You probably know you can download a “do-it-yourself” will online. Did you know you can also download a “do-it-yourself” minor surgery kit? I’m not kidding. Google it. And while they warn it is not actually for “do-it-yourself” surgery … I’m betting some have tried. Just like some have tried a DIY will. In both cases, there can be very serious consequences. And if the thought is to save a few dollars by not tapping the experience of an estate planning attorney, I thought I’d list a few problems your family may face if you choose the DIY route. And many, if not most, of the issues can lead to considerable costs, in real dollars and emotional terms.
Here we go:
The first big problem is that your homemade will may be declared invalid by your state because it doesn’t meet its specific requirements for signing, witnessing, or execution. It might be rejected entirely. In that case, your estate will be distributed as the state sees fit. Which may not be what you wanted at all.
Death can bring out the best and the worst in family members. We’ve all seen it. But a homemade will with unclear wording can be just what sparks family disputes and litigation. That can mean even small estates ending up in expensive legal battles. And potential lifelong estrangements between family members.
Here’s a big one: unintended beneficiaries. Many people assume a will controls everything, but assets with beneficiary designations (life insurance, retirement accounts, payable-on-death accounts) typically pass outside the will. If those designations are outdated, assets may go to an ex-spouse or someone else you no longer intend to benefit.
Oops! You accidentally disinherited a child or grandchild. It happens. A poorly drafted will can leave some of your loved ones out in the cold. No one will thank you for this misstep.
Who will be in charge? You’ll need an executor, and choosing one seems simple enough, but forgetting to name a backup or not thoroughly thinking through your choice can create major issues for your loved ones and the court.
Who will take care of the kids? If you have minor children, establishing guardianship should be your top priority. But if the language is vague, you fail to name alternatives or what you want conflicts with the law, you’ve left your children in a precarious situation. I’m sure that’s not what you want – but it is what might happen because of your DIY will.
Many who go the DIY route don’t understand how probate works. A will alone does not avoid probate. So that means you may have missed the opportunities to help your loved ones avoid probate through things like trusts, beneficiary designations, or titling strategies. It can be complicated and shouldn’t be a DIY task.
Here is a real-life example of what can happen when going the DIY route:
A widower uses an online will to leave everything equally to his three children. One child dies before him, and the will doesn’t clearly explain whether that child’s share should go to the deceased child’s children or be divided between the surviving siblings. The ambiguity leads to a family dispute, legal fees, and months of delay—despite the father’s intent seeming straightforward.
There are several other pitfalls to using a DIY will, but I hope I’ve provided enough evidence that estate planning should be in the hands of someone experienced who understands the law and will ensure your estate plan is legally valid and will protect your hard-earned assets and loved ones as you intend.
Think about it, and if you’d like me to help you with your estate plan, I’d be honored to do so. My clients often say the cost and time required are considerably less than they anticipated. Please call me at 513-399-7526 or visit www.davidlefton.com to learn more.