The desire to have control over your future and protect your loved ones is a powerful motivator, and it often prompts people to explore the possibility of doing their own estate planning. With the rise of online resources and DIY tools, it’s natural to wonder if you can handle your estate planning without the help of a lawyer. While it is possible to create some basic estate planning documents yourself, it’s essential to understand the complexities involved, and to weigh the pros and cons of a do-it-yourself approach. This article will explore the feasibility of DIY estate planning, highlighting the potential benefits, risks, and when it’s best to seek professional help.
Understanding DIY Estate Planning
DIY estate planning refers to the process of creating your own estate planning documents, such as wills, trusts, and powers of attorney, without the direct assistance of a lawyer. This approach often relies on online templates, self-help guides, or other DIY resources. It allows you to take control of your planning process, and create documents that reflect your specific needs and preferences. However, it is also essential to understand that DIY estate planning requires careful consideration and planning, and is not always the best option for everyone.
The Appeal of DIY Estate Planning
The allure of DIY estate planning is undeniable, particularly given the potential benefits:
- Cost Savings: DIY estate planning is often significantly more affordable than hiring an attorney, making it more accessible to those with limited resources. This is one of the main reasons why many people are choosing to create their own estate plans, as it can provide a significant cost savings.
- Convenience: You can create your estate planning documents from the comfort of your own home, at your own pace, and without the need for in-person appointments. This provides you with the flexibility you need, while also allowing you to manage the process on your own time.
- Control: You have full control over the entire process, allowing you to create documents that reflect your specific wishes and preferences. This control allows you to make sure that your plan meets your needs, and reflects your values.
The Risks and Limitations of DIY Estate Planning
While DIY estate planning can be a convenient and affordable option, it’s essential to be aware of the potential risks and limitations:
- Lack of Legal Expertise: DIY resources may not account for the specific laws and regulations in your state, which can make your documents invalid or unenforceable. While online platforms can provide you with templates, they will not be able to help you navigate the complexities of the legal system, or help you to ensure that all of your legal requirements have been met.
- Potential for Errors: Creating legal documents without proper training and guidance can lead to mistakes, omissions, and ambiguities, which can cause problems and disputes down the road. Even if the documents seem clear and easy to understand, they may still contain legal flaws that would render them unusable by the court system.
- Inadequate Planning: DIY plans may not address all aspects of your estate, such as digital assets, complex family dynamics, or tax implications. Often, a DIY plan will overlook many of the subtle nuances of estate planning, as it is difficult to know what to include, if you have not been properly trained.
- Limited Protection: Without professional advice, you may not be fully aware of how to best protect your assets, and how to create a plan that is designed to minimize risks and protect you and your loved ones.
- Lack of Customization: DIY templates may not be adaptable to your specific needs, potentially leading to an estate plan that does not fully reflect your wishes.
These potential risks should always be considered before choosing the DIY route, especially if you have a more complex estate.
When DIY Estate Planning May Be Appropriate
DIY estate planning might be suitable if you:
- Have a relatively simple estate with minimal assets.
- Have a straightforward family situation without any complex dynamics.
- Do not have any significant tax concerns.
- Are comfortable using online resources and following step-by-step instructions.
- Are willing to do thorough research, and can ensure your documents are valid in your specific location.
When to Seek Professional Help
It’s generally best to seek professional legal advice from a qualified attorney if you:
- Have a complex estate with significant assets, multiple properties, or business interests.
- Have a blended family or children with special needs that require customized planning.
- Have concerns about potential disputes among your heirs.
- Need tax planning advice to minimize estate taxes.
- Want to ensure your plan is legally sound, and that your wishes will be carried out exactly as you intend.
Wills.com: A Balanced Approach to Estate Planning
Wills.com offers a balanced approach to estate planning, providing you with a user-friendly platform to create state-specific wills and trusts, while also providing options to access professional guidance, when needed. We provide you with all the tools you need to take control of your estate plan, all while making the process as easy and affordable as possible. Here’s how Wills.com helps you navigate the complexities of estate planning:
1. State-Specific Legal Documents
Our platform provides access to state-specific templates that are designed to meet all the legal requirements in your area. This ensures that all of your legal documents will be valid and enforceable, giving you peace of mind that your plan will be handled according to your wishes.
2. Secure Document Storage (Vaultly™)
Protect all of your important documents, including your will or trust, in our secure online vault. This ensures that your documents will be protected from loss, theft, or damage, and will also be easily accessible to your chosen executor when they are needed.
3. Remote Online Notarization (RON)
Use our Remote Online Notarization service to have your documents notarized from the comfort of your own home. This allows you to complete the entire process from your home, without needing to travel to a physical location, saving you time, stress, and resources.
4. Automated Delivery via Mobile App
Use the Wills app to set automated delivery protocols, which will ensure that your chosen executor will receive all the necessary documents, instructions, and video messages, once your inactivity timer is triggered. This ensures that your wishes will be followed, even if you are no longer able to manage your estate.
5. Digital Legacy Management
Use our Media Migrate™ tool to document your digital assets, and leave specific instructions on how you would like them to be managed after your passing. This will ensure that all of your online accounts, subscriptions, and crypto wallets will be managed in the way that you choose.
6. Wills Treasury™ for Secure Digital Fund Transfer
With Wills Treasury™ you can set aside funds for your loved ones, and also create clear and specific rules for how those funds should be distributed, and to whom. This provides you with more control over your estate, while also making it easy for those who you leave behind to manage your financial affairs.
Take Control of Your Legacy Today
Whether you choose a DIY approach or seek professional guidance, the key is to be informed and proactive. If your situation is relatively straightforward, and you are comfortable using online tools, then a DIY approach to creating a will or a trust may be a suitable option. However, if you have a more complex situation, you should always seek the advice of a qualified professional. Regardless of how you chose to plan your estate, the most important thing you can do is to take action today, and create a plan that will protect your loved ones and ensure your wishes are followed.
State Specific Articles
Disclaimer: This article is not legal advice. If you want legal advice, you should consult with a lawyer.