If you search online, you might assume that you can tick creating an estate plan off your to-do list for the low price of an online will. Yet this would be far from the truth.
The more you know about something, the more you realize that what is cheapest or appears easiest is not always best. It is as true for estate planning as for anything else. Here is why:
Online wills lack the personalization you need
Buying a will online is a bit like buying clothes online from a store that does not offer different sizes or colors of clothes. If you like the color and it fits, then great, but that will not be the case for most people. Everyone and every family is unique, so each requires different things from their will.
Estate planning requires more than a will
A will can only cover what happens to your assets once you die. A comprehensive estate plan can do so much more. For example:
- Putting options in place to fund healthcare you may need
- Giving people powers of attorney to carry out tasks for you if you are incapacitated
- Putting a guardian in place in case you die before your child is an adult
- Help you pass on assets in ways that reduce taxes or protect them from creditors, both of which a simple will cannot do
Can I do the will online and the rest with legal help?
An effective estate plans require synchronization between all the individual elements. You can best achieve this by getting legal help to understand all the options and how to combine them.