You would be surprised by how easy it is to find free templates on the internet that can help you to write up your own will. There are resources online that you can spend little money on in order to get a whole “kit”, which will help you to write your own will. There are plenty of websites that generate a customized will for you, based on the information you provide. You do not even need to be an expert on all the laws since they can do it all for you.
Seems like a breeze, doesn’t it? Perhaps, a little too good to be true?
Usually, when something seems too good to be true, it is. While you can write your own will, you will be doing so with a significant amount of risk involved. Ask the best estate planning lawyers in NYC, and they will have plenty to say about whether it is a good idea to write your own will.
In fact, let us take a good look at why it is such a bad idea to write your own will.
The Will has to be Valid
Nobody likes the thought of death, but preparing for your death is a crucial part of life. The reason why you write a will is to make sure that beyond your death, all your property, money, assets, etc., are distributed how you intended.
After you pass on, the person you charge as the executor will go to the court and apply for a grant of probate. The executor will then move forward with the distribution of your estate based on the wishes you defined in the will.
If the court declares the will invalid, your estate’s distribution can become a drawn out process that makes the anguish of your passing even worse for your loved ones due to all the legal issues that may arise. If your will is invalid, increased legal costs, court costs, and the possibility of financial difficulties can drastically affect the lives of those you wanted to help through your estate.
Plenty of people assume a simple DIY will might be more than enough because they do not own many assets. They feel that the process should be pretty straightforward. It rarely ever works out that way.
There’s No One-Size-Fits-All Solution
A computer software that creates customized wills for you based on the information you provide will never be able to create a last testimony as a will attorney in NYC can. The computer software is made to cover some basic facets of creating a will. Potential issues that your software-generated will did not address are a very likely possibility.
The people you cared for the most will already be in tatters due to the effects of your will. Trying to deal with estate planning issues, which your will did not cover, will make things even worse.
Death and Taxes
There are two certainties in life: Death and Taxes. At a federal level, most estates are not subjected to estate tax. At the state level, the story can be different altogether. There is a tax rate for estates and inheritance in the state of New York starting at 3.06% and going up as high as 16%.
You will have to prepare yourself for the chance your estate can be subjected to estate taxes and inheritance taxes. There are ways for you to minimize the amount your estate has to pay the state in terms of taxes after you pass. The problem is, you need to be an expert in the legal structure of the state of New York in order to navigate the laws to help your cause.
Referring to the help of a will attorney in NYC, you will be able to get the help you need. The best estate planning lawyers in NYC will be well-versed in all the ways to reduce the impact, or possibly eliminate the taxes.
The Right Language
The use of proper jargon is quite important for creating your will. There are so many things that can go wrong if you fail to phrase everything properly in your will. You can also cause a lot of confusion if you do not know which assets are liable for probate and which are not. You might just create a lot of issues with including assets into probate proceedings that do not even require it.
If you do not use the right language, there is a high possibility that the court will deem your will completely invalid altogether.
There are so many state laws when it comes to wills, probates, trusts, inheritance taxes, gift taxes, and all the requirements to make a valid will. Writing a will yourself or through computer software will not be able to address each and every law. The laws keep on changing. A will attorney in NYC will be more updated on them than you or any software can be.
Lawyers are trained to write wills that are not just going to make sure the will is not just valid – they can ensure your wishes are properly defined and followed after your passing.