Do-It-Yourself kits are not the worst thing in the world, but they leave a lot to be desired. Also, when they go wrong, they go wrong full throttle. This is especially true for those with significant or growing assets, such as CEOs and owners of closely-held businesses.
(1) Pieces go missing.
DIYs are not always complete. Pieces, paragraphs, and clauses can go missing somewhere between the creation of the template, filling the Will out, and printing the document. This can matter when a child is missing from the Will or a whole clause is suddenly absent.
(2) Are you accounting for all your assets?
DIYs don’t know if you have accounted for everything you have. They don’t know to ask or look after assets you may have forgotten. It has happened many more times than once that a DIY estate plan was thrown into chaos for failure to account for some land or stock. Furthermore, even if you list all your assets, the DIY plan will fail to coordinate with assets that pass outside of a Will, such as retirement assets and life insurance. If you are a CEO, these are likely to be significant.
(3) No one’s double checking your work
It always helps to have a second set of eyes look over a document. It can be easy to miss your own mistakes.
(4) Does it fit your circumstances?
DIYs are templates; they are molds. If you need something else, the template will not know to get your there. For example, a child with a substance abuse problem or special needs shouldn’t be receiving his or her distribution outright. An estate plan should fit your circumstances.
(5) Maybe you need more than a Will.
If you are a CEO or business owner, a Will might not be what you need. A DIY estate plan isn’t going to tell you that. If you have significant assets or unique assets—such as a business—these should be passed on through a Trust. Trusts are efficient, private, and save you money in the long run.
(6) DIY Plans don’t always get executed correctly.
Wills have formalities, particular rules that need to be followed exactly at the time of signing. If the formalities are messed up, then the estate plan is no good. It seems simple, but there are plenty of examples of missing or messed up signatures.
(7) You Don’t Just Need a Document, You Need a Counselor
The reality is estate planning is more than just a document. It is a process. An attorney serves as a counselor. Not only does the attorney make sure mistakes are avoided, but he or she makes sure you are getting what you need out of the process. An estate planner will do more than just plug your information into a document. Rather, he or she will listen to your story, your concerns, and your wishes. He or she will give you advice and make sure that your plan works for you.
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