Are there disadvantages to creating a DIY will?

by | Mar 12, 2020 | Estate Planning, Wills |

In 2020, most of us conduct a lot of our lives with digital help. We use online banking and bill paying, we shop online, we take classes online and we even order takeout or groceries online. Now, many companies offer online DIY wills or software packages so you can craft your own estate plan. But is completing a digital DIY will really a good idea?

While creating a digital DIY will may save time and money, in the end, it does have many disadvantages. These include the following:

  • Each state has its own laws on probate. An online will or software package most likely isn’t tailored to address New York’s specific probate language. Without that, your estate could end up needing longer time to go through probate or allow family members to contest it.
  • Many people benefit from talking their estate through with a professional. Most people feel a bit overwhelmed by creating a will and full estate plan. Working with an estate planning attorney can help them make the right decisions for them and their family.
  • Some estates are complex. The more assets you have, or different sources of assets, the more complex settling your estate will be. Working with a professional estate planner can help ensure you have properly accounted for all your assets in your estate planning documents.
  • An estate planner can advise you on how to preserve your assets. As people age, they start thinking about how much they want to pass on to their children and family. An estate planning attorney can offer guidance as to when you might maximize your assets through a trust or how to pass on assets as part of Medicaid planning.

While it may seem easier and faster to complete an online DIY will or software program, it may not be in your best interests for the long term. Working with an estate planning attorney and financial estate planner will ensure that you have done your best to pass on your assets to those you love.