We all turn to online resources from time to time for help. How to make a simple plumbing repair, change a tire, or even fix an over-salted stew. But I’m confident that unless you are a trained electrician, you wouldn’t take on rewiring your entire home based on YouTube videos. Or, unless you are a medical professional, how to set your child’s broken arm. I don’t care HOW detailed the video is on that one! You wouldn’t DIY those highly skilled tasks because you wouldn’t want to endanger your loved ones or valuable asset (your home.) So why would you even consider creating your estate plan? Maybe it would save a few dollars in the short term?
Let’s review some risks and potential consequences associated with a DIY estate plan. I think you’ll agree that any money saved initially isn’t worth what it could cost you and your loved ones in the end. From an experienced estate planning attorney’s perspective, the following are the top five dangers of DIY Estate Planning.
- Incomplete or inadequate documents: If you lack the legal knowledge to assemble ALL the appropriate components in your estate plan, you are vulnerable to a host of problems, including loopholes, oversights, missing data, and more. This could invalidate your will, your trust, and other key legal documents.
- Complex laws and regulations: Every state, including Ohio, has its complex regulations and laws. Most Courts have their own set of local rules. Without an intimate knowledge of them, one can’t hope to be confident of having a 100% legal estate plan that works as intended. Not only that, but it can also lead to invalid documents, which can then open the door to all kinds of unintended consequences.
- Lack of customization: Some of my clients are surprised to learn that estate plans should never be cookie-cutter. One client’s unique situation is, in fact, unique to them. Everyone has different needs and concerns. By developing a unique plan for each, my clients are assured of having a customized plan to meet their needs and those of their loved ones. Cookie-cutter plans can never hope to address clients’ unique needs. Something will end up being left out, overlooked, or found legally unacceptable. Why risk that?
- Disputes: There is hardly anything easier to dispute than a DYI estate plan. If you want to make sure your wishes are clear and will be followed, the best way is to have an experienced estate planning attorney create your plan. Otherwise you risk having your wishes be “interpreted” differently than you intended. Not only that but do you really want your loved ones caught up in heated disputes, that may linger for years about who gets what?
- Financial consequences: Mistakes in estate planning can have significant financial repercussions, including increased probate costs, estate taxes, or asset loss due to inadequate protection.
Any one of the above five reasons should give anyone pause if they are considering a DIY estate plan. Altogether, they represent sufficient evidence that it isn’t worth the risk. Your loved ones are worth creating an estate plan that protects them and your assets. If you need to create or update your estate plan, call me to talk about it. You might be surprised how affordable it can be. The peace of mind, knowing you’ve done the right thing for your family, is truly priceless! Call me at 513-399-7526 or schedule a consultation through my website at www.davidlefton.com.