If this is the year you’re finally going to put an estate plan in place, you may be considering one of those online estate planning websites you’ve seen advertised on television. A do-it-yourself estate plan may seem like all you need if you don’t have especially complicated estate planning needs.
What’s important to know is that these sites have their limitations and drawbacks. For one thing, even though they’re state-specific, they can’t give you the individualized guidance that an estate planning professional can.
Advantages of individualized planning
Most people can help their loved ones benefit from a strategically designed estate plan in more ways than they realize. For example, you can help prevent your estate from needing to go through a potentially long and costly probate process with a revocable living trust and through other methods that don’t even directly involve your estate plan documents.
Further, by creating an advance directive for health care and naming a health care agent, you can make your wishes known for things like end-of-life care if you’re later unable to speak for yourself, and you can designate someone to communicate with your medical team. That can save your loved ones the conflict and guilt of trying to determine what you would have wanted.
Keeping your estate plan current and meeting your needs
An estate plan typically needs to evolve. Your needs and wishes will likely change over the years, so it’s important to know when and how to modify your plan. One advantage of professional estate planning guidance is that your original plan can be written in a way that anticipates some potential changes – thereby reducing the need to modify it later. For example, naming alternate beneficiaries and administrators is important.
Further, both federal and state laws can warrant changes in your estate plan. That’s one reason it’s important to have a trusted advisor to help you make any necessary changes warranted by changes in probate or tax laws.
If you just want to draw up a quick will before you set off on an African photo safari or have major surgery, an online will may be fine. For a comprehensive estate plan that will help you leave the legacy you want for your loved ones, however, an individually crafted estate plan can be well worth the investment.