It seems that writing your own will could be a good idea and not a big challenge. You just state where you would like your belongings to go upon your death.
Can you write your own will?
The laws governing how to draft your will can vary from state to state. These laws, along with any number of unique circumstances, can make writing your own will a real challenge, even with the help of software and online programs.
Estate planning is not one-size-fits-all
The will templates produced by estate planning software are typically designed to cover only basic needs. These templates are kept as simple as possible to comply with the laws of all fifty states and the District of Columbia. Your loved ones may find themselves in a state of confusion after your death as they try to deal with estate issues that the software did not address. Just as everyone’s fingerprints are different, everyone’s estate planning needs are different.
It’s all about the words
Using the correct legal language in your will is important because so much depends on getting it right. For example, the court will appoint a guardian or guardians for your children if you do not accurately express your wishes regarding who you want to raise them when you die. Appointing a single guardian may be the main reason why you want to write your will in the first place.
You can create chaos if you are not familiar with which assets require probate and which do not. Assets that have named beneficiaries or rights of survivorship do not go through the probate process, and therefore should not be included in your will. You may end up causing disruption in the probate proceedings if you try to include them and bequeath them to someone in your will who is also not the named beneficiary to receive the asset.
Another factor is that your will may not be accepted as valid or authentic if it does not include certain required legal terms and phrases.
What about taxes?
Most estates are not subject to federal estate tax, but some states have their own inheritance and estate taxes that differ significantly from federal provisions. Your will is an integral part of the estate plan – the actual word. You will want to prepare for the possibility that your estate could be liable for estate or inheritance taxes in the future. You can take steps now to ease the burden of those taxes or even eliminate them altogether… but you need to know what those steps are and how to best utilize them. If you’re not an attorney, you may at least want to consult with someone who has experience in this area.
Books and software and online programs have disclaimers
Every book or estate planning software comes with some kind of disclaimer, such as “The information in this book/software is not legal advice and does not substitute for legal advice. For legal advice, consult an attorney.”
So there you have it. Even books and programs about estate planning recommend that you seek the expertise of an experienced estate planning attorney. You may want a professional to review your final product for accuracy and validity, even if you decide to write your will yourself.
There are many laws
State laws vary widely when it comes to probate, estate taxes, gift taxes, and inheritance taxes, not to mention the legal requirements for drafting and signing a valid will. All these state-specific laws can affect your estate plan, including the definition of heirs, anti-lapse laws, joint property, tenants’ rights, common-law marriages, presumptive spouses, and disallowed spouses.
Generally,
General programs cannot cover all these state-specific legal issues. Laws are always changing, being added, or even repealed while state-specific programs provide their own.
Buyer Beware – You Get What You Pay For
Are you performing surgery on yourself or fixing your car by yourself? Doing things yourself can save time and money in the short term, but the long-term result can be really costly.
Property planning may require foresight of what’s to come. What if the person you leave most of your assets to dies before you? Your estate could end up going to the spendthrift family instead if those precautions aren’t included in your will.
The same goes if you don’t plan for potential estate taxes and your estate ends up being indebted. You’ll be taking away from your inheritance amounts.
Final Warning
Don’t forget about any real estate you may own outside of your state of residence – it’s likely that the laws there differ from the laws in your place of residence.
Source: https://www.thebalancemoney.com/should-you-write-your-own-will-3505206
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