Estate Planning

Yesterday, I blogged about how the downturn in the economy has caused a decline in charitable donations this year.  It is also having an impact on estate planning.  Rather than spending money on a lawyer, an increasing amount of people are turning to the internet to draw up their last will and testament. 

Several online sites are providing people with cheap and fast ways to do their wills.  Typically the sites, which offer wills for as little of $19.95, takes users through a list of questions about their family, assets, and how they want to distribute their estate.   

I looked at a couple of the sites and my first thought was that they both included what, on the face of it, looked like simple enough questions, but which included possible serious legal effects which a casual user would likely not pick up on...and I didn't see any which showed a sensitivity to legal obligations a testator may have in dividing an estate.   

One will program I came across included the question, “are you currently of sound mind and free of mental illness” which will not necessarily catch those who are not!

While do-it-yourself programs might be useful for some people, lawyers often discourage against relying on them (and not just because we want the business).  Even the simplest estate plan can involve more than simply checking off boxes on a page.  I have seen more than one estate complicated by someone who took the do-it-yourself approach and developed an estate plan which was not legally viable.  

If you're not persuaded that you need a lawyer to draw your will, you would still do well to have one review the will you have done yourself to ensure that all your bases are covered and your will reflects the distribution of assets you intend.

Have a great day!

Megan F. Connolly