You’ve probably seen those ads by companies that let you create a will and other estate plan documents online. This might sound like a cost-effective idea, especially if you’ve gotten used to doing your income taxes online.
People often assume they don’t need professional estate planning guidance if their “estate” isn’t very large or complicated. However, it’s often more complicated than they realize. Making the right decisions for your unique circumstances can save you (and your loved ones) money, time and stress in the long run.
An estate plan should be more than a will
Remember that an estate plan is (or should be) about more than designating who gets what assets when you die. A solid estate plan should also include documents designating your wishes for your medical care if you’re unable to speak for yourself (an advance health care directive) and give power of attorney (POA) to trusted people to be responsible for your medical and financial needs should that become necessary.
Having individualized guidance rather than relying on a template (even a state-specific one) will help you learn about all the estate planning tools available under Maryland law. You can make sure your children and even your pets are cared and provided for if you can’t be there.
There are also multiple types of trusts available. Trusts aren’t just for the wealthy. They can accomplish many different things. For example, a revocable living trust can help your estate avoid a long, costly probate.
A well-crafted plan can minimize the need for changes
Starting out with a well-crafted estate plan, even if it’s simply a will and advance directive, can make it easier to build on over time. A lot of things may change in your life – even if you’re in your senior years. Laws change as well.
However, another advantage of not relying on a “do-it-yourself” will is that documents can be written in such a way that fewer modifications are needed later. Language is very important in determining whether a document is still valid even if a specific circumstance has changed.
Finally, “estate planning” is a term that encompasses more than a set of legal documents. It includes naming the right beneficiaries on retirement and investment accounts, titling assets so they can transition smoothly and much more.
An online will might be your best option if you’re undergoing major surgery next week, but it’s not the best way to approach your estate planning. Having experienced, individualized legal guidance is always preferable.