The problem is obvious with DIY estate plans. DIY estate plans are like playing Russian Roulette with your family’s livelihood after you are gone. If you muck it up, miss something, make a mistake, misunderstand a statute or law, or fail to realize the consequences of certain courses of action or estate elections, then you cannot fix the problem when you are gone, and the estate plan may be rendered useless (or worse make everything extremely complicated for the people you attempted to protect with your DIY estate plan).
Nowadays, estate planning must necessarily include a digital estate plan too. It is estimated that 60% of people will die without a will or any type of estate plan. Additionally, most people will end up taking their passwords and usernames to their grave. While this might be acceptable if the person was a spy and keeping state secrets safe, it is a nightmare scenario for the next of kin, partner, spouse, or personal representative trying to windup and close your estate so that they can take care of your heirs and beneficiaries. Keep in mind, once you are gone you cannot text them to tell them that the list is in a file on a “c” drive of your laptop or the list is written down a piece of paper in the junk drawer by the Keurig.
There are many people who operate under the misunderstanding that only the very wealthy or those with complicated assets and property need wills when they die. The truth is everyone needs one. A will is a legal document that sets forth your wishes regarding the distribution of your assets and property, and outlines the careContinue reading “Five Simple Reasons You Need A Will”