Why You Should Never Use an Online Will or Trust

It seems like everything today is do it yourself, or DIY. From home improvement projects to baking tutorials, people everywhere are trying to do things on their own rather than paying professionals for their services. While making a DIY dream catcher you found on Pinterest is one thing, estate planning is entirely different. You should never use a DIY online will or trust when planning for your future. Instead, you should contact an experienced estate planning lawyer to help you.

Entz Burton & Associates, estate planning lawyers, have been assisting Oklahoma families and family-owned businesses with estate planning and business law for over 30 years. Reach out to us today to schedule your free consultation.

What Is a Will?

First, it’s helpful to know what a will is and how you can use it in your estate plan. A will is a legal document that outlines how you want your assets to be divided upon your death. If you have any minor children, it will also state who you want to take care of them if you were to pass away.

The assets will go to the people you specify in the will. You’ll also need to state the amount that each person receives. Without a will, the courts could decide who gets what, and it may not be what you want. A will can also help with saving your estate money on taxes.

To ensure that your will is legal and valid, it’s best to write it with the help of an experienced estate planning lawyer. It’s a good idea to create a testamentary will, where you prepare your will and then sign it with witnesses. 

What Is a Trust?

A trust is another legal document that lets you outline how your assets will be distributed after you die. It can also help when it comes to minimizing estate and gift taxes.

One of the more common kinds of trusts is a revocable living trust, which you can change at any time and for whatever reason you choose. However, you may want to go with an irrevocable living trust, which you cannot change once it’s in writing. Irrevocable trusts are helpful if you’re in a profession where you could get sued, like healthcare or the law. An irrevocable trust could protect your money. It’s also useful if creditors are coming after you, because the trust will safeguard your assets.

With both a revocable and an irrevocable trust, you could avoid probate, which is a lengthy legal process where the courts review a will to determine if it’s valid. If there is no will, then probate will likely take more time and cost you even more money. 

Why You Shouldn’t Use an Online Will or Trust

It may be tempting to fill out a will or trust you find online, DIY style. After all, estate planning attorneys cost money, and this is a free or lower cost option – right?

The truth of the matter is that you could end up hurting yourself and your loved ones if you rely on an online will or trust. In fact, you won’t even know the results of using an online will or trust. Only your family members and loved ones will, and they could greatly suffer because of it.

Let’s say that will or trust you filled out on your own turns out not to be valid and legal, but it’s too late to change it because you’ve already passed away. Then what? Your family is going to have to endure a lengthy probate process and your loved ones might not end up getting what they deserve. It could cause irreparable rifts between family members as well, who are fighting over who gets what and what responsibilities each person has. Do you really want that happening to your family after you’re gone?

Additionally, you don’t know the ins and outs of estate planning. For instance, you might just choose an online will without knowing that your estate will need to go through probate. If you had consulted with an attorney, you could have saved your estate money and your family’s time and energy by creating a trust instead.

It’s kind of like doing your taxes. While using DIY software might be suitable, it’s not going to offer you personalized expertise, give you tips on how to save money, or let you know all the tax deductions you can take. However, unlike doing your taxes, the IRS or some other government agency won’t correct your errors. And, of course, the stakes are so much higher when it comes to your estate.

Finding an Estate Planning Lawyer

While it may seem like you’re saving money by filling out an online will or trust, it could actually end up costing you big time. It’s always worth it to make an investment and hire an estate planning lawyer instead.

You’ll want to find an experienced estate planning lawyer who has worked with people in similar situations. For example, if you have a high net worth, you’ll want to choose a lawyer whose other clients also had a high net worth.

You can ask your family members and friends for references to find the best estate planning lawyer for your circumstances. It’s also worth it to check review sites like Google and Yelp, and to look at lawyers’ websites for testimonials. Many estate planning lawyers will offer free consultations, so you can schedule meetings with them and decide which one is right for you.

Never let anyone pressure you into filling out a DIY will or trust. It could end up hurting you and your loved ones more than you could ever imagine.

Contact Entz Burton & Associates

If you need help creating a will and/or trust for your estate plan, then get in touch with Entz Burton & Associates today for your free consultation. Call us at 405-773-9800 or 800-633-7230, or contact us on our website. We look forward to helping you.

J. Michael Entz

Attorney J. Michael Entz at Entz Burton & Associates is an experience lawyer in estate planning law, business formation and asset protection serving the families in Oklahoma City and Weatherford office.