DIY estate plans can have catastrophic consequences.
A client hired our elder law firm to help with the probate of his dad’s estate. Her father had remarried later in life after his kids were grown and his wife also had children from a prior marriage. His wife passed first and left everything to dad. Dad frequently discussed his intent for all their children – his and his wife’s – to inherit equal shares of his estate. Dad prepared a will using an online legal service.
The will was clear about how he wanted his estate distributed, however it was not signed in front of two witnesses. A fatal flaw for a will in Wisconsin, and one an elder law firm would probably not make. It therefore does not control the distribution of his estate’s assets. Without a will, his children are entitled to inherit everything, cutting out his wife’s children.
Online Legal Services can Create Significant Problems.
Another client came to us after her partner passed. They had never married. Her partner created a will using an online service to leave her everything and it was correctly executed. Unfortunately, the forms were not completed correctly, with the beneficiary portion was left blank in the final version. Without being named as a beneficiary, she was not entitled to any of the estate. Instead it was distributed to estranged relatives.
Hiring an Elder Law Attorney Is Less Expensive in the Long Run
For many, the biggest draw of DIY estate planning websites is the low cost. However, a DIY estate plan can ultimately be more expensive. Many elder law attorneys charge flat fees for estate plans, whereas legal services for a probate are billed hourly. If the DIY will fails or is contested, the costs will far exceed the costs of hiring a lawyer to draft your plan originally.
Lawyers are Experts
elder law lawyers know how to handle the complicated situations that can arise in estate planning. Owning a business, marrying more than once, and having a disabled child are just a few examples of complexities in estate planning. Generic online forms are often not equipped for these issues. Working with an attorney guarantees that your loved ones will be taken care of, no matter how intricate your family tree.
State Laws Matter
Estate planning is at the intersection of several areas of law. Estate planning involves dealing with real estate, taxes, and health care, among other things. As many have found out Laws also vary widely by state, which online estate planning tools don’t always account for properly. In order to make sure that your estate plan is valid and aligns with your wishes, it’s important to work with an experienced elder law attorney in your state.
Beyond ensuring that your estate plan is valid, elder law attorneys can help you maximize the value of your estate. After learning more about the contents of your estate, your attorney can help determine exactly which documents you need and how you can avoid unnecessary taxes.
An elder law attorney can work with you to identify your goals for your estate and make them a reality.
Check out some relevant articles: