Last Wills and Testament: Should You Write Your Own?
Should you write your own last will and testament? After all, there are so many online applications, computer software programs, preprinted forms, obliging friends, and helpful books available today that it almost seems foolish not to do so. Nonetheless, it is important to consider the repercussions of not creating a will using the services of an estate planner or attorney. Several reasons not to do so are prominent among those that exist.
If You've Seen One Estate, You've Seen Them All
Unfortunately, no two estates are alike in any sense of the word. Therefore, using someone else's advice on how to create your last will and testament even though the individual has no formal training could be disastrous for you. Friends and family mean well, but unless you give them full access to your assets, list of beneficiaries, and other pertinent information, they cannot provide you with the expertise that you need to create a valid document that will meet the needs of your estate fully. Plus, they might not be familiar with the rules of your state.
State Laws Vary
State laws regarding last wills and testaments vary greatly with some states accepting only typewritten wills and others recognizing nuncupative or holographic wills. Generic software is not going to identify these salient points for you nor will they identify many other state-specific points. While federal estate tax laws might be fairly straightforward across all of the fifty states, the state estate laws vary greatly when it comes to probate, trusts, estate, inheritance, gift, and death taxes. Getting the facts from someone qualified to provide them to you is important if you want your will to be valid and complete.
Legal formalities, the rules regarding signatures and witnesses, and the need for specific legal documents required in estate planning vary from one state to another. Additionally, variations in the definitions of elective share laws, common law marriages, community property, descendants, and homestead rights exist that can greatly change the strategy needed to complete a valid will. Generic forms might not provide you with the information that you need to create a legal will in your state of residence.
Last Will and Testament Software Programs Are Not Guaranteed
Most of the software applications that have been designed to help people create a last will and testament only cover the basic points dealing with estate planning. For those individuals with larger estates, this could lead to certain issues being over looked.
In general, estate planning forms available through this strategy are as simple as possible in order to make them readily understandable by the average person. They are not specific to a particular state, but rather they are streamlined to include as many states as possible if not all of them. Just read the disclaimer sentences included on the packaging to determine whether or not you are comfortable using one of these programs instead of the services of a bona fide attorney or estate planner.
Unfortunately, this simplicity means that certain points will be overlooked and skipped entirely. Unless each of the finer points of your estate is dealt with in your last will and testament, your beneficiaries might not be protected and your estate planning needs will not be met.
In Summary
Estate planning is serious business and in order to properly prepare your last will and testament, you should consider obtaining the services of a qualified attorney or estate planning specialist. While individuals with small estates and few assets can often create their own last will and testament using software programs or basic guidelines, complicated estates should use outside assistance.
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