Many assume they can effectively craft their estate planning documents to explain their wishes, and online legal forms have reinforced the misconception. In truth, Do-It-Yourself estate planning documents often have unintended consequences that leave a person’s loved ones picking up the pieces.
Legally speaking, dividing your assets is much more complicated than it sounds.
While many assume they only need a simple Will, one might fail to understand the benefits of other estate-planning documents available, like Revocable Living Trusts, to protect their family’s interests. Professional estate planners can help people overcome complicated hurdles, including taxes, property transfers, and probate. The “easy” route for the person making their estate planning documents without the assistance of counsel is often far more difficult for those left behind.
Furthermore, estate planning documents are legally binding documents.
The law requires specific procedures and precautions to protect against fraud or undue influence. Someone may complete a Will or a Trust correctly, only to fail to have it properly notarized, which may invalidate the entire document. Furthermore, the language that everyday people use sometimes has a different legal meaning. People who thought they protected themselves might have their assets distributed in a way they never intended.
Consider other drawbacks to a DIY route.
Ambiguous wording is a common pitfall. What “makes sense” to one person may have a different meaning to another. Writing your own Will or Trust opens it up to challenges from potential heirs who may not like how you divided your assets. Perhaps you think no one in your family would begin such a legal battle, but grieving people who have money on the line can behave in ways you wouldn’t expect. The likelihood only increases with personality clashes and resentments among your loved ones.
The more complicated your situation, the more risks you take when you create your estate plan.
People who aren’t married to their partner, who have remarried, or who own businesses may be at particular risk. Amateur estate planners may also inadvertently create negative consequences for loved ones with special needs. Courts sometimes even invalidate homemade Wills or Trusts for various reasons.
A professional’s help is the only way to ensure your legal documents match your intentions. Douglass & Runger would love to help you on your estate planning journey. Call us at (901) 388-5805 to schedule a meeting with one of our experienced attorneys.
