With the rise of online tools and templates, many people consider creating their own estate plans without the help of an attorney. While a DIY estate plan can save time and money, it may not provide the comprehensive protection and clarity your family needs during difficult times. Let’s explore the pros and cons of creating a DIY estate plan and whether it’s the right choice for you.
Pros of a DIY Estate Plan
- Cost Savings: One of the biggest advantages of a DIY estate plan is the cost. Hiring an estate planning attorney can range from several hundred to thousands of dollars depending on the complexity of your situation. In contrast, DIY templates are often available for a fraction of the cost or even free.
- Convenience and Speed: DIY estate planning platforms allow you to create your plan from the comfort of your home, at your own pace. You can often complete the documents within hours, which appeals to those looking for a quick solution.
- Basic Solutions for Simple Estates: If your estate is simple—minimal assets, few beneficiaries, no special conditions like a trust—then a DIY estate plan might provide sufficient coverage. For example, young adults with no dependents or large assets may feel comfortable using a simple will template.
Cons of a DIY Estate Plan
- Lack of Legal Guidance: One of the biggest drawbacks of a DIY estate plan is the lack of personalized legal advice. Estate planning laws vary by state, and mistakes or omissions in your documents can lead to unintended consequences. Without proper legal guidance, your plan may not meet state-specific requirements, potentially invalidating your documents.
- Limited Customization: Most DIY templates offer basic will or trust forms that are generic in nature. This can be problematic if your estate requires more nuanced planning, such as incorporating Medicaid Asset Protection Trusts, or addressing complex family dynamics like blended families or special needs beneficiaries. An estate attorney can tailor your plan to address these unique concerns, something that DIY tools may not provide.
- Potential for Errors: Even small errors in DIY estate planning documents can have significant consequences. Missing signatures, improper witness arrangements, or not meeting other legal requirements can render your documents invalid. This could lead to your estate going through probate or being distributed in ways you did not intend.
- Failure to Plan for Incapacity: Many DIY estate plans focus solely on distributing assets after death, but a complete estate plan should also include documents like a Power of Attorney (POA) and Healthcare Directive. These documents are essential for ensuring your wishes are respected if you become incapacitated. A comprehensive estate plan, like those created by an estate planning attorney, will account for both incapacity and death, ensuring that you and your loved ones are fully protected.
- Difficulty Keeping Documents Updated: Estate plans need to be updated regularly to reflect changes in your life, such as marriages, divorces, births, or changes in your financial situation. DIY platforms may not provide reminders or an easy process for updating your documents. An attorney can provide ongoing guidance and ensure that your estate plan evolves with your circumstances.
When DIY May Be Sufficient
A DIY estate plan might be appropriate if:
- You have a small, straightforward estate with minimal assets and few beneficiaries.
- You are looking for a temporary solution while you plan to meet with an attorney later.
- Your financial and family situations are simple and unlikely to change soon.
When to Seek Professional Help
For most individuals, especially those with families, significant assets, or complex financial situations, it’s worth consulting with an estate planning attorney. At Grissom Law firm, our experienced attorneys can identify potential issues, customize your plan to meet specific needs, and help avoid costly errors. They can also assist with setting up trusts, planning for incapacity, and ensuring that all legal requirements are met, offering peace of mind that your wishes will be honored.
The Bottom Line
While a DIY estate plan may be a good option for individuals with simple estates and immediate needs, it often lacks the depth and legal precision required for more complex situations. Seeking professional help ensures that your estate plan is thorough, legally valid, and tailored to your unique needs. If you’re unsure which option is best for you, consult our experienced estate planning attorney(s) to review your situation and get the expert guidance you are seeking.
For more information, contact us to explore the best options for your estate planning needs.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.