April Fools! The Illusion of Security from DIY Wills and Trusts... Potentially Costing Your Family a Fortune in Messes

If you've been around for a few trips around the sun, you're likely familiar with a Will—a document outlining the fate of your assets posthumously. Perhaps you already have one, are considering getting one, or have contemplated the concept of a Trust, questioning its function and formation. You might have even taken to Google to explore how to craft your Will or Trust.

The internet is brimming with do-it-yourself (DIY) Wills and Trusts services. Platforms like Legal Zoom, TrustandWill.com, and even figures like Dave Ramsey and Suze Orman promote affordable DIY options. You could even stumble upon free templates for creating your own Will or Trust. However, what these online resources often omit is a discussion on the potential repercussions of utilizing their offerings.

Legal Documents Carry Significant Implications

The reality is that Trusts, Wills, healthcare directives, and powers of attorney are not just forms to fill out; they're legal instruments with profound implications. These documents are steeped in complex legal terminology. Even seemingly understandable words can have nuances and implications that laypeople may not grasp fully. The extensive education and rigorous testing lawyers undergo before practicing—culminating in a law degree and passing the bar exam—are testament to the complexity of legal concepts, language, and their application, not to mention navigating the fallout when things don't go as planned.

Furthermore, many lawyers who aren't specialized in estate planning or lack the specific training of a Personal Family Lawyer®, like our team, may create legal documents that don't hold up under the pressure of incapacity or death, for various reasons. Despite this, the allure of drafting your own legal documents via an online service persists, often promising cost savings and complete protection for you and your loved ones from the legal and financial ramifications of inadequate planning. Given the timing of this article's publication in early April, we're inclined to declare these promises as "April Fools" jokes on unsuspecting consumers.

A Real-Life Cautionary Tale

Let’s keep you from being fooled by illustrating what can happen when you draft legal documents on your own without understanding the consequences. What follows is a true story:

A woman passed away and her husband came into his lawyer’s office to get legal advice on what to do next. The woman we’ll call her “Jane”) received an inheritance from her first husband (let’s call him “John”). She was also close to her adult children and her grandchildren, and wanted to make sure they received what was left of her inheritance from their father. And while she intended to leave her second husband some money, she made it very clear to her family that she wanted to provide for her children and grandchildren.

Jane was frugal. She didn’t want to spend money on an attorney. So she did some research on Google about Wills and Trusts, downloaded some forms, and wrote out her own documents. She learned from Google that a Trust can keep her family from going through a court process called probate, which would save them money and leave more for them to inherit. So she drafted her own Trust thinking that she’d achieve her goals and save money at the same time.

You may already see where this is going…

When John’s lawyer read Jane’s DIY Trust, they realized that what Jane actually did was leave her entire inheritance to her second husband. Jane legally disinherited her children and grandchildren. Jane’s DIY Trust was also subject to laws of a different U.S. State than the one she lived in, meaning that any legal process related to the Trust would be more complicated than it needed to be. Surely this was not the result Jane wanted.

Jane not only disinherited her children, but she failed to transfer her house to the Trust, despite drafting and filing a deed on her own, and she left assets out of her Trust altogether. So while she thought she was doing the right thing, what she really did was leave her loved ones with a giant, expensive mess.

Not surprisingly, the family ended up in court and years later, the matter still isn’t resolved.

Avoid Jane's Missteps

Jane likely took to heart advice from well-intentioned figures like Dave and Suze regarding handling her Will and Trust independently. She assumed she grasped the legal documents she crafted and believed she was simplifying matters for her family, intending to pass on her children's inheritance from their father. However, Jane was mistaken.

Don't follow in Jane's footsteps. Had she collaborated with a Personal Family Lawyer®, Jane could have devised a plan that truly met her objectives, keeping her family away from court disputes and conflicts. She could have spared her family years of distress and considerable financial burden. Jane's experience underscores the value of professional legal guidance when dealing with legal documents, including Wills and Trusts. Disregard those who claim it's feasible to cut corners or manage on your own. Don't end up like Jane.

Consider a More Thoughtful Approach

It's your responsibility to ensure your estate planning is done meticulously and maintained over time for the sake of your loved ones. Ultimately, it represents the most profound gift you can bestow upon them. Securing your estate so your family isn't left with complications allows them to mourn in tranquility, marking your final gesture of affection.

If you're looking to bestow the enduring gift of your love upon your family, our firm is ready to assist. We offer more than just legal advice or document preparation; we're committed to protecting your family's well-being. By understanding the unique dynamics of your family and your aspirations, we collaborate with you to develop a comprehensive plan that prevents the turmoil associated with DIY estate documents.

Discover how our heartfelt approach to estate planning can help you leave a legacy of love for your family. Book a complimentary 15-minute consultation with our office today:

https://bit.ly/20westlegalmeetingscheduler

This article is a service of 20WestLegal LLC. We don't just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. That's why we offer a Planning Session, during which you will get more financially organized than you've ever been before and make all the best choices for the people you love. You can begin by calling our office in Sudbury, Massachusetts today to schedule an Estate Planning Session and mention this article to find out how to get this $750 session at no charge.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.