If you do your taxes online, why not create your estate plan online? There are multiple sites with state-specific templates. You may see some of them advertised on television. Why spend money and time with professional estate planning guidance, especially if you just want to make sure that “the right people” get your assets when you’re gone?
If you just want to put a will in place as a precaution before you take a long cruise or have surgery, using one of these sites can be the quickest, most efficient way to do it. You’d need to get appropriate witness signatures and avoid errors that would invalidate it if it had to be used.
However, if you’re serious about beginning estate planning, there are numerous reasons why it’s worthwhile to seek individual estate planning guidance. The following are just a few.
An estate plan typically needs to be modified over time
An estate plan is rarely a “one-and-done” exercise. It typically needs to change as your family changes, your assets grow and you reevaluate your priorities. Unless you wait until you’re well into your senior years, that’s likely to happen multiple times.
One advantage of a well-crafted estate plan is that it can be written to anticipate possible changes so that it won’t have to be modified often, and any modifications can be relatively minor. For example, having contingent beneficiaries and alternate fiduciaries (like executors and trustees) can save you the trouble of modifying your plan if someone unexpectedly predeceases you.
Laws change
State probate laws are always subject to change. Further, changes in federal laws can affect the estate planning choices you want or need to make to avoid estate taxes and other consequences. Even if your online site reflects current law, what if it changes? It’s always smart to be able to get professional, individualized answers when you have questions.
Advance directives for health care
Texas has several types of advance health care directives that help you (among other things) make your end-of-life wishes known. These can be very sensitive, difficult documents to complete. Again, the importance of experienced, individual guidance can’t be overstated.
An online will can be a good starting point for your estate planning. However, creating a plan that meets your needs and protects your legacy generally requires professional legal guidance.