Creating a Will Online Vs Estate Planning Attorney: An Honest Review
You’re ready to plan and protect your family. You might not realize all the benefits that will accrue when put your assets into a trust, or at least with the drafting of a will. But before taking that important step, you must decide: can you do it online, or do you need an estate planning attorney to guide you through the process?
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Online Wills Vs Attorney Drafted Estate Plans: Pros and Cons
As an estate planning attorney, I can’t say I’m completely impartial when it comes to online wills and trusts. However, my experience preparing and reviewing estate documents gives me insight into how the provisions of wills and trusts are applied—and the consequences of overlooking certain details during drafting. This is definitely good to know before you entrust your last will and testament to anyone.
Creating a Will Online: Pros
One of the biggest advantages of using an online will service is the price. Online wills provide a cheaper option (a few hundred dollars), making them attractive for individuals on a tight budget. Convenience and speed are also factors, since online wills can be created anytime without leaving home. After plugging in a few basic bits of information, the automated programs can quickly create a will.
Making an Online Will: Cons
While online platforms may offer basic templates, they lack the ability to cater to unique or complex situations. For example, if you have a blended family, digital assets, or intricate financial arrangements, online services may not have the depth to accommodate these complexities (or, they could be add-on services that increase your costs).
You should also be wary of state-specific issues in online will platforms. Estate laws vary from state to state, and a will valid in one jurisdiction may not hold up in another. Generalized templates designed for one-size-fits-all planning may not account for the intricacies of state laws or requirements, which could result in complications down the line.
The biggest disadvantage of online will services is that they cannot provide legal advice. While some platforms offer general guidance, they can’t answer specific questions about your situation or explain the legal implications of certain choices. For instance, if you’re unsure about which type of trust would be best for minimizing estate taxes, an online service can’t provide the insights you would get from a qualified attorney.
Creating a Will With an Estate Planning Lawyer
In contrast to online will services, an attorney-drafted estate plan offers a higher level of personalization and expertise. It’s not a stretch to say it’s the difference between buying off the rack and having a suit made by a tailor. Working with a qualified estate planning lawyer ensures that your will and related documents meet your specific needs—and if you have questions, you get professional advice throughout the process.
- Big Picture. Everyone has different concerns, be it family dynamics, minimizing estate taxes, or passing down a family business. We help you make your selections with an eye on how they interact with one another, ensuring your wishes are fully realized.
- Full Documentation. An attorney can craft an estate plan that includes not just a will but also trusts, powers of attorney, and healthcare directives. These documents are essential for people who want to have full control over how their assets are distributed, who handles their financial and medical decisions in case of incapacity, and more.
- State-Specific Expertise. A Florida estate planning attorney will ensure your will complies with all local and state legal requirements. For example, you cannot bequeath Title II firearms to your friends or family in your will, and these firearms cannot be transferred by a personal representative who isn’t a federally-licensed firearms dealer. A Florida gun trust may be the best way to comply with state and federal firearm laws.
- Peace of Mind. Even small errors or omissions in legal documents can result in delays or challenges to your estate after you pass. With an attorney, you gain peace of mind knowing that your estate plan is thoroughly reviewed, legally sound, and designed to cover all contingencies.
There’s only one advantage online wills have over personalized services: cost. However, these services don’t test-drive their estate plans to ensure they will perform as intended after your passing. We do, taking note of anything that may have been overlooked or could have worked better before implementing those changes. Depending on the complexity of the estate and the region, hiring a lawyer to draft your will is an investment worth making.
Online Plans – What They Hide from You
There’s a hidden cost of drafting a will – how much it will cost your family to probate your estate. What you’re actually buying with a will is a set of instructions for the probate court to follow regarding how to settle your estate after you pass away. In many instances, the price to probate an estate exceeds the cost of creating a will by a factor of 100 or more. Yes, paying $500 for a will might later cost your family $50,000 to have your estate put through probate.
Should I Ever Choose an Online Will Over a Lawyer?
For individuals with uncomplicated financial situations—such as no minor children, few assets, or no real estate—an online will may be sufficient. These platforms typically cover basic elements such as appointing beneficiaries, choosing an executor, and specifying funeral preferences. However, the minute your life becomes more complicated, I recommend having the document reviewed by a flesh-and-blood attorney.
Get Your Estate Planning Questions Answered
Online wills may be cheaper, but they come with limitations that could prove costly in the long run. If you’re ready to start protecting your legacy or if you’d like us to review an out-of-date estate plan, please email us at [email protected] or schedule an intro call today.