Completing certain tasks for yourself can be rewarding on multiple levels. Some types of DIY projects are enjoyable, and there is a sense of satisfaction when you complete the job successfully. While you are at it, you may save some money as well, so it’s a win-win situation.
At the same time, there are some endeavors that do not lend themselves to the do-it-yourself approach. Estate planning definitely fits into this category, so you should think twice before you go to a website that sells DIY wills.
Consumer Reports Study
A few years ago, Consumer Reports decided to put the subject of DIY wills under a microscope. Members of their staff obtained tools from three of the most prominent boilerplate legal document websites. They created wills using these downloads and worksheets, and they presented them to three prominent legal scholars.
Flaws were identified, and they were unimpressed all things considered. They specifically stated that unintended negative consequences can come about when inexperienced people use these worksheets. After hearing everything that they had to say, Consumer Reports recommended against DIY wills.
Common Sense
The study that was conducted speaks for itself with cold hard facts. At the same time, you can simply apply some common sense to the subject.
When you plan your estate, you are facilitating the transfers of everything you have accumulated during your life to the people you love the most. This is a profound endeavor, and there may be a lot of money involved.
Plus, depending on the family dynamic and other factors, the matter can be quite sensitive. If you are going to engage in a huge transaction, you are not going to draw up a contract yourself and hope for the best. Why would you see estate planning in a different light?
Make the Right Choices
Many people are surprised to hear that a will may not be the best choice as an asset transfer vehicle. There are many tools in the estate planning toolkit, and a layperson is not going to be aware of all of them. When you go the DIY route, you may overlook ideal solutions that would maximize your legacy for the benefit of your loved ones.
Need Help Now?
Caring.com conducts annual surveys to gauge the estate planning preparedness of American adults. They found that most people without plans know that they should take action. Many of them say that they are frozen because they do not know where to begin.
On the one hand, this is somewhat understandable, but help is just a phone call away. When you work with us, we will gain an understanding of your objectives and make recommendations. At the conclusion of the process, you will emerge with a custom crafted plan that ideally suits your needs.
You can set up an appointment at our Burbank, CA estate planning office if you call us at 818-937-2335, and you can use our contact form to send us a message.
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