Five dangers of DIY estate planning

In a society empowered to doit-yourself (“DIY”), many turn to the internet to get step-bystep instructions on how to save money. In this environment of DIY sometimes it can become unclear as to when a professional is required, and when we can save money by figuring it out ourselves. I will admit that a good DIY project excites me; however, there are certain undertakings that even the bravest of do it yourselfers will admit are off limits. As a professional that has seen many DIY estate plans go wrong, I have compiled a list of the Five Dangers of DIY

Estate Plans: (1) One-Size Does Not Fit All. Your estate plan should be customized to you. You might not realize all the options available. An attorney can help guide you on the best way to accomplish your goals in your plan. (2) Cost. While you may feel like you are saving money by using an online service to create your own estate planning documents, you may end of spending more. A primary issue with many of these fill-inthe blank forms, and DIY estate plan services is the plan is not implemented properly. It can cost much more to correct the estate plan than it would have been to retain the services of an attorney to prepare the plan the right way from the beginning. (3) Expertise of an Attorney. You may not understand the terms and legal language used in the document. One small mistake, omission, or misuse of a legal term and you could disinherit a grandchild, child, or even your spouse. (4) Counseling. An attorney provides more than just the expertise of drafting a properly executed estate plan. Often the estate planning attorney will provide guidance when making personal decisions such as who to name as the guardian for your minor children, or who to select as your agent under your power of attorney. A fill-inthe blank form is not going to be able to determine the best way to implement your intentions. (5) Estate Planning Is More

Than Documents. Estate planning involves not only the drafting and execution of documents but involves the coordination of assets and beneficiary designations. You may think that you have a “simple” estate; however, an attorney can sort out the various factors that may require a more complex estate plan such as a child that has a disability, a second marriage, real estate owned outside of Pennsylvania, or business ownership.

If you are debating creating your own estate plan, please make sure to read the fine print and realize that DIY estate planning is one risk you should not take. If you have any questions, or require assistance, contact the elder law team at OWM

Law at 610-323-2800, or email Rebecca Hobbs, CELA© at rhobbs@owmlaw.com

The legal advice in this column is general in nature, consult your attorney for advice to fit your particular situation.

Rebecca A. Hobbs, Esquire is licensed to practice in the Commonwealth of Pennsylvania and is certified as an Elder Law Attorney by the National Elder Law Foundation as authorized by the Pennsylvania Supreme Court. She is a principal of the law firm of O’Donnell, Weiss & Mattei, P.C., 41 High Street, Pottstown, and 347 Bridge Street, Phoenixville,610-323-2800, www. owmlaw.com. You can