Attempting to save a little money and handle your estate planning on your own may seem like a good idea, but it is not a wise move. There’s much more to estate planning than DIY websites allow for, and you could make serious mistakes that will leave your family with a lot of work to do after you pass away.
It’s very important to understand that a “fill in the blank” estate plan will not include all of the necessary information that pertains to your specific wishes. Plus, if you have questions that go beyond the basic scope of these simplified forms, you’d be hard-pressed to get an answer. You can use the chat feature to get assistance, but you have no way of knowing who you are speaking with or whether they are giving you sound advice.
The problem with DIY estate planning websites
Writing a will is only one aspect of estate preparation. Other aspects need to be included, such as a living will, power of attorney, a healthcare directive and possibly one or more trusts. This is all based on your assets and preferences. These are important documents that are frequently missed or improperly completed on do-it-yourself websites.
Additionally, you may have a unique situation that needs to be addressed in your estate plans. For example, you may have a significant amount of debt when you pass away. If this is the case, your assets will be used to pay off the debt, which means your beneficiaries may not receive anything in the end. However, if you work with someone who understands estate planning, they can help you incorporate safeguards to ensure that your debt is settled while also preserving your beneficiaries’ inheritance.