As an attorney focused on tax and estate planning I have been asked time and again what my thoughts are on store bought Wills. I have put it off in the past but I guess there is no time like the present to do my best to offer an objective look at the positives and negatives of “off the rack” documents. Over the next three weeks I will give you the low-down on the good (Part 1), the bad (Part 2), and the ugly (Part 3) associated with heading over to USA-Zoomy-Build-a-Will.com instead of down to an attorney’s office for the documents to satisfy your planning needs.
Before we go any further, I will honestly tell you that I have a horse in this race. As you will see however, I won’t shy away from the positives associated with the world of Will templates and if it makes sense for you after reading my posts, go ahead and roll with it. What I hope you will takeaway is that there are real concerns that should at least be considered before replacing a professional such as myself (who is experienced, licensed and holds a college degree, law degree, master of law degree, and financial advising background) with a cheap, fill-in-the-blank, “customizable” form.
Now, let’s get started with the positives about the Wills you can buy at a store or online. Part 1 - The Good:
1) Price. First and foremost, do-it-yourself Wills are cheap when compared to the documents drafted by an attorney. Falling somewhere in the $50 - $250 range, Will forms are less than half what you would pay to a reputable attorney to draft a similar document. This is often the number 1 reason websites and software packages are used to create estate planning documents instead of an estate planning attorney.
2) Time. Head on over to your favorite Will site and see how long they suggest it takes to create a Will. Many websites advertise that your “custom” Will can be created in 15 minutes or less. More than likely it will take you longer than 15 minutes just to drive to your attorney’s office to begin the meeting to discuss your wishes. Lives are hectic and this time savings sounds awfully good, especially when the only time many of us seem to be able to find to get personal stuff done is after the kids go to bed.
3) Privacy. People feel good about simply entering their personal information into a template instead of providing it to a stranger. Despite data security online and ethical legal standards of confidentiality, there is something about just buying or downloading some forms and filling them in all by yourself that appeals to people’s sense of privacy.
4) Accessibility. Many people either don’t believe they can afford having a Will prepared or simply don’t think they need one. States have differing rules, but in most states any properly executed document can be admitted to probate as a Will. I always encourage people to get some sort of document in place spelling out their wishes because any Will is better than no Will at all. Do-it-yourself documents at least provide the basic framework of a legal document and I applaud them for opening up the door so everyone has the opportunity to obtain one.
The permeating theme of the positives associated with store bought Wills is clearly the simplicity associated with putting together a document to help protect assets and family. Just providing people with this option has absolutely increased the number of people who now have Wills and that is something to be excited about. Nevertheless, the one-size-fits-all approach has more than its fair share of shortcomings. Next week I will explore some of the negatives associated with creating your own Will.
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