There are plenty of companies on the internet willing to sell you a cheap will document that they say you can just complete yourself. It might sound like an easy way to get your estate planning done.
Is it as simple a solution as they say? No. Here is why:
You might make mistakes
If you are considering a DIY will, it’s likely because you see it as an easy (and cheap) solution to solve an issue you know little about. Your lack of knowledge on the subject could come back to haunt you or your family if you make errors when completing the document. It could, therefore, turn out much more costly in the long run than just hiring someone to help you create a comprehensive estate plan in the first place.
Most people need more than a will
These documents are very limited. They only cover leaving assets to people when you die, whereas a good estate plan can cover so much more. For example, a tailored estate plan can:
- Save you or your family from paying unnecessary taxes or fees
- Protect your assets against creditors or unscrupulous third parties
- Help you get access to Medicare without using up all your savings
- Clarify your wishes regarding medical treatment
- Give people the authority to sign documents or pay bills on your behalf if you are unable
- Name someone to act as a guardian for your child if you die before they turn 18
Hopefully, you can see the limitations of an online will and the importance of getting help to make an estate plan suitable for all your needs.