A self-created last will and testament may lead to problems.
As an early step in estate planning, you may be tempted to write your own will. There are some good reasons why you shouldn’t. While do-it-yourself wills may be cost effective and make the process of will creation relatively simple, they also have shortcomings.
DIY wills tend toward the basic and generic. The more complex your estate, the more their templates and language may prove insufficient. They are written to comply with laws in all 50 states, but not necessarily laws specific to your state. Estate tax law, itself, can vary widely from state to state. (A person who owns homes or rental property in multiple states, for example, may be poorly served by a DIY will.)1
Their fine print warns you not to fully trust them. Typically, they contain a disclaimer that tells you to consult an attorney, stating that the information they present to you does not represent legal advice.1
Write or revise your will with the help of estate planning professionals. The expense is worth it, especially if your estate is not small. Do you have questions pertaining to estate planning or wealth transfer? Please call me or email me to share them.
Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Patriot Financial Group, a registered investment advisor. Patriot Financial Group and Summit Star Financial are separate entities from LPL Financial. 1 TheBalance.com, "Should You Write Your Own Will?" (May 8, 2017) The information contained in this e-mail message is being transmitted to and is intended for the use of only the individual(s) to whom it is addressed. If the reader of this message is not the intended recipient, you are hereby advised that any dissemination, distribution or copying of this message is strictly prohibited. If you have received this message in error, please immediately delete. This material was prepared for John A. Gordon and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note: Investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting, or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax, or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. Tracking #1-643622