In today’s economy, it’s easy to understand why do-it-yourself estate planning is such an appealing alternative to retaining counsel. It is likely cheaper than hiring an attorney and can usually be done via the internet. However, there are a few downsides to the do-it-yourself model. You might save a few hundred dollars now, but the consequences of poorly drafted estate planning documents can cost you and your survivors a lot more down the road.
Often people who draft their own will unintentionally leave things out, like who would be the guardian of their children, and do not reference state-specific statutes necessary for a smoother administration. They also may not be aware they need to name back-ups if their chosen executor is unable to serve for some reason, which can easily cause discord within the family. Another problem is misunderstanding the meaning of legal terms, such as “per stirpes” and “per capita.” Finally, so many people we see do not properly execute their will in accordance with state law. When you hire an experienced licensed attorney, you have a much greater chance that your will and other estate planning documents will be properly drafted and executed with your actual desires in mind.
Contesting a will can cost thousands of dollars. The common errors in do-it-yourself docs can lead to your survivors paying extremely high legal fees which could easily have been avoided. When choosing between a do-it-yourself option or hiring a lawyer draft your will, keep in mind that the point of having a will is to make it easier for your survivors after you pass and to avoid exhaustive arguing.
