Do-It-Yourself Wills and Trusts.

DIY or Do-It-Yourself is a big thing among Americans. Many of us handle DIY home remodeling with much success. We also handle many other areas with DIY success. [Though my attempt to darken my hair color with a $8 DIY box of hair dye sent me to the salon within the week to pay for ten times that amount to correct the harsh color process I inflicted on myself. ]

The DIY culture is pervasive and the Internet age certainly makes it easier now than ever before to prepare your own Wills and Trusts.

But the general consensus among estate planning attorneys is that DIY Wills and Trusts are almost never done right and can easily cause problems later on when the person has died generating attorneys fees, which only benefits the attorneys and not your estate. One of the biggest errors with DIY Living Trusts is that while the trust is properly created, it is never funded and, thus, rendered useless.

I find it very hard to discourage someone who is hellbent on DIY for their own estate planning. But one way to ensure that your DIY Wills and Trusts are done properly is to hire an estate planning attorney by the hour to review your documents and identify your mistakes, if you have any. The attorney can also assist with property transfers to your Living Trusts.

Comments

[Jacksonville Estate Planner]

I loved your comparison to the hair color. My wife has made this mistake several times, unfortunatly with a will, trust, or estate plan you dont get the chance to have it fixed once you see the results. I see similar results with the online business formations. Although in somecases those people do get to fix their work.

[Angie Hartford]

It's a common misconception that online firms are inferior to hiring an estate lawyer by the hour.

The reality is that most estate planning legal documents are basic, standard, and prepared by the secretary. The lawyer reviews them, and provides input and approval.

The reason online firms can offer discounted services is because the client, by entering the information at a secure site, functions as the secretary. The lawyer reviews the information, and provides input and approval.

The estate planning lawyer's involvement remains virtually the same in either case.

The hair analogy is a good one. You can wash your own hair before you get to the salon, and save money by not paying professional rates for something you can easily do on your own, then have your professional colorist step in for the parts that shouldn't be left in unskilled hands.