As more baby boomers prepare for retirement the popularity of “do-it-yourself (DIY)” wills is probably going to increase. Clients should be warned about many of the risks involved with DIY wills that often involve a downloadable fill in the blank form. A poorly drafted will can lead to a lot of expensive heartbreak and hassle for heirs and beneficiaries in probate court. For example, this article discusses a cautionary tale about a Florida woman who made a DIY will that forgot to mention her half siblings. As a result the will was contested by the half siblings in probate court leading to nearly $22,000 in litigation expenses. Clients may think they are saving money by creating a DIY will, but mistakes can lead to much more expensive problems down the line. It is a good idea to consult with an estate attorney when creating a will.
See Hallie L. Zobel, Advising Your Clients About the High Cost of DIY Wills, Wealth Management, August 28, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
