A will is a legal document that outlines how a person’s assets are to be distributed after their death. Do-it-yourself wills have pros and cons, including lower cost and simplicity, but lack legal advice and may not be suitable for complex estates. While most jurisdictions do not require an attorney to create a valid will, legal guidance may be necessary for medium to large assets. DIY wills are easy to follow for small properties, but may not account for estate tax consequences or complex legal issues. One advantage of DIY wills is the ability to make changes easily.
A will, formally referred to as a last will and testament, is a legal document created and executed by someone – the testator – that sets out how the testator’s assets are to be distributed upon his or her death. An individual may choose to engage the services of a will and estate attorney to create a will, or they may choose to create their own. Do-it-yourself wills, like all do-it-yourself legal documents, have pros and cons for anyone who chooses to use them. Among the advantages of the do-it-yourself will are the limited cost, simplicity and the possibility of changing the will frequently. Among the disadvantages of do-it-yourself wills are the absence of legal advice and the inherent limitation of do-it-yourself wills when complex estates are involved.
While the requirements for a valid will vary by jurisdiction, most do not require the services of an attorney to create or execute a valid will. In the United States, most state statutes regarding wills simply require that the testator be of sound mind and that the will be properly witnessed. As a result, do-it-yourself wills have become a popular option. In most cases, DIY wills can be found online or at local stationery stores for a minimal fee.
The most obvious benefit of using a do-it-yourself will is that the cost is minimal compared to retaining the services of an attorney to create the will. Of course, when the cost of an attorney is forfeited, the individual also loses the advice and guidance of an attorney. Laws relating to estate distribution, in-laws succession and inheritance taxes can be complex and vary from one jurisdiction to another. For a simple property with minimal assets, the guidance of a lawyer may not be necessary, making the cost unnecessary; however, for medium to large assets, the advice of an attorney may be worth the cost.
Also, do-it-yourself wills are easy to follow when the property is small and there are no complicated legal issues. Many do-it-yourself docs offer step-by-step instructions that can make filling out a will quick and easy. If, however, the property is more complex, many do-it-yourself papers aren’t equipped to walk the creator through the intricacies. Also, a do-it-yourself will may not take into account the estate tax consequences of the provisions contained in the will.
One benefit, however, of using a do-it-yourself will is that the testator can make changes to the will as often as they like. If the testator’s estate changes, or there is a major life change such as divorce or the birth of a child, a new will can be created quickly and easily. When an attorney is tasked with drafting a will, on the other hand, it will take longer and cost more to make even a simple change to a will.
Protect your devices with Threat Protection by NordVPN
