The dangers of DIY online estate planning

On Behalf of | Jun 4, 2020 | Estate Planning |

Today, the internet is a go-to source for many services: shopping, connecting with a doctor and even filing taxes. Due to the COVID-19 pandemic, it has become even more of an essential tool for homeowners and workers. Most of their daily routines are now centered around their laptops and cell phones more than ever.

The pandemic has made more residents think about their futures. Many are now considering starting or updating their estate plans and believe it’s more convenient and cheaper to do it online themselves since they cannot see a professional in person. However, there are some core disadvantages to this practice that you need to know about.

Do you know your estate planning needs?

You might have an idea of how you want your assets divided after you pass. Still, you probably have questions about what to include in your estate plan and how it will play out. This is where the first downfall of do-it-yourself (DIY) estate planning comes into play: most estate planning sites assume you know your needs. They don’t consider your unique circumstances or family dynamic.

On the other hand, a lawyer examines your entire situation and gives advice. They know what errors to double check for when crafting a plan. They also understand the complexities surrounding North Carolina estate planning law.

Can online tools accommodate special circumstances?

Unless your estate plan is exceedingly simple – i.e., you’ll be leaving all of your assets to your spouse – then online estate planning tools probably won’t suit your needs. For instance, if you own a business, have a disabled child or owe estate taxes, your situation is probably too unique to handle by yourself. Because a basic plan is not a possibility for many people, a lawyer can offer a customized solution.

At the end of the day, DIY estate planning isn’t worth the risk and disadvantages surrounding it. It may seem like a quick and inexpensive option, but the factors these online DIY services do not consider can cause many problems down the road.

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