The Dangers of “Do It Yourself” (DYI) Estate Planning
Whenever I speak about estate planning at a seminar or before a civic group, I am asked this question: Why can’t I just use the forms I can find online?
My answer: You can. But, remember, you get what you pay for. You CAN do it yourself – but it’s really not a very good idea. DYI estate planning breeds mistakes because when it comes to legal issues, one size never fits all.
My experience with reviewing DYI documents is that people tend to make mistakes when they fill out their own forms online. Answering one question incorrectly or overlooking something such as appointing a guardian for children can lead to major problems down the road.
One of my prospective clients asked me to prepare a deed putting her home in her trust. When I reviewed her trust, I saw that it was prepared according to community property and California law. This lady lived in Florida and had never lived in California. She sheepishly told me she found the trust on a celebrity money manager’s website.
Another client had a very well drafted trust he found online, but he had never funded the trust because he never received legal advice to do so. Had he died before consulting with me, all of his assets would have gone through probate, even though his intent in doing a trust was to avoid probate.
Most people use online forms to save money. I get that. I like saving money, too. At the Law Office of Debra G. Simms, we charge a flat fee for estate planning. It is far more costly to fix mistakes than to do it right the first time.
If you need advice on preparing such documents, call the Law Office of Debra G. Simms today at 386.256.4882
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.
