DIY Will??
In the information age, you can pretty much learn how to do just about any household task- watch a video on YouTube to learn how to build a bookshelf, read one of the thousands of DIY blogs to learn how to install a sprinkler set, or refinish a dresser. With the almost unlimited information out there, you feel like you can bypass many professionals to get a cheaper fix. So, yes, you can write your own will or use an online service such as LegalZoom.
The question, though, shouldn’t be whether or not you can write your own will, but rather whether you SHOULD.
The problem is: you don’t know what you don’t know.
Obviously, I’m writing this from a biased point of view, as I am an estate planning lawyer and all. However, my partner Chris Phillips and I regularly see what happens with “DIY” estate plans and the nightmares that follows. Simply put- you need a professional.
Here are my top 6 reasons why you need an estate planning lawyer’s help:
Reason #1: You Need More than Just a Will!
You don’t just need a will; you need an estate plan. While the two terms “will” and “estate plan” are often used interchangeably, this is wrong, as they two distinct concepts.
A Will is just one of the many documents that comprises a comprehensive estate plan.
An Estate Plan is the set of documents that provides for your care and financial & health care decision making and stability if you become incapacitated or pass away.
In fact, there are typically around 9 different documents that make up a typical estate plan (many include several more, depending on the circumstances). So, writing your own Will by itself won’t come close to cutting it!
Reason #2: It’s Easier than Doing it Yourself.
I could do a full-day lecture on my many Pinterest fails, which run from passable to hideous. While I’m not going to lose sleep over a botched bookcase, I certainly don’t think you should risk making the same mistakes when your entire estate, your kids’ care, and your legacy are at stake.
In order to want to avoid screwing it up, you’d have to have spent the time learning the possible pitfalls and errors, in addition to how to properly form and design certain legal documents, as well as how to fund the plan, in order to get it done correctly.
How long would this take? In my case it took:
- 4 years of undergrad;
- 3 years of law school, including 3 summer internships;
- Studying & passing 2 state bar exams (each had a less than 50% pass rate); +
- 12 years of practice in the field of estate planning (full-time, all day, every day).
There is no way to bypass this. This is also why I don’t recommend having just any lawyer draft your estate plan either because the law is incredibly vast and complicated. Just like I wouldn’t represent someone in a criminal trial, I don’t recommend you have a non-estate planning lawyer draft your es