You can find out how to do just about anything on the internet, but that doesn’t always mean you should. When remodeling a bathroom, you may do the plumbing yourself. But you’ll likely call a plumber when you develop a spraying leak behind the wall. The same holds true when you need to create a will or an estate plan. No video or instruction packet can explain years of training and experience. Read on to discover some reasons NOT to choose a DIY will.
3 Reasons Not to Choose a DIY Will
Did you know that if a will has errors, it may default as if it wasn’t written, and the courts will divide your property instead of following your wishes? There are many reasons not to try to create a will or an entire estate plan without legal help. But we will discuss only 3 reasons and give examples of what could happen when it goes wrong.
- Too Easy to Make Errors
- A typo can destroy it all when you don’t have a legal consultant available to double-check your will. In one instance, a man meant to leave his sister $200,000.00 but accidentally typed a period instead of a comma and left her $200.00. Another example is the gentleman who decided to go back and fill in the beneficiary information and missed one. He inadvertently left [Insert Name Here] a large sum of money.
- Lack of Information
- This is a huge reason not to try to write your own will. There are too many instances to list, but we will give you a few examples. The DIY wills do not inform you of things such as:
- In many states, a witness cannot inherit anything in that will.
- The wealthy Texan who missed a tax break of $ 3.5 million because he didn’t know a better way to leave his land to his beneficiaries.
- A residual clause helps decide how to distribute residual funds left after expenses, taxes and creditors – or if assets were forgotten to be put in the will.
- Wrong Assets Put Into the Will
- Some assets should not be in a will. These include savings bonds, certain bank accounts, retirement accounts and more. These have a beneficiary established when the account is opened and cannot conflict with the will.
There are better ways to create your estate plan than using a DIY form found on the internet. An experienced estate planning attorney can ensure your will is correctly written to fulfill your final wishes.
Oak Brook Estate Planning Attorney
Do not rely on DIY forms for your legal needs. Call the attorneys at Estate & Probate Legal Group in Illinois to help you set up your estate plan correctly. Contact us today at 630-864-5835.
AREAS WE SERVE: DuPage, Kane, Lake and Will counties.