Should You Use a Will Downloaded Off the Internet?
Recently there has been a noticeable uptick in people trying to save money with a “DIY” (Do It Yourself) will. By turning to Google to find answers or document templates instead of consulting with a licensed attorney in your community, problems can be created that will not be discovered until after your death, and cost your estate far more time and money in the long run.
Although a will seems simple enough to create without the help of an attorney, bad or unanticipated things can come from making a will by yourself. Estate planning is not a “one-size-fits-all” situation – your profession, your investments, the size of your family, the amount of real property you own will all have an effect on what types of documents you will need to ensure a smooth process for your beneficiaries.
Additionally, a lot of problems can come from creating a will from a form, especially in the State of California, where the value of real property almost certainly will result in the recommendation that a real property owner needs a trust in addition to a will.
A real-life example from our firm: A client had pulled a form off the internet to use for estate planning. There are two types of marital bequests - pecuniary or fractional, and the form had both in the sentence. The family had spent over $10,000 trying to figure out what to do before they came to Gianelli | Nielsen. There were potential tax consequences to one and not the other, which the family could have encountered had they not consulted with our firm. It would have taken much less time and money to have consulted with an attorney in the beginning.
With a will that is downloaded using an online company, a person receives a form and perhaps some instructions and choices to fill in or cross out. In addition to failing to advise regarding potential tax consequences, this type of will does not advise on how to prepare for if someone predeceases you, or how best to leave property to someone who is a minor. It also cannot help you with your choice for a personal representative or a guardian for a child. You are also running the risk that the information you have found online is now outdated, or does not apply in your state of residence. It is also incredibly important that the document be executed correctly or it likely won’t be considered valid.
Consult with a Gianelli | Nielsen Estate Planning attorney today to determine the best approach to your individual situation.
