Do It Yourself Estate Planning

By Greg Jones
You are bound to have seen a number of companies with software and self-help online products allowing you to create your own Will.  First, let us thank these companies for highlighting that nearly every adult should have a Will — and, possibly, other estate planning documents.  We agree!  We also admit that the initial cost of using a “do-it-yourself” piece of software or an online service is less than the initial cost of utilizing the services of a licensed attorney — though usually not as much as they might lead you to believe.  With a background in economics, I understand that attorneys better add value to the process to justify the price difference.  I believe we do this in a number of ways:

1)    We are here in your community.  Discussion with one of us, someone who will come to know and care about you and your family, is only a phone call (or short drive) away.

2)    We have a full understanding of the terminology used in Wills, Trusts and Powers of Attorney, and we can explain the implications of including and excluding certain provisions.  After learning more about your family and your goals, we advise you on what we believe are the right choices for your family.  The do-it-yourself software and services are very clear in their disclaimers that they are “not a substitute for an attorney,” and that they are further “prohibited from providing any kind of advice, explanation, opinion, or recommendation to a consumer about possible legal rights, remedies, defenses, options, selection of forms or strategies.”  (Click here for an example of where competent legal advice could have made a huge difference.)

3)    While no family is the same, we have likely dealt with family situations similar to yours.  Provisions that sound good while you are creating your own documents might have serious complications down the road—including family conflict, accidental disinheritance of a loved one, taxes unnecessarily being incurred, and friends & relatives contesting the validity of your Will.  Often times we can suggest alternative ways to help you accomplish your estate planning goals, yet avoid the potentially negative consequences.

4)    We drive the process to completion.  Many people buy estate planning software or intend to complete the online Wills, but get intimidated by the process or put it off until “tomorrow,” and it never gets done.  And, in those situations where the completion of your estate plan is an urgent matter due to an upcoming trip or surgery, we can often hold the meeting to sign your documents within a few days of our initial meeting.

5)    When/if something happens to you, we will already know your estate plan and be able to help your surviving spouse or other loved ones in carrying out the plan.

6)    We are constantly monitoring the changes in the law that could impact your estate planning, and we are available to answer any questions that you have as those laws or your personal/financial situation changes.

7)    We are with you at the time you sign the documents to ensure that all requisite formalities are followed.  These vary from state to state.

8)    We are accountable.  As the do-it-yourself services state, you are on your own when you use them. If you make an error in creating your documents that results in an unintended consequence, you and/or your loved ones will have no recourse against them—or anyone.

At Jones & Watkins, we offer an initial one hour consultation at no cost to discuss and assess your situation and advise you on your options.  At the end of that session, we will quote you a flat fee to draft and implement an estate plan that is appropriate for you.  We believe that the value we add to the process is well worth it.

Call us at 573.234.1130 or use our Contact Form to make an appointment or get our complimentary informational packet.