Why You Should Avoid Do-It-Yourself Wills
When it is time to draft your will, you might be tempted to just grab a do-it-yourself kit and try to handle things at home. This usually isn’t a good idea because it is difficult to condense complex estate planning objectives into a simple document like the ones offered in the kits. There is a chance that your DIY attempt might end up causing you a lot of stress. Ultimately, your will might not achieveo what you want it to accomplish.
You may think that any will is better than no will, but you should consider what might happen if someone contests your DIY will. Is it going to stand up to the challenge? Does it leave room for question about your intent?
Why shouldn’t you use a DIY will?
The issue with trying to handle estate planning by yourself is that you might not be able to figure out how the law will apply to your circumstances. This means that you might miss something crucial. While these kits might be marketed for a specific state, there really isn’t a way to know that it is actually tailored to meet the requirements of your state. This can pose a big problem because a will that isn’t executed properly can be a legal nightmare for your loved ones when you are gone.
What can I do instead?
You might consult with someone who is familiar with the Illinois estate planning and probate laws. This can ensure that your plans and last will and testament all comply with the laws. That, in turn, can assure your loved ones won’t struggle with hassles while they are reeling from your death. Even though confronting these issues isn’t always pleasant, it is best to do this with someone who can offer sound advice.
What special considerations should I address?
There are two main concerns when you are creating your will. One is that you need to make sure that you are minimizing the costs that your loved ones will have to pay. Avoiding estate taxes is especially important. The other is that you need to ensure that anyone who is disinherited is done so in a clear manner. You should also make sure that you encourage heirs to accept the will as it is stated by including wording that does this, which is often known as a no-contest clause.