Estate planning is an important process that, in part, clarifies how your assets will be divided should you pass away. You can also utilize an estate plan to nominate guardians for your minor children and address your healthcare needs should you become incapacitated.
Some online platforms offer DIY will templates at competitive prices. This can tempt individuals into drafting a will on their own, as well as other estate planning documents. While the price may be competitive, there are numerous risks associated with this approach. Outlined below are a few key reasons why DIY estate planning can be problematic.
State specific laws
Every state has unique laws when it comes to estate planning. A valid will in one state may not meet requirements set by another. Online templates tend to be generic, meaning that they are not state specific. Even a slight anomaly in the legal language utilized in a will can render it invalid and leave it open to contests.
Ambiguous terms
A will and other estate planning documents are supposed to provide precise instructions. These documents are unique to the individuals who are crafting them. A generic will template cannot cater to the unique needs of each individual. This means that the terms included may be ambiguous, leaving them open to challenges.
A safer approach
Seeking legal guidance when drafting your estate plan can help to minimize the risks explained above. Your estate plan can be tailor made for your needs, meaning that your loved ones should receive their inheritance as intended and your precise instructions should be carried out.