When planning how your estate will be distributed after your passing, it’s essential to consider the crucial role of wills. Wills serve as legal documents outlining your wishes regarding the distribution of your assets and the care of any dependents after your death.
While wills can be created in various ways, including through do-it-yourself (DIY) methods or with professional legal assistance, there are several reasons why opting for a DIY will may not be advisable.
The risk of invalidity
When you make a do-it-yourself will, there’s a higher risk of it being deemed invalid due to errors or omissions. Estate laws can be complex and DIY will templates may not adequately address specific legal requirements or nuances. Mistakes in wording, failure to adhere to formal execution requirements or overlooking essential clauses can lead to the entire will being contested or declared invalid by the courts.
Failure to account for changing circumstances
Life is dynamic and circumstances can change over time. Without regular review and updates, a DIY will may not accurately reflect your current intentions or circumstances. Events such as marriage, divorce, birth of children or grandchildren, changes in financial status or relocation to another state can significantly impact your estate plan. Failing to update your will accordingly could result in unintended consequences or distributions that do not align with your wishes.
Risk of omission
Without proper legal guidance, you might fail to consider all relevant aspects of your estate leading to omissions in your DIY will. Complexities such as tax implications, specific bequests or provisions for contingent beneficiaries may be overlooked when using generic templates or online tools. These omissions could result in assets being distributed in a manner inconsistent with your intentions or lead to unintended consequences for your loved ones.
As opposed to a DIY approach, seeking legal guidance when creating a will helps to ensure accurate documentation of your wishes, asset protection and peace of mind for you and your loved ones.
