Many people consider writing their own wills to save money. With numerous DIY templates online, it seems straightforward. This approach can result in mistakes that render your will invalid.
Planning for the future can be stressful. I have explored it personally and discovered significant facts. If you don't adhere strictly to New York's regulations, your will might be contested in court.
This article will highlight the issues with DIY wills and explain how a lawyer can help you avoid these pitfalls. Keep reading to learn more!
Almost anyone can draft their own will, just like most people can cut their own hair, but should they? Many websites and books offer do-it-yourself services, but is it smart to use them? Let's see what can go wrong with wills not prepared by attorneys. I’ll share true stories from my practice (details changed for privacy).
Mr. Will Contest:
This person was married with two children from his current wife and had a child from a past relationship, whom he had no contact with and did not want to include in his will. His will said that if he died, everything would go to his wife or, if she passed first, to his two children from the current marriage. He learned that before his will could be admitted to probate, his estranged son needed to be found and given the chance to contest the will for reasons like improper execution. After explaining what New York law on due execution requires, he was shocked to find out he did not follow the rules. His will would have been invalid, and at death all assets would have been split among his wife and three kids, including the estranged child. Just drafting a will isn’t enough; it needs proper execution per New York law; that's why estate planning attorneys have special signing ceremonies.
Mr. Witness-Beneficiary:
Mr. Witness-Beneficiary had a will drafted by a lawyer but chose to execute it himself at home. He left everything to 2 of his 10 children, with one beneficiary also being a witness. What’s the problem? New York statute didn't allow a beneficiary who was also a witness to get her full share under the will; her share dropped from 50% to 10%.
Ms. Fill-In-The-Blanks:
This was a form will with blanks to fill in and pronouns like “he/she/they” left in place could make it confusing to read and interpret. Ms. Fill-In-The-Blanks disinherited one of her four kids but listed having only three kids in another part of the form. Such an omission could be used by a probate attorney to question whether she understood who her kids were.
Mr. and Mrs. No Tax Plan:
I often see couples using “I Love You” wills leaving everything to each other without properly drafted credit shelter or marital trusts that save on taxes - especially important in New York State which has its own estate tax but doesn’t allow for portability between spouses.
Writing your own will is rarely wise. Saving some money now can cost thousands later when fixing mistakes after your death becomes necessary. Do-it-yourself wills usually don’t save on estate taxes or provide correctly for disabled beneficiaries. They might miss when a trust is better than a will, fail at avoiding probate, or make errors increasing chances of contests more likely. Also, they often miss issues like creditor protection or Medicaid eligibility which only lawyers can handle best. Each person's situation is unique like fingerprints. No online service asks the same questions or provides the same expertise. An experienced estate planning attorney stands behind your will. When there’s a will, there should be an attorney.
Conclusion
Making your own will can lead to significant problems. Simple mistakes might render it invalid, as seen in Mr. Contest's New York will. Witnesses who receive a part of the estate could have their share reduced. This happened to Mr. Witness-Beneficiary’s daughter.
Fill-in-the-blank forms may cause confusion. Ms. Fill-In-The-Blanks experienced this by mixing up names. "I Love You" wills might overlook tax-saving steps and result in higher taxes, similar to Mr. and Mrs. No Tax Plan.
Working with a lawyer ensures your will meets all legal requirements in your state, preventing surprises later on. Get professional help to safeguard your wishes!
FAQs
1. Why is writing your own will risky?
Writing your own will can be risky because you might miss important legal details, leading to confusion or disputes among family members.
2. Can mistakes in a self-written will cause problems?
Yes, even small mistakes can make the will invalid... This means your assets might not go where you want them to.
3. Is it hard to follow all the legal rules when writing a will?
It can be tough to know and follow all the legal rules without help—laws change often and vary by state.
4. Are there benefits of having a lawyer write my will instead?
A lawyer ensures everything is correct and legally binding—they also help with complex issues like taxes or guardianship for kids.
