A will is one of the most important documents you will create in your lifetime. Oftentimes people try to find advantages in drafting their own wills. The most common reason people draft their own will is to save a few dollars. What they don’t realize is that saving a few dollars now might result in the expenditure of thousands of dollars later on in life because the “Do It Yourself Will” contained serious flaws in its wording. These flaws may not be obvious to the average person and can have more serious consequences than one might expect.
Wording is especially important when evaluating the different factors involved in preparing a will. You must consider family members, tax implications, and real property amongst several other things. Oftentimes, a “Do It Yourself Will” or store bought wills overlook these factors and leave family members with a costly mess to clean up after you are gone. For example, a “Do it Yourself” will may not even consider tax consequences and a large portion of your estate might end up going towards taxes where proper estate planning tactics could be utilized to reduce the amount of taxes owed on inherited property.
Additionally, “Do It Yourself Wills” are cookie-cutter type wills and do not account for your specific needs, wants or assets. Estates are not identical and therefore it is impossible that an identical, store bought will, can cover each person’s individual wants and needs.
To properly plan your estate you should contact a lawyer who can guide you through the steps of estate planning. Give the Law Offices of Jillian Hindo a call today at 602-377-9369 to set up a free consultation to discuss all of your estate planning needs.
We offer legal services in Arizona and Michigan