The DIY Will provides a great service to those who have a plan with few assets in their estate. On the other hand, if you don not have a plan for how you would like your estate distributed or how to protect your loved ones from a costly process, then DIY is not for you. Not all families are picture perfect like the family in “Father Knows Best”. Most families have real life issues such as less than perfect spouses, young adults, and relatives.
If you your family unit is something less than the perfect family, you may have issues like some of these:
- You wish to leave community property to a beneficiary other than a spouse;
- You want to change a portion of previously executed will, but do not need an entirely new will (is your change binding?);
- Do you need a trust?;
- You have specific assets set aside for specific heirs bur their value fluctuates and you want an equal distribution;
- An heir has a substance abuse problem and you want to set up something special to protect that heir while recovering.
There are a lot of things that can go wrong with a DIY will. Incorrect wording, inadvertent mistakes, and improper execution can cause major problems. One issue to very wary about is the manner in which the will is executed-the way these documents are signed and witnessed. Requirements, which may seem capricious, are designed to avoid foul play and vary from state to state. For example, in some states laws provide that if you witness the will, you can’t inherit anything under it. The instructions for DIY wills may not tell you that.
Hiring a lawyer to fix mistakes in a DIY will probably cost a great deal more than any savings from using an online form. Further, the DIY will could cost your estate and family stress and money if litigation results from an unclear, improper will. Consult an estate attorney to assist you with ensuring your will and estate documents clearly and correctly portrays your wishes, while taking advantage of tax saving opportunities.
Posted on
Thu, October 6, 2011
by Immerseme Admin
filed under