What Are the Five Significant Risks of DIY Estate Planning? | IL

Many people put off estate planning as long as possible. The most common reasons for not having an estate plan include being too busy, not having sufficient assets, and not knowing where to begin. The thought of making an appointment with an estate planning attorney may create anxiety for those who are uncertain of how the process will go.

In response to these feelings, some people will go on the internet and choose a DIY form that allows them to create their own estate plans. While some things in life can work out fine from a DIY approach, others are less likely to do so. A mistake on your estate plan can create havoc for your loved ones after you are gone. 

A single wrong date or omission of an important detail can potentially invalidate your entire estate plan and the work you put into it. Having an experienced estate planning attorney advocating on your behalf ensures your estate does what it is meant to do. A Naperville, IL estate planning attorney from Gierach Law Firm can answer your questions and prepare the estate plan you need for the future.

What Makes DIY Estate Planning Risky?

If you want to ensure your estate plan includes everything it needs and nothing it does not, you need a knowledgeable legal professional to help you through the process. A good attorney will be knowledgeable about current Illinois estate planning rules and laws, including those that have recently changed. The most common DIY estate plan mistakes include:

• Your DIY estate plan does not achieve your goals.
•  “Boilerplate or vague language is used in your estate plan document.
• Your estate plan has inaccuracies, contradictory language, or incomplete information.
• There are errors in the execution of the estate plan.
• You do not update your estate plan on a regular basis.

If you use internet documents that do not accomplish what you think they will or are not appropriate for your specific circumstances, then no matter how hard you worked on the estate plan, it was a waste of time and money. Your goals for your estate plan matter and can include immediate issues as well as long-term issues.

Most people have estate plans prepared to ensure their families receive the maximum benefits. Others may need to plan for long-term care, including Medicaid planning. These goals can co-exist in an estate plan that also addresses special family situations, minimizes estate-related taxes, and ensures a smooth transition for your business. Having a DIY estate plan can mean you accomplish only a few – or none – of your goals.  

Internet forms contain what is known as “boilerplate” language, which means they contain standardized text in the structure, language, and content. The site may say its forms comply with state laws, but this is not always the case. Inadvertently using the laws from another state or overly vague language can potentially void the entire document. Incomplete information or inaccurate information is also a common problem in DIY estate planning documents.

If you do not follow Illinois estate planning law when you execute your estate plan, the entire plan could be deemed invalid. Once your estate plan is complete, if you stick it in a drawer and never think about it again, you are failing to make important updates. Every time you have a major life change (marriage, divorce, death, the birth of a child or grandchild, a new job, selling your business, or retiring), your estate plans need to reflect that change.  

Contact a Naperville, IL Estate Planning Attorney

Speaking to a knowledgeable Naperville, IL, estate planning attorney from Gierach Law Firm can ensure your estate plan is professionally and legally prepared while safeguarding you and your family from any future changes. Attorney Denice Gierach combines her education as a lawyer, a CPA, and a master’s degree in management with her experience as a lawyer and business owner for a unique approach to client service. Contact Gierach Law at 630-228-9413 to schedule an appointment and discuss your estate plan.