People are often put off by estate planning. Talking about your own death can be daunting, and to some, it seems morbid. As such, it is estimated that well over 50% of the population has no will in place.
Some choose to get around this hesitation by creating a will on their own. The common perception is that this will be quick, painless and much cheaper. But is this really the case? Are there any risks when you take on estate planning by yourself?
Have your intentions been made clear?
The law regarding wills varies from state to state. New York has some very specific laws that are completely different from other geographical locations. If you’re designing your will by yourself, then you have most likely downloaded a template online. Such templates tend to be generic, and you’d have to be very lucky to find one that fully complies with New York law.
Your will could be deemed invalid after your death. Without accurate and legally sound provisions, matters concerning your estate will be left in the hands of the court. Your property, savings, assets and childcare issues may not be handled as you had intended.
Is it worth the risk?
In the long run, a do-it-yourself will may turn out to be much more costly. If you catch mistakes before your incapacitation, then you may simply have to start over, essentially doubling your time and costs.///
To ensure that your final wishes are honored, it may benefit you to seek legal guidance for your estate planning. As you make your plans for the future, be sure to keep your legal rights and options in mind.