While online wills may appear to be a quick and affordable option, they often lead to sizeable issues.
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Many online companies offer quick online wills. Some have software, others are quick downloadable templates. So why should you steer clear of online wills when doing your estate planning?
A few reasons include:
- Many times, online wills are not valid or enforceable. Unlike many trusts, wills have to go through probate court. Probate litigation can be costly, especially with an online will. Online wills are not always binding and may not have the correct language or elements for it to be complete and enforceable. This can lead to family disputes after your death.
- Online wills are not tailored to your needs. When you meet with an estate planning attorney, they will ask you many questions and work to understand your situation. They will craft documents that truly protect your interests, your family, your assets, and your wishes if you are incapacitated. An online will simply doesn’t have the capability to protect your interests. Even worse, using a will with predetermined language can act in opposition to your wishes.
- Online wills are limited in scope. This means that you can’t be as specific as you should be, or plan for things outside of inheritance. If you have minor children, you may need to plan for guardianship. You might also have pets to consider and a variety of other concerns that are specific to you. These should be dealt with in your estate plan.
Finally, a will might not even be the correct document to meet your needs.
Many people think that trusts are just for those with huge bank accounts. This is not true.
It’s essential that you meet with an attorney to protect your interests and make sure that you have legally enforceable documents.
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