With access available to online “legal” websites which provide mostly completed prewritten estate planning documents, the questions is, should you consider drafting your own estate plan?
The simple answer is “no, you shouldn’t.”
A more complicated answer however, is that the documents the “legal” websites provide are generally one fits all. Meaning, that if your needs fit exactly with their formatting, and if you don’t make any mistakes, then one of these documents might work for you.
The problem with this logic is that it’s difficult to know whether the formatting suits your needs without proper legal advice. Therefore, utilizing one of these documents is essentially gambling, using your estate as collateral.
For this very reason, you will be hard pressed to find any estate planning attorney who will ever recommend “doing-it-yourself,” even with the use of a website.
The harsh reality is the money saved by drafting one’s own estate plan (will, trust, power of attorney, etc.), is usually spent later for the purposes of removing errors, replacing documents entirely, or handling probate.
If you have to ask if you can “do-it-yourself,” you are not an estate planning attorney.
Being a capable estate planning attorney doesn’t just mean knowing laws, giving advice and providing answers. It also means knowing what questions to ask.
Most estate plans are unique as they are designed for individuals, and people’s individual stories are unique. Any one person might be single – married – or remarried. They might be part of a “traditional” or blended family. They might have a spouse whom they wish to leave everything – something – or nothing. They might have children splitting an inheritance equally – nearly equal – or not at all equal.
This individual might have a biological child suffering with substance abuse, or step children who are disabled.
A person may wish to leave everything to their spouse without a care as to what happens past that. Or they might want a provision stating that should their spouse die, everything be given to someone else.
The question is; would you trust someone who wasn’t a surgeon to perform your surgery? – Or someone who wasn’t a pilot to transport your family? – Or someone who wasn’t an electrician to wire your home? (If you answered yes to any of these questions, please be aware that although I am not a licensed psychologist, I am accepting new patients).
In all seriousness, errors can render your estate plan useless. The law is literal. The court doesn’t acknowledge the “it isn’t fair” excuse.
Even small errors have big consequences.
If you have a self drafted estate plan, please have it reviewed by a capable estate planning attorney.
As always, if you have any further questions about this subject or anything pertaining to estate planning; please schedule an appointment with a qualified estate planning attorney.
Mar 13
