Wills and trust are two of the most important and fundamental planning documents, yet an astonishing number of people still do not have one or the other. This is understandable, as it can be extremely stressful to confront one’s own mortality, and estate planning takes time and money. That said, there is no substitute for a solid estate plan created with an attorney’s guidance.
Do I Need An Attorney to Make My Will?
A will must be formally executed to be effective. Trying to draft or amend a will on your own is very dangerous. Sometimes the legal effect of your actions is much different than what you intend. Make sure you use a competent estate planning and tax attorney to advise you on your will and estate plan.
Why Can’t I Just Write-Up My Own Will?
There are so many things that can go wrong when drafting a will, from the wording of the document, to the required formalities for how it must be signed and witnessed before it can be valid. That is why it is best to have someone with experience and a working knowledge of the law help you.
In one unfortunate case, a father wanted to disinherit his son. He bought do-it-yourself will software and followed the prompts, listing his assets and making gifts to his other children. Unfortunately he omitted a small number of shares of stocks that he had bought many years earlier. Those shares had grown in value because of mergers and stock splits and were worth several million dollars. They made up the largest part of the man’s estate by the time he died, but because they were not provided for in the will, the stocks passed according to the law of intestacy. The son the father wanted to disinherit received almost $400,000 and blew through it in less than a year. If the father had an attorney draft the will, the attorney could have included the stock or included a residuary clause that would have disposed of any property the father forgot to mention according to his intentions.
To avoid having your estate go through intestacy or being distributed against your intent, get a competent Estate Planning Attorney to help you draft a proper will. Compared to the cost of lawsuits in the estate, inheritances going to an unintended beneficiary, or having an invalid will, the services of a good attorney are inexpensive.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.