Many Americans have become more aware of the importance of creating or updating their Estate Planning documents in recent years—especially in the wake of the pandemic. While it may be tempting to draft your own documents, it’s important to consider the common pitfalls associated with doing so. Whether you are considering writing your own Will or using an online “do it yourself” (DIY) document creator, there are many reasons why this is one project you shouldn’t take on without the help of a professional.
Generic Documents Often Don’t Follow the Law
Forms that can be found on the internet may claim to conform to your state’s laws, but there’s no way to have one single form that follows the laws of all 50 states. Each state determines the laws that apply to Estate Planning, and there are wide variations in the law from state to state. In addition, if you own property in another state or country, the laws in those jurisdictions may differ significantly, and your DIY Estate Plan may not adequately account for them.
DIY Estate Plans Often Contain Inaccurate, Incomplete, or Contradictory Information
If you attempt to create a Will using an online questionnaire, there is the possibility that you may select the wrong option or leave out important information that could prevent your Will from accomplishing your goals. Potential problems could be made even worse when DIY services allow users to insert additional information not addressed by the service’s preset questionnaire: the information added by a DIYer could contradict other parts of the automated Will.
Your DIY Estate Plan May Not Account for Evolving Circumstances
If you create a Will in which you leave everything to your children, what happens if one of those children predeceases you? Will that child’s share go entirely to his or her sibling—or will it go to the child’s offspring? What if one of your children accumulates a lot of debt? Are you okay with the money or property the indebted child inherits being vulnerable to claims by the child’s creditors? What if your Will states your daughter will receive the family home as her only inheritance, but it is sold shortly before you pass away? Will she inherit nothing?
Unlike a computer program, an experienced South Carolina Estate Planning attorney will help you think through the potential changes and contingencies that could impact your Estate Plan—and help you design a plan that prevents unintended results that could frustrate your Estate Planning goals.
DIY Estate Plans are Often Difficult to Execute
Under the law, there are certain requirements that must be met for Wills and other Estate Planning documents to be legally valid. For example, a Will needs to be signed by a testator as well as two witnesses. In some other states, witnesses are not required to be in the same room when the Will-maker signs the Will, and they can even sign it later if the Will-maker tells them his or her signature is valid.
Similarly, for a valid Power of Attorney, some states require only the signature of the principal (the person who is granting the POA) to be notarized, but South Carolina requires two witnesses in this case, as well. If you seek the help of an Estate Planning attorney, you can rest assured that all of the “i’s” are dotted and the “t’s” are crossed, and that your intentions will not be defeated because of mistakes made during the execution of your documents.
Assets May End Up Being Left Out of Your Estate Plan
Many people do not realize that a Trust is frequently a better Estate Planning tool than a Will because it avoids expensive, time-consuming, and public court proceedings that would otherwise be necessary to transfer your money and property to your heirs after you pass away. Even if you have created a DIY Trust, if you do not “fund it” (i.e., transfer the title of your money and property into the name of the Trust), it will be ineffective, and your loved ones will still have to endure the probate process to finish what you started.
Further, if you do initially transfer the title of all your assets to the Trust, it is likely you will acquire additional property or financial accounts over the years that must go through probate if the titles are not transferred to the Trust. Regular meetings with an Estate Planning attorney can help ensure that your plan accomplishes your goals and that your grieving family members are not left with major headaches after you die.
We Can Help
A DIY Estate Plan can lead to a false sense of security because it may not achieve what you think it does. If your DIY Will is not valid, your property, money, and legacy will be in the hands of the state—which may not grant your choice of the heirs and beneficiaries you would have chosen. An unfunded Trust will be ineffective. Banks may not accept a generic Power of Attorney you found on the internet. Laws affecting your Estate Plan may change.
These are just some of the mistakes or unforeseen issues that could cost your family dearly. Contact Charleston Estate Planning Law Firm today so we can help provide you and your family with the peace of mind that comes from knowing that you have an Estate Plan that accomplishes your goals and will avoid unnecessary attorneys’ fees, headaches, or conflict for your grieving family when you pass away.
Charleston Estate Planning Law Firm
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