One of the most common mistakes in estate planning is adopting a “do-it-yourself” strategy.
Building an estate plan is not like building a table. You can’t just Google how to do it, walk into your local hardware store, buy some lumber, and start sawing away. Tax laws are complicated. They change all the time. And every family has a different combination of assets, relationships, and goals that a generic form cannot account for.
You need a competent attorney who is not only familiar with the changes in the tax regime but who has the experience of dealing with hundreds of people in helping them make important life decisions.
The question every client eventually asks.
The question I hear from my clients more than any other when discussing the very sensitive choices they have to make in preparing their wills is “What do you recommend?” or “What do most people do in this circumstance?” How those questions could be answered without having counseled hundreds of clients is beyond me. An online template cannot tell you what most parents do when their children are at very different ages. It cannot tell you what works when one of your beneficiaries has a substance use issue. It cannot tell you whether to use a will or a revocable trust for your situation.
You wouldn’t do your own dental work. Don’t DIY your estate plan.
What about online services?
You might then ask: what about template forms available online and online services that will help you prepare them?
I will not disparage these services except to say that they will simply not give you the time and attention you need to prepare your plan. They won’t take the time to get to know you and your family. They won’t analyze your wealth or run the tax math. They won’t re-title your assets or check your beneficiary designations. And, perhaps most importantly, they will not be there for you in your time of need when someone passes away and your family needs help with the process of probate.
The internet is great for shopping for clothing and groceries, but you wouldn’t walk into your local club warehouse store looking for legal advice. Don’t go looking for it on the internet either.
The cost of doing it right is less than the cost of doing it wrong.
I once saw a lawyer’s coffee mug that gave me a chuckle. It read: “Please don’t mistake your Google search for my law degree.” Truer words were never written. The few thousand dollars you will spend on a qualified attorney to draft your estate plan will save countless hours, much anguish, and many thousands of dollars later.
Quick FAQ.
Is an online will valid? Sometimes, technically — if it’s properly signed and witnessed under your state’s law. Whether it actually does what you intended is a different question. Most online wills miss the things experienced counsel would catch: tax planning, beneficiary designations on assets that pass outside the will, and the structural protections families need.
How much does a real estate plan cost? For most families, a basic plan (will, durable power of attorney, healthcare proxy, living will) is a few thousand dollars. More sophisticated plans involving trusts and tax planning cost more, but typically save many multiples of that in taxes and probate expense down the road.
What does a lawyer do that software can’t? A good estate attorney spots the things you didn’t know to ask about. Beneficiary designations that contradict your will. A trust that needs funding. A plan that no longer matches the law. A guardian nomination that needs successor backups. A “simple” case is usually only simple after someone experienced has looked at it.
What if I already used an online service? Bring it in. We’ll review what you have, tell you honestly what works, and only redo the parts that need redoing. Schedule a no-cost initial consultation.