That title might sound a little ominous, but it’s not, we promise. Thanksgiving is coming up and the time-honored tradition is to go around the table with everyone saying what they are grateful for. However, don’t just be thankful this season: be careful as well.
You may have an estate plan already, but did you know that you should continuously review and update it? It’s not just about documenting it and slamming the drawer shut. You need to update your estate plan and keep it current for it to be most effective. In this article, we will discuss the need for updates, as well as the misconceptions surrounding self-written and online wills.
Keeping it Current
Your Turkey Day list of what you’re grateful for probably changes yearly based on what happened in the past 365 days. Similarly, your estate plan can change too, depending on changes in your life (marriage being the main one) or family. While you may think, “Oh, I’ll get to it eventually,” regarding changes to your estate plan, that’s not always the case. Forgetting to update and review your estate plan can be disastrous.
For example, if you get married and do not update your estate plan before passing on, your plan will not reflect the changes in finances and property that come from marriage. It’s always better to be safe than sorry. Even if you don’t think you need to make any changes to your estate plan, review it ASAP, just to be sure.
Online and Self-Written Wills
There are different services that allow you to write an online and/or self-written will. These services promise the convenience of being able to sit at home on your laptop and just get it done inexpensively. That sounds nice, but, unfortunately, these services often don’t give you a finished product that includes everything you may want your family to have. DIY-willmaking often skips important steps that would otherwise allow you to avoid probate. If you want to do anything complex with your will, your self-written document will likely not contain the proper language, particularly surrounding land (land-based contracts must be very specific in their phrasing). Your relatives might end up having to go to court and spend thousands to contest your will and figure out what it means.
Forgetting simple things is easy on self-written wills because, to someone without legal training, the legal language is not easy to get right. Even if your relatives don’t contest the will, courts won’t follow the provisions if they are not properly written, meaning that your self-written or online will has all the effect of a notarized shopping list.
Keeping an updated, regularly-reviewed estate plan is really the only way to properly and effectively prepare for your future and the future of your family. Self-written and online wills generally miss the important elements, so scheduling an appointment to have it done properly by lawyers is the best way to ensure that you’re not only thankful this Thanksgiving: you’re careful, too.