"I'll just buy a Will online."
Sometimes when I'm speaking with a potential client - they ask me why they should work with an attorney when they could buy a will online. It's a valid question - and as someone who enjoys DIY and bargains - I can appreciate the initial appeal.
On purchase price alone - it's true - every "online will" I've seen advertised is cheaper than the lowest rate I've ever heard quoted by an attorney. And, if you are comparing 100% identical products, of course, the less expensive one is the smarter choice.
But, an online will and a will prepared for you by an attorney are not identical products for many reasons. Here are just four:
1. An online will is basically a fill-in-the-blank document, albeit perhaps a complex one. For example, at your death, you want your property to go to your spouse, child, and sibling. That's what you write in the relevant blank. But do you want your property divided into three equal parts with one part going to each? Or do you want your property to go to your spouse, and your child and sibling are just back-ups? Or do you want something else? Also, what if your child is under age 18 when you pass away? What if everyone passes away before you? When you're filling in those blanks, do you understand the question you're being asked? Do you know how to answer to meet your goals?
2. One-size fits…you? Online wills begin with standardized formats for different users (ex: a married person with young children, a retiree, a single person with adult children, etc.). These standardized formats include presumptions - such as a married person with young children wants their assets to go to their surviving spouse first and their children second. When you're creating an online will, you may not have control over the format assigned to you. And you certainly won't have control over the presumptions included in that format. Even if you know what kind of will you need and what distributions you want - those choices may not be yours to make with an online will.
3. Each state has specific rules about how a will must be signed to be valid. And often, these vary depending on what kind of will it is. So what kind of will is an online will? What are the signing requirements? The responsibility is on you, the purchaser, and the person filling in the blanks, to figure that out. If you don't get it exactly right - the Probate/Estate Court doesn't have to accept your "online will" as valid after you pass away.
4. The online will company probably isn't responsible if there are problems with your will. What if it turns out the online will you bought isn't accurate, complete, or up-to-date with current laws for your state? Take a very close look at the "Terms of Service," usually available as a link in the small type at the homepage's bottom. Most online wills companies expressly state they are not liable for these problems. Let me state this point again, for emphasis: They are not responsible if they will they sold you is invalid.
Conversely - a will prepared by an attorney is not a fill-in-the-blank document. It’s not created from a standardized format with presumptions that you don’t want or need. It is a customized document, tailored to your personal, unique situation and your particular wishes. The attorney is responsible for ensuring that the will complies with the specific laws of the state and that it is signed in the required way to make it valid. And, the attorney is also responsible if you, or a court official, find a flaw in the document.
So - do I think that an online will is a terrible idea for everyone? No. It can be better than nothing (but not always), and if you have the very simplest of needs and wishes - an "online will" may suit you just fine. And, while I'm a biased source, I'm not alone in this line of thinking. Forbes says to proceed with caution. The Balance voices similar concerns. Marketplace notes common pitfalls.
Want to learn more about estate planning with Ampersand Law? Click through to contact me. Not quite ready for that, but need more information? Read the related posts below and find out more about estate planning services here.