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Are Do-It-Yourself Wills A Bad Idea?

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Wills are Estate Planning documents that outline the legal transfer of assets upon death. It is one of the best ways of making sure your wishes are executed, and the right people receive their inheritance at the times you specify. Wills do not have to be a complicated matter, but the rules governing them might be. Wills must observe strict state specific rules, and understanding the rules in your state is crucial to ensure your Will is considered valid by the courts. Though there is no law stating your Will must be prepared by an attorney, it is still strongly recommended.

Most people are intimidated to talk to a lawyer because of the fees associated with estate consultations, but opting to draft your own Will might cost you more in the long run.

What are the dangers of Do-It-Yourself Wills

Do-It-Yourself Wills are documents completed by filling in the blanks on a pro-forma document. Confused about a question, and fill out that form incorrectly, and it can yield detrimental results for your estate:

  1. Certain mistakes can cause Do-It-Yourself Wills to be invalid. This can mean that the Probate Court will administer your estate and decide how your assets should be managed.When wills are found to be invalid, state and local law will likely determine who will receive your assets
  2. Wills should be updated with every change of your life, for example, in the case of a divorce. Thus it is important that your will is updated to reflect these changes to ensure that your wishes at the time of your passing are carried out as you intended
  3. Estate taxes are complex.Without an experienced attorney preparing your will, your estate could end up paying too much in estate taxes and too much in probate costs.

Find out more about Wills and your options in our free report, “Dangers of Do-It-Yourself Wills and Living Trusts.” This report is free to download and is instantly delivered to your inbox. This report teaches you:

  • How to stipulate success-based milestones for heirs that might not be of age or be ready to receive assets at the time of your death
  • How Preparing a Will the right way can help your special needs dependent inherit and still keep his or her government benefits
  • Why Preparing a Will with an Attorney is essential when there are children from multiple and previous marriages
  • And so much more

Featured Blog Post

Wills Can Turn a Private Life Public

Don’t believe me?

Ask Michael Jackson (or at this point, his estate.)

By law, a Will is a public document. Anyone who wishes to can view a Will. (If you want proof, follow this link to view Michael Jackson’s Will. While his Will doesn’t make for fascinating reading read more–>

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