The internet can be deceptively clever, but when it comes to protecting your legacy, it pays to rely on seasoned professionals
Sure, a quick Google or TikTok search might help you find how-to videos and online forms for just about everything: fixing appliances, filing taxes, even drafting legal documents. But can they safely shepherd your assets forward? When the question is how to pass on your assets and protect your loved ones, the do-it-yourself approach can leave dangerous gaps.
Here’s a breakdown of what you should, and should not, DIY when it comes to estate planning:
Advance Health Care Directive
An advance health care directive allows you to designate someone you trust to make medical decisions if you can’t. Online forms are generally valid and convenient, but rules vary by state, and not every electronic version is accepted everywhere. It’s also essential to keep the document current—especially if you move or your personal wishes change.
Verdict: DIY is reasonable, but make sure your form complies with state law and is updated periodically.
Durable Power of Attorney
This document empowers someone to manage your financial affairs if you become unable to do so. While forms are readily available online, financial institutions often impose strict requirements before accepting them, and the choice of who to appoint involves serious considerations. Your closest family member is not always the best proxy for the job, and it’s important to understand all situations and responsibilities that this named individual will spring to action in.
Verdict: Best drafted or at least reviewed with an attorney to avoid future roadblocks.
Creating a Will
A simple will might work for a straightforward situation. For example, leaving everything to one or two beneficiaries without complications. But life and assets are rarely that simple. Modern estates often include retirement accounts, life insurance policies, business interests, or even digital assets like cryptocurrency. State inheritance rules and tax considerations can also complicate matters.
Verdict: If you are going through the process of creating a will, involve a professional to make sure all loose ends are tied up.
Creating a Trust
Trusts are powerful tools for avoiding probate, protecting privacy, planning for taxes, and providing for future generations. They are also complex and highly customizable. Missteps in creating a trust can undermine your intentions entirely. There are many forms of trusts, and understanding the intricacies of each one is important when drafting the document.
Verdict: DIY is highly unadvised. Having an expert who understands your needs and who can advise you and your trustees in accordance with the trust is in your own best interest.
Don’t Forget Digital Assets
From online bank accounts to cloud-stored photos, digital property is now a standard part of most estates. Without explicit instructions, your loved ones may be locked out of these accounts. Incorporating digital asset management into your estate plan is increasingly important.
Keep Your Plan Current
Estate planning is not a one-time project. Major life events (marriage, divorce, births, deaths, property purchases, or business changes) should trigger a review. Even without life changes, revisiting your plan every few years ensures it keeps pace with evolving laws and technology.
The Bottom Line
DIY tools have their place in estate planning, but only up to a point. One mistake can invalidate your wishes or leave your loved ones tangled in costly disputes. By working with an experienced attorney, you can ensure every detail is handled correctly and every intention is carried through.
At Anselmo & Wojcicki, LLP, we provide tailored, comprehensive estate planning designed to protect both your assets and your peace of mind. Contact us today to review your plan and ensure your future—and your family’s future—are fully secured.
