At first glance, a DIY Will might seem like a quick and inexpensive way to put your affairs in order. But what looks like a simple solution today often creates confusion and legal complications tomorrow.
In this article, we’ll explain why relying on a DIY Will or other cookie-cutter documents can put your family at risk when they need protection most.
You see an ad for a DIY Will or Trust Kit for $19.95. You think, "What a deal," and order one. What you get are generic fill-in-the-blank forms with little, if any, instructions. Generic documents rarely address state-specific rules, family complexities, or evolving tax laws. Without a qualified attorney’s guidance, you risk drafting errors, invalid provisions, and overlooking details that can send your estate into probate. These can be very dangerous. Here are just a few reasons why:
The author's motives are just the opposite of yours. You want the best document, but they want to produce the cheapest document possible. These publishers want to make money. They want a document that is generic and cheap enough to sell to as many people in as many states as possible.
Generic forms may not comply with court or your state’s laws. Most do-it-yourself packages have little substance, do not address variances in state laws, and allow little room, if any, for customization for tailoring to blended families, business interests, or unique assets.
Unverified authorship and lack of legal review increase drafting errors. Most of the time, you don't know who wrote the document, how good it is, or what their credentials and experience are. Flawed documents can trigger full probate or render trusts invalid. Do you really want to trust all your assets to someone about whom you know so little?
Publishers may vanish, leaving no recourse if problems surface. What happens if there is a problem later on? You won't be around then, and the publisher may not be either. Mistakes cost your heirs extra legal fees, delays, and uncertainty.
Takeaway: Don’t gamble your family’s future on off-the-shelf forms. Engage an experienced estate planning attorney to craft personalized, compliant Wills and Trusts that ensure your wishes are honored and your loved ones are protected.
Using the wrong attorney can be as bad as doing your estate plan yourself. You need to find an experienced estate planning attorney who limits his or her practice to Trusts and Estate Tax Planning. Just being an attorney or having "a lot of experience in estate planning" isn't enough (that usually means they handle only Wills and probate).
You also have to be careful to avoid scams and rip-offs. The most publicized are door-to-door solicitations and seminars by non-attorneys who use high-pressure tactics to sell cookie-cutter Trusts.
Your attorney should be someone with whom you feel comfortable sharing your personal and financial situation. You should feel comfortable asking questions and be able to understand his or her answers. You should feel confident that your attorney is giving you good advice and that they listen to you and hear your concerns. And, of course, you want an attorney who will charge you a fair price.
How much time will be spent with you in explaining the estate planning process and in designing your plan?
To what degree will your attorney be involved in the funding process? What will they do to re-title assets into your trust?
What will be the format of the completed documents? Will they be written with incomprehensible legalese, or will they be "user-friendly" with captions, section headings, and a table of contents?
What type of security system is created in the event of lost documents? Does the attorney hold only the original documents, or do you hold the original, or are there duplicate original documents?
What is the office phone call policy? How soon will your calls be answered, and what, if any, charges are associated with the calls?
What professional organizations does your attorney hold active memberships in that are related to estate planning and trusts?
Ask to see the professional journals that your attorney subscribes to that deal with estate planning and trusts. Also, look around your attorney's office and/or library to see if there are books and manuals related to these subjects.
Determine what your attorney's educational background is and if they have any special training in estate planning. Does your attorney participate in continuing education related to trusts and estate planning?
Takeaway: Work with a dedicated estate planning attorney who listens, communicates clearly, and delivers custom, legally sound Wills and Trusts so your family’s future is protected exactly as you intend.
You and your loved ones deserve more than the uncertainty of a DIY Will. By working with a trusted estate planning attorney, you can be confident that your wishes will be carried out clearly and effectively. Don’t let shortcuts compromise your legacy. Get the professional guidance your family deserves. Please call us at (847) 670-8200 or email info@kf-lawgroup.com if you have any questions.