Risks Of DIY Estate Planning
A quick search online for do-it-yourself wills, powers of attorney, and other estate planning documents will yield you a number of results. This approach to estate planning may seem convenient and affordable. While it may seem this way, it is not effective. These templates are meant for the masses. However, estate planning should address your unique concerns and you should be able to customize your plan according to those needs. In addition to this, there are other risks associated with DIY estate planning. Below, one of our St. Petersburg estate planning lawyers explain what these are.
Inaccuracy and Lack of Personalization
As already discussed, online DIY tools rely on standardized formats and generic questions, which offers no room to customize your plan according to the complex situations in your life. For example, if you have a blended family, using DIY templates will likely not give you the specificity you need, which could result in future disputes. Additionally, the language is often very vague, which can result in some or all of the estate plan being deemed invalid or challenged in the court system.
Noncompliance with Florida Law
The laws regarding estate planning vary significantly from state to state. Florida has its own unique set of requirements. The DIY estate planning documents found online are generally meant for nationwide use and may not meet Florida’s requirements for proper execution. If you fail to comply with Florida’s laws when preparing your estate plan, it could render your will, trust, or power of attorney void and unenforceable. This could lead to your estate being administered differently than you intended or disputes among your beneficiaries.
Overlooking Certain Needs
The DIY options available online typically focus on certain documents, such as wills. It can be difficult to make a well-rounded estate plan using them. A comprehensive estate planning strategy often includes drafting powers of attorney, healthcare directives, and trusts to plan for long-term care or incapacitation. If you do not create these important documents, your family members may not have the necessary guidance during a crisis.
Cannot Address Complicated Scenarios
Again, DIY templates are often very basic. They cannot account for the differences in your family unit or help you navigate sensitive issues. Whether it is preventing disputes among your beneficiaries, making sure a child with special needs is provided for, or shielding property from creditors, DIY templates cannot provide advice that is customized to you and your family. An attorney can help you overcome these challenges while also avoiding certain issues that could negatively impact you and your family.
Call Our Estate Planning Attorneys in St. Petersburg Today
When it is time to plan your estate, the advice and legal guidance of a St. Petersburg estate planning attorney is invaluable. At Legacy Protection Lawyers, LLP, our experienced attorneys can help you identify your goals, properly execute the documents that will help you achieve them, and ensure that you and your family are fully protected. Call us now at 727-471-5868 or contact us online to request a consultation and to get the legal help you need.
