The Problem With Do it Yourself Estate Planning

Do it yourself estate planning has become verypopular. In theory it sounds great, but in practice it can lead to some wacky results. A web cast conducted by Northwestern Mutual, indicated that 30% ofpeople in attendance have used or know someone who has used estate planningdocuments from an on-line service or have written them out.

Many web sites offer estate-planning documents at a muchcheaper rate than securing an attorney. Despite the fact that on-line estate documents costsignificantly less than an attorney, people have to realize that those documentscontain verbage that is specific to certain laws that may or may not do whatthe person purchasing the document is intending. Estate Planner Ruth Driscollexplained “Estate planning documents are filled with legalese; terms that meanvery specific things under the law. ” As a result, cut and paste do it yourself estate planning can lead to unintended consequences that can leave your family withfew options once you pass. 

See Northwestern Mutual, The Drawbacks of D-I-Y Estate Planning, Forbes, Jul. 23, 2013.