Estate planning is often the last thing on anybody’s mind. By definition, an ‘unexpected event’ is not on a person’s mind either, but they do happen. People succumb to tragic accidents all the time. While it is extremely unlikely that something will happen to you, there is no harm in being prepared for all possibilities.
One thing you might be contemplating is drafting a will. Perhaps you’ve heard that it’s really not that complex and you can save a fortune by writing it yourself? You’ve searched the internet and found a template that appears to be perfect. What could possibly go wrong? The answer is that there is plenty that could go wrong. A do-it-yourself (DIY) will could end up saving you a little bit in the short term but costing you everything in the long term. Outlined below are some reasons why you might want to avoid drafting your own will.
Do you know everyone in your family, including distant relatives? Perhaps there are people in your family you have never met or at least haven’t seen for a number of years? Should these people be entitled to benefit from your estate? Without a carefully drafted will, your assets may be divided according to the laws of intestacy in Texas. This means that a relative you don’t even know could inherit a large portion of your assets, which you would have ideally liked to divide among those closest to you.
Are you legally fluent?
The legal language surrounding wills in Texas is very specific. DIY templates available online are designed to be appealing to a wide audience. Your estate planning needs are not generic. They are very specific to your own circumstances. You really need a will that reflects this and will withstand any legal challenges that are brought against it.
Estate planning can offer you peace of mind and financial security for your loved ones going forward. As you implement your plans, make sure that you have examined all of your legal options.