The Most Common Issues We See in DIY Estate Planning Forms

Online estate planning forms are ubiquitous and can appear as a cheaper alternative to working with an attorney. The biggest mistake in depending on these forms is assuming that completing a form is the same as creating an estate plan. If you are considering using online forms for your estate planning, here are some things to consider:

A Last Will and Testament doesn’t control everything. Commonly, people think that a Will is what determines who receives your assets after your passing. This is not the case. Certain assets, such as retirement accounts and life insurance policies, may pass outside of the Will. For example, you might divide your assets between three children in your Will, but you have an old retirement account with only one of your children listed as the beneficiary. Also, jointly held property may pass according to how it is titled. Comprehensive estate planning involves looking carefully at your documents, property, beneficiary designations, and family circumstances as a whole.

Generic online forms may not take into consideration the unique circumstances of your family. For example, blended families, minor children, disabled beneficiaries, second marriages, beneficiary creditors, rental properties, businesses, intellectual property, inheritance taxes, continued care for pets, and many other considerations can all raise issues that generic forms may not address.

Signing documents correctly is important. A document that looks professional can still create problems if it was not properly signed and witnessed. Maryland has specific requirements for properly executing a Will, including requirements concerning witnesses. Other estate planning documents have their own requirements.

Be careful will real estate. Your Will might state that your daughter should inherit your house, but the way the property is titled is more likely to determine what happens after your passing. Changing a deed without understanding the legal and tax consequences can also create problems.

Online forms can help you better understand estate planning in general, but depending on your specific situation, it’s worth having an experienced Maryland estate planning attorney review your plan. Remember, a good estate plan should fit your unique circumstances.

For a free, confidential conversation to discuss estate planning, contact Maryland estate attorney Stephen J. Reichert at 410-299-4959, or by emailing sreichert@reichertlegal.com.

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