Do it yourself estate planning has become very popular. In theory it sounds great, but in practice it can lead to some wacky results. A web cast conducted by Northwestern Mutual, indicated that 30% of people in attendance have used or know someone who has used estate planning documents from an on-line service or have written them out.
Many web sites offer estate-planning documents at a much cheaper rate than securing an attorney. Despite the fact that on-line estate documents cost significantly less than an attorney, people have to realize that those documents contain verbage that is specific to certain laws that may or may not do what the person purchasing the document is intending. Estate Planners have explained “Estate planning documents are filled with legalese; terms that mean very specific things under the law. ” As a result, cut and paste do it yourself estate planning can lead to unintended consequences that can leave your family with few options once you pass.