Making plans for your eventual death is depressing and scary, to be honest. But, it’s an important financial responsibility for families with mortgages, children, and other assets. If you want to protect what you’ve built, a will is an important part of that process. Sadly, almost 60% of Americans are without a will, which includes all adult citizens. The statistics are even worse for families with minor children in the home. Only 36% of families have planned for their death, and while it’s understandable, the omission could be financially ruinous in the event of an untimely death. There are many services available online to create a DIY will, and while these services are inexpensive, you must be careful you choose the right product for your situation. While an Idaho will, trust, or estate planning attorney could help you find the perfect legal instrument for your situation, a DIY will may still provide your family with more legal rights than nothing.
Some Hidden Costs of DIY Wills
A will created entirely online using digital programs is considered a DIY will. These digital forms make the process very easy and take the headache out of thinking about what you may need in your last will and testament. These generic forms are a one size fits all method of creating a will, and these may not work for families with diversified assets and investments. While DIY wills are unmatched in their convenience and ease of usage, they are ideal for people with small estates, no minor children, and few assets. The problem with a DIY will is that you can save money initially using this method, but if your assets change or your will is later invalidated, your estate or heirs could be forced to absorb those costs. There are other hidden costs of a DIY will, like the possibility it could end up in probate if it’s not executed properly. Because DIY wills are generic documents designed to appeal to a wide majority of users, they are not usually state-specific. Each state has laws regarding will execution that could put the effectiveness of your DIY will in jeopardy.
DIY Will vs. A Customizable Will
Your will is your final opportunity to let your family know your intentions for your estate. It can be difficult for a DIY template to meet the specifications of a modern family with assets, investments, life insurance policies, or even blended families.
A custom will created by an estate planning attorney is:
- Comprehensive: A lawyer will ensure all components of your estate have been included in your will. When you use a DIY document, it’s hard to create a customized solution that you can trust to meet your needs.
- Legally Binding: An attorney will create a legally binding document that is checked and reviewed to ensure it will hold up in court. Legally binding DIY wills are available, but there’s the risk that your form could be out of date or for the wrong state. Without a legal review, you could be vulnerable to your will being thrown out or contested.
May Rammell and Wells Estate Planning Attorneys
At May Rammell and Wells, we have helped many families, couples, and individuals in Southeastern Idaho create customizable wills and estate plans that meet all their financial and family needs. Our attorneys can help clients having problems with an existing estate plan. If you’ve created a DIY will and need help transitioning to something else, we can help. You can count on us to provide you with professional advice and representation. Call us today at (208) 623-8021 to schedule a consultation