Are Do-It-Yourself Estate Planning Documents Really That Bad?

A quick internet search will provide you with pages of do-it-yourself estate planning documents that are readily accessible for free or for a very low cost. Many people find it tempting to use those documents, thinking they can save money by not hiring an attorney. While the upfront costs of using these documents is less expensive than hiring an attorney, the long-term cost to your heirs can cost much, much more.

When you hire an estate planning attorney, you’re not just paying for the actual legal document. You are paying for the attorney’s expertise in understanding the specifics of your situation and devising a customized strategy to help you achieve your final wishes. This is especially important if you have significant assets, a blended family, children from another partner, own a business or would like to leave assets to a friend, family member, or organization that is not included in Florida’s intestacy laws.

Tax liability is another issue that do-it-yourself documents don’t adequately address. The larger the estate that you leave, the larger your heirs’ potential tax liability will be. A South Florida estate planning attorney knows the minutiae of Florida’s and the federal government’s tax laws related to inheritance. Based on your financial situation, they can devise a plan that will minimize the taxes your heirs will need to pay, leaving more assets for them to inherit.

You are also paying for your attorney’s expertise in writing clear, direct instructions that will minimize the likelihood of misinterpretations and misunderstandings that can lead to will challenges. If you have a family member that may be “difficult”, litigious, or unhappy about your final wishes, it is especially important to have an attorney draft your estate planning documents to minimize the risk of a will challenge, which can take years to resolve and cause a financial drain on your estate.

Inheritance and estate planning laws vary by state. With do-it-yourself estate planning documents, you have no idea who actually wrote the documents and if they meet the requirements for the laws in Florida. Truth be told, you have no way of knowing if even a human wrote the documents or if AI wrote them.

Another area where do-it-yourself documents fall short is in execution. For a will to be properly executed in Florida, there must be two disinterested parties who witness the testator signing the will. A Florida estate planning attorney will ensure that this legal procedure is followed. If these instructions are unclear or not included in a do-it-yourself will, the document will not be upheld by the courts.

Don’t take chances with your hard-earned assets. You and your loved ones deserve to have the experts at Huth, Pratt & Milhauser create your Florida estate planning strategy and documents. Contact us today to learn how we can help you.