For those who feel confident managing their own affairs and looking to save money, a do-it-yourself (DIY) estate plan seems to make the most sense. Today, thanks to an abundance of online templates and legal software, it’s easier than ever to DIY estate plans. Whether its drafting a will, establishing powers of attorney, or creating a trust, it can all come easy without professional help. However, beware of specific drawbacks that may come with drafting DIY estate plans.

Online Tools Vs. Professional Guidance

Estate planning is a legal matter, and small mistakes can result in major unintended consequences. Errors in wording, missing signatures, or failure to meet state-specific requirements can render documents invalid or lead to disputes among heirs.

DIY tools often provide limited customization, which can be problematic for blended families, business owners, or those with special needs beneficiaries. Additionally, these online platforms can’t provide personalized advice or foresee complex tax implications the way experienced estate planning attorneys and tax professionals can.

Although online tools can help you create individual documents — the good ones can even help you comply with applicable laws, such as ensuring the right number of witnesses to your will — they can’t help you create an estate plan. Putting together a plan means determining your objectives and coordinating a collection of carefully drafted documents designed to achieve those objectives. And in most cases, that requires professional guidance.

For example, let’s suppose Anna’s estate consists of a home valued at $1 million and an investment account with a $1 million balance. She uses a DIY tool to create a will that leaves the home to her son and the investment account to her daughter. On the surface, this seems like a fair arrangement. But suppose that by the time Anna dies, she’s sold the home and invested the proceeds in her investment account. Unless she amended her will, she’ll have inadvertently disinherited her son.

An experienced estate planning advisor would have anticipated such contingencies and would have helped ensure that Anna’s plan treated both children fairly, regardless of the specific assets in her estate.

Tools for DIY estate plans also fall short when a decision demands a professional’s experience rather than mere technical expertise. Online tools make it easy to name a guardian for your minor children, for example, but they can’t help you evaluate the many characteristics and factors that go into selecting the best candidate.

Don’t Try This At Home

Ultimately, while DIY estate plans may be better than having no plan at all, it carries considerable risks. Professional guidance helps ensure your wishes are properly documented and legally sound, reducing the likelihood of costly mistakes or family conflicts. For most people, consulting a qualified estate planning advisor, including an attorney and a CPA who understands estate tax law, is a worthwhile investment in protecting one’s legacy and loved ones’ peace of mind. Contact us today for guidance on your estate plan.