Estate planning requires one to draft a will or a trust to map their assets to their choice of beneficiaries. A will has become the default choice by many individuals when they want to start estate planning. However, you should consult an estate planning lawyer if you need legal and professional support.
Many people prefer to draft their own will using DIY tools or other entities. While preparing a will on your own could be convenient, there could be particular advantages and disadvantages. For a will to be effective and error-free, one must be aware of the factors of drafting a will independently.
Benefits of drafting a will independently:
Convenient and hassle-free
Many people do not like to pay visits to the legal offices and follow-ups with an attorney. If one chooses to prepare the will on their own, they will eliminate the inconvenience. Many online tools and websites allow you to file a will using the DIY methodology easily.
Explicit wishes and demands
When consulting an estate planning attorney, one may shy away or feel sacred from revealing their wishes and demands about their estate. Independent drafting of a will allows one to be open to their set of ideas and enables them to explore all the possibilities.
An independent will gives the applicant complete control of their assets and estate. The will allows the individual to list their choice of beneficiaries to whom they want to leave the estate. The prime benefit of filing a draft on your own is that it gives you a chance to control the flow of assets and explicitly lists how the estate should be managed after your death.
Disadvantages of an independent will:
Many people tend to make mistakes while drafting a will. These mistakes may not be visible immediately but can cause significant inconvenience to the beneficiaries in case of your death. To avoid errors and blunders, one must seek legal support from an estate planning attorney.
Poor understanding of the laws
While drafting a will independently would save a lot of time and money, it is likely that the individual would not be entirely aware or familiar with the estate laws. Being aware of these laws is necessary. Otherwise, the will may be held invalid in the court.
DIY will provide a lot of convenience to the applicants, but they do not offer to advise on the tax situation of a particular case. An estate planning attorney may know best about the tax laws and provide complete assistance to draft a will accordingly.