From an estate planning attorney, here is the down and dirty about online Wills/estate plans: they can work. The most frequent issues that arise when I review an online estate plan are these.
First, the Wills are not properly executed. For a Will to be valid in Georgia, two witnesses (who are over 14 and who are not beneficiaries of the Will) must sign and a notary must be present. In addition, for the Will to be self-proving so that witnesses don’t need to be found during probate, the Will must include a self-proving Affidavit that is signed by the person making the Will and 2 witnesses with a notary present.
Second, the unasked questions. Many people do not think about what the software does NOT ask them. An online Will may not be the best fit for your needs if:
- You have minor children – you need to name guardians, determine when your children should receive money (an 18 year old with $300,00 is probably not the best idea), and plan for future contingencies that an online software is not going to consider;
- You have a blended family- combining two families is a challenging enough process, planning for the futures of two families can be even harder;
- A beneficiary has a disability or may not be good at money management- discussing the pros and cons of a supplemental needs or special needs trust may be important;
- Your family may not be on board with your wishes – whether you are leaving most of your estate in a way that may cause upset family member, or if your family just can’t seem to agree on anything, an online Will may present significant legal obstacles in the future;
- You own more than real estate outside of Georgia; or
- You want to make specific gifts or leave gifts to charity.
So when does an online estate plan work?
- If you are leaving everything outright to one or two people and you don’t anticipate any argument from family;
- If all of your children or beneficiaries are grown; and
- You own one or two pieces of real estate in Georgia.
It’s always better to meet with an estate planning attorney and discuss your goals. Just because it is cheaper to do an online estate plan now, does not mean it is the best or cheapest option for the future. A contested Will, a long probate process, a court appointed Guardian, annual court reporting requirements and other estate planning bogs can drain your estate and be much more costly than a well – designed estate plan. A good attorney will help you find a plan that achieves your goals, while being financially responsible.
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.