Many people do not want to spend their money to have proper estate planning done. They think that they can just do it themselves with a website like Legal Zoom or Rocket Lawyer. This is like requiring surgery and attempting to do it yourself. Here are the top 5 reasons why you should not have a do it yourself estate plan:
- Presumption of proper execution– When you go to a lawyer to have your estate planning done, they know how to properly execute a Last Will and Testament and it is presumed that they executed the document correctly. When you execute the will yourself there is no presumption and if the Will becomes contested it needs to be proven that the Will was executed properly. Proper publication of a Will and proper witnessing may be steps that many do-it-yourselfer will do incorrectly.
- Taxes– Benjamin Franklin once said “Nothing is certain except death and taxes.” Estate planning attorneys must be familiar with New York Estate Tax, Federal Estate Tax, Gift Taxes, and Capital Gains taxes. A person creating their own Will may miss tax savings that a lawyer may have been able to help them with. Attempting to save a few dollars by not hiring an estate planning lawyer could in the end cost a person thousands of dollars in taxes.
- Drafting– An estate planning lawyer knows the right questions to ask and the correct way to draft a Last Will and Testament. Filling out questions on a website may not actually fulfill your wishes. A trust may also be needed in some cases and a website will not help you determine if it is needed.
- What is included in your Estate- People attempting do it yourself estate planning may not know what is included in your estate. There are certain items that pass by operation of law and are outside of the estate and outside of the Will. Improperly including items in your will that pass outside the estate may result in a Will contest.
- Power of Attorney and Healthcare Proxy- Many people think that estate planning is just creating a Last Will and Testament. Proper estate planning also involves planning for a person’s incapacity. Do-it yourselfers may not execute these documents which could cause problems in the future.