Reasons Not to Write Your Own Will

Ever considered writing your own Will? While you can draft a Will on your own, there are plenty of reasons why you may not want to go that route. Most people do it to save money, but they may overlook or forget to take care of some important details – details that could eventually cost them much more than the amount they could save. Some of the biggest mistakes include:

Ignoring state law differences. Will kits and online Wills may not always take state laws regarding the administration of probate into account. An estate planning attorney can inform you of these state laws; a Will kit or website may not.

Not revoking an earlier Will. Many Wills contain boilerplate language that automatically revokes any preceding Will. If you are writing your Will totally on your own (some people still do), you may not realize the necessity of such a clause.

Assumptions. If you bequeath property to an heir, what happens if you outlive that heir? What if you bequeath an asset to a friend or relative today and that asset is gone when your Will is executed someday? These are important things to contemplate; things that most people who write their own Wills have not considered.

Vagueness. Sometimes executors are not given enough power by the language of a Will. Sometimes a home will be left to a spouse, but with no one assigned to pay for upkeep of the home during the rest of that widow’s lifetime. Alternate executors are sometimes omitted from Wills, and names of nonprofit groups can easily be misstated or misspelled, inviting complication and possible dispute of charitable intent.

Keep in mind this article is for informational purposes only and is not a replacement for real-life advice. You should consult a legal professional before making any changes to your estate strategy. Fortunately, many financial professionals have relationships with attorneys. Ask for a referral from the financial professional you consult.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.  

Published for the blog on August 20, 2024 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.