How could a DIY will jeopardize your estate plan?

On Behalf of | May 24, 2024 | Estate Planning

When making your estate plan, a do-it-yourself will may save you some time and money, but it’s really not worth it. You do not want to take high-risk chances with something as important as your legacy and leave your loved ones in difficult situations after you are gone.

Here are the risks associated with a DIY will that could jeopardize your estate plan.

Failure to meet legal requirements

North Carolina has specific legal requirements for a will to be valid and enforceable, like the presence and signatures of witnesses. If your DIY will does not meet these requirements, it could be deemed invalid. Your estate will be distributed according to intestacy state laws, which may be contrary to your wishes.

Ambiguities and errors

A DIY will might contain unclear language or errors that could lead to misinterpretation or errors. This can lead to disputes and costly legal battles among your loved ones when the time comes to carry out your wishes.

Inadequate provisions

A will should be tailored to your circumstances, and a DIY will may not cater to that. For instance, you may have minor children you want to provide for or specific instructions to the executor. A DIY will may not adequately address these needs, leading to unnecessary complications when it’s time to execute your estate plans.

Tax consequences

Estate planning has its fair share of tax implications and the laws around estate taxes are constantly changing. A DIY will may not fully account for these complexities, which could expose your estate to higher taxes.

When you create a will, you want peace of mind knowing that your estate plans are comprehensive and secure. Do not gamble with a DIY will. Seeking legal guidance can help you do everything right and protect your legacy.