Estate Planning – Why Cookie-Cutter Online Templates Might Not Work for Your Family
Estate planning is one of the most important things you can do to protect your loved ones and ensure your legacy is passed on according to your wishes. While it may be tempting to save time and money by using cheap online services that offer cookie-cutter templates for wills, trusts, and other estate planning documents, the risks can far outweigh any perceived benefits.
Each family’s situation is unique, and relying on one-size-fits-all templates can lead to serious consequences down the road, including signing documents that will yield unexpected and unwanted consequences, and even making your estate plan invalid or unenforceable at the very time it is needed most. These documents are complex and the process is extremely nuanced. Here’s why working with an experienced estate planning lawyer is essential in the estate planning process:
1. Every Family is Different—A Customized Approach Matters
We hear from clients daily: “I only need a simple will,” or “My situation is simple, I need a basic plan.” While it’s true that overcomplication is never necessary for the sake of it, our experience tells us that things can be more complex than they seem. Online templates may appear to cover the basics, but they are built to apply to general scenarios, which often do not reflect the complexity of real-life family dynamics. Estate planning is not just about filling in names and dividing assets. It involves intricate decisions that must align with state laws, tax implications, and your personal goals. To name a few, we discuss the following with our clients on a regular basis:
Does your family include stepchildren or adopted children?
Are there different levels of comfort and experience with finances between children?
Are there any spouses that we need to make sure are not able to exert undo pressure?
Do you own property in multiple states, requiring coordinated legal strategies?
These are just a few examples of the nuanced situations that online templates cannot account for. An experienced estate planning lawyer will take the time to understand your unique family structure, financial situation, and long-term objectives, crafting a customized plan that works best for you.
2. Execution Errors Can Render Your Documents Useless
It’s not enough to just draft a will or trust—the way the documents are signed and executed is just as important. Many online services don’t provide adequate guidance on how to properly execute these documents, leaving families vulnerable to significant legal problems.
For instance, every state has its own legal requirements for executing a will, trust, power of attorney or advance medical directive, such as:
The number of witnesses required.
Who can serve as a witness.
Notarization requirements.
Failure to follow these guidelines can lead to the will or trust being deemed invalid when it comes time for probate or administration of the estate. If a document is improperly executed, your loved ones could find themselves in long, costly court battles, with your assets potentially being distributed according to state intestacy laws rather than your wishes.
3. Legal Expertise to Address Complex Probate Systems and Tax Issues
Estate planning involves more than simply deciding who will inherit your assets. There are complex legal and tax implications that need to be carefully considered. An experienced estate planning lawyer will:
Help minimize estate and inheritance taxes.
Navigate state-specific probate laws (or avoid probate altogether)
Advise on strategies to avoid common pitfalls that can cause significant delay or unintended consequences.
For example, joint accounts, beneficiaried accounts, and trusts are often used as tools to avoid probate, but there are different types of trusts (revocable, irrevocable, special needs, etc.) that serve different purposes. Choosing the wrong type of trust or failing to fund it properly can completely derail your estate plan.
While cheap online services may seem like a quick and easy solution for estate planning, the risk of making costly mistakes is significant. Perhaps the most compelling reason to use an experienced estate planning attorney is the peace of mind it brings. With a properly drafted and executed estate plan, you can rest assured that:
Your wishes will be carried out.
Your loved ones won’t face unnecessary legal hurdles.
Your estate will be administered in a cost-effective and timely manner.
When the time comes, your family will not have to deal with the stress and uncertainty of fixing mistakes or dealing with improperly executed documents. Give us a call at Wakefield Law to set up a free consultation and see if we can help navigate you and your family through the process. 703.771.9740