Last week I introduced my thoughts on do-it-yourself Wills and online Will services. If you missed it, I encourage you to check it out here. In the article I discussed the positives associated with using these options to write your Will and this week the focus is on some of the concerns associated with preparing a Will or estate plan this way.
1) Advice. While downloads and online services provide you with a Will document, what you are paying an attorney for is the advice they provide you along with the Will. It is illegal for self-help services to offer advice to customers, whether that means answering questions or making planning suggestions for how to accomplish their goals.
2) Information. Questionnaires are used to gather information necessary to complete a Will. No matter how comprehensive they seem to be however, I’ve found questionnaires simply create a jumping off point for a thorough estate planning discussion. While do-it-yourself options seem appealing for privacy reasons, they are unable to follow-up with questions to elicit what is often the most crucial information for planning purposes.
3) Law. Estate planning happens to be an area where there is considerable upheaval at the moment. While online sites attempt to update their forms, they make no guarantees about being current. Good estate planning attorneys not only keep up with changes to federal and state law, but will often follow-up with clients to invite them to reevaluate their documents when major changes in the law occur.
4) Warranty. Online services and form kits include disclaimers stating they cannot be held responsible for problems stemming from their documents. Essentially you are buying a piece of paper “as is” without recourse if the document turns out not to do what you wanted. Even small mistakes can be very costly so spending a little more to have an attorney prepare your documents will ensure you get the right ones for your situation. Plus, should anything go wrong, attorneys stand behind their work and carry insurance to make things right.
While this list highlights some major concerns surrounding do-it-yourself Wills and estate plans it is by no means all-inclusive. I would absolutely recommend that you have an attorney review your documents if you decide to do them yourself or get them prepared by an online service. It may cost you an hour or two of legal time but it will give you some peace of mind that your documents say what you actually want them to.
Unfortunately it is often too late to make changes by the time problems are discovered in Wills and estate plans. Next week we will look at some examples of estate planning gone wrong and common needs that are a little too “ugly” for do-it-yourself kits to adequately address.
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