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DIY estate plans may not be worth the lower costs

On Behalf of | Apr 12, 2019 | Simple Wills | 0 comments

Many Virginians download inexpensive estate-planning documents via online websites. With a primary motive of saving money, the do-it-yourself legal option makes perfect sense. However, drafting a will, estate plan or power of attorney document without an attorney’s feedback may lead to unexpected and unwanted errors. Plus, some DIY estate-planning document packages do not include all the necessary paperwork. Therefore, this method may cause a person to create an incomplete package resulting in serious future complications.

Many of the individuals using DIY legal websites do not know whether they want to draft wills or detailed estate plans. Simple wills may not address everything for a person who has numerous assets. Although many of the DIY estate-planning websites employ lawyers, these attorneys do not typically arrange private consultations with customers. A customer may have a chance to receive an attorney’s answers to questions. However, the consumer’s options may rely on an agreement to pay a higher rate.

A high-net-worth individual with an insufficient estate plan may not want their heirs to struggle with probate regulations mandated by a court. The main problem with drafting an estate plan via downloading DIY documents is that the person may end up with gaps in multiple legal documents. Another important issue is that states have their own regulations regarding probate. Consequently, it is important to make sure that downloaded DIY legal documents are appropriate for the state in which the estate owner resides.

A legal consultation could be helpful for someone with numerous questions about wills and estate planning. An attorney could help a client decide which types of estate planning tools may be most useful for a particular situation.