In the age of electronics, people often turn first to their computers for information and only look to a professional if they cannot find what they are looking for online. Estate planning is no exception to this trend. Along with other types of legal documents, people are often tempted to download estate planning forms or purchase complete estate planning “packages” as a way to cut costs in these turbulent economic times. Unfortunately, using “do-it-yourself” estate planning documents could backfire down the road.
Estate planning is highly individualized, meaning that what works for one person will not work for another—even if they appear to be very similarly situated on a surface level. This is one reason why “do-it-yourself” estate planning packages often backfire. Omitting one question during the preparation of an estate plan can lead to catastrophic results. Assets can go to the wrong beneficiary, your estate could become tied up in a lengthy probate battle, your children could be without a guardian, or a court could wind up deciding who will control your money or make medical decisions for you if you become incapacitated—and these are only some of the more common results of a poorly designed and executed estate plan!
As tempting as it may be to save some money now, remember that it is your loved ones who will pay in the long run if your estate plan is flawed. The same people who you are trying to protect with your estate plan could end up with nothing if your “do-it-yourself” estate plan backfires.