Legal and Financial Risks of a Do It Yourself Will
Assuming you meet the technical requirements of a valid will and are of sound mind, it is possible to have a "do it yourself" will. It is important to understand the practical, legal and financial risks of taking that approach.
Practical Risks of a DIY WillEven if you create a valid will with witness signatures, it will not be a "self-proving will." This means that your family will have to "prove" your will in the Probate Court in order for the assets to distribute. One of your witnesses will have to go to the probate court to attest to the validity of the will, or all heirs will have to assent to the probate of the will.
This can create a significant hurdle for your loved ones, especially if the will is presented to court many years after you signed it. They may also have to spend thousands of dollars in court costs and fees to get through the required proceedings. In addition, there are things you can do in a properly drafted will that streamline the process for your family. Some examples of the practical problems your family members will face if your will is not done properly:
Legal Risks of a DIY WillThere are many things you can miss in a will that is not drafted by an attorney. Here are some examples:
Financial Risks of a DIY WillIn addition to the legal risks of drafting your own will, there are some significant potential financial consequences if you create estate planning documents without help from an expert in this area. These include:
Why There is No Reason to Do It YourselfGetting a lawyer to review and prepare your estate planning documents is not as hard as you might think. The cost of preparing your estate plan may not be something you had in your budget. At the same time, you should consider the potential for tax exposure of over $36,000 without proper planning for state or federal estate tax. You should also remember that the cost of the probate process without a plan can eat up 3-6% of your total estate.
In comparison, what you will need to spend for an estate plan is minor, and invaluable in terms of your own peace of mind. Some Things You Can Do YourselfThere are things you can do without the help of a lawyer than can ensure certain assets pass to the people you love. If you have life insurance or retirement accounts, those will go to whoever you identify in the beneficiary designations. Joint bank accounts will pass to the joint account holder. Many banks and financial institutions also allow you to fill out a "payable on death" form to identify who gets control of the account upon your passing.
Ideally these are steps you take in conjunction with legal advice, a comprehensive estate plan, and legal documents prepared by an estate planning attorney. But these are steps you can take on your own to address at least some of your assets. A Note About Online Wills and Online FormsThe internet has many online wills and online forms available for you to use in your estate planning. There is also legal software where you can plug in your information and it spits out wills and trusts.
These documents may or may not have been prepared by attorneys, and may or may not have been customized to reflect your state's laws. Even with the best of them, they are no replacement for a full analysis of your financial and family situation and your goals to come up with a plan that can meet those goals. How We Can Help |
Need Help Making a Valid Will?Testimonials "From my first conversation with Emily, I knew I had picked the right law firm to handle my Estate Plan after having procrastinated for some time before I decided it was time to get my estate in order. Previously, I spoke with a couple other lawyers and I did not feel comfortable with their approach prior to calling Emily. Jenna did an excellent job in assessing what I wanted to accomplish and completed my will, trust and other documents in a very short time. I am so happy I made the right choice in choosing slnlaw as my estate team.." Evelyn W. "Slnlaw did a fantastic job.... Their attorneys were very friendly and knowledgeable, and I never felt pressured to purchase any service. I would definitely recommend them!" Michael S. "It was a pleasure working with with Emily Smith-Lee... She willingly shares her expertise and always listens to her clients' concerns. Emily's caring demeanor puts people at ease immediately. The outcome of my experience was quite favorable. I would highly recommend them." Camille B. "SLN Law was prompt, courteous and very professional. Emily responded quickly to my request, was very knowledgeable on the topic I needed help with and provided reasonable, sound advice. I would definitely recommend this law firm to others and would use them again, if needed." E.C. Read more on our reviews page |
We are ready to help. We have a simple process for getting you from wherever you are now to executed and final documents and peace of mind. It starts with an initial consultation, which is absolutely free. You can use the button below to schedule your consultation, or simply give us a call at 781-784-2322, or fill out our web form.
46 South Main Street
|