Numerous Illinois residents like to work on projects by themselves. Some do it for the satisfaction it can give from accomplishing something, while others get on the DIY wagon because it can save them a lot of money — or at least they think it can. When it comes to certain projects, like getting estate planning done and out of the way, a DIY plan may sound like a good idea, but going this route could have some serious consequences in the end.
Why do people consider DIY wills and other estate planning documents? First off, they can save time. Who wouldn’t want to sit at their home computer, click a few buttons and be done? Secondly, they can save money. DIY estate planning products can be pretty cheap — just remember, they are this way for a reason.
DIY estate planning documents are extremely generic. The protections offered may work with basic federal guidelines, but they do not take into account state-specific laws regarding estate taxes, probate, beneficiary protections and asset protections — among other things. This can leave the estate vulnerable.
DIY estate planning is tempting, and the reasons why are understandable. Thinking long-term, though, the time and money savings now may only cause issues later. Illinois residents who want strong, valid estate plans that can stand up in court, and that offer all the protections one needs and desires, can only achieve them by turning to experienced legal counsel. With the assistance of a skilled attorney, wills and other estate planning documents can be created in a timely manner and be ready to go for when they are needed.
Source: thebalance.com, “Do-It-Yourself Wills: Should You Write Your Own Will?“, Julie Garber, Accessed on May 30, 2018