherit from you might do so. This approach is also inefficient and risks wasting precious estate assets that could otherwise pass to your heirs.
Talk To An Experienced Estate Planning Attorney
You owe it to yourself and your family to discuss your estate planning interests and concerns with a knowledgeable attorney. Talk to LaFountain & Wollman P.C. We can explain the various options available and how we can help you carry out a personalized estate planning strategy. Give us a call today.