There is a common expression we hear a lot “penny wise and pound foolish,” but we rarely hear it being used by a state supreme court justice to describe a situation that could have been avoided. Since we live in the technology era, everyone believes they can self diagnose themselves or even write their own legal documents by using the internet.

There are typically two reasons people use the internet to create their estate plan: (1) It’s cheap, and (2) It’s better than not having any estate plan. While these may sound like good reasons on the surface, if you dig a little deeper they are foolhardy and can be downright dangerous.

Mistakes –

When you use the internet to create your estate plan the do it yourself sources are usually relevant to simple estates. This means that when presented with even the most common complexity the plan falls apart. Life is too complicated and it is too easy to make a mistake with your planning to chance it on a quick google search or visit to legalzoom. Oftentimes there are complexities that must be taken into account like children from a prior marriage, children with special needs, tax concerns, and family businesses. These complexities must be taken into careful consideration when creating an estate plan by a qualified professional – not the internet.

Additionally, there are very specific laws and instructions that must be followed when drafting and executing even the most common estate planning documents, such as a General Durable Power of Attorney, a Health Care Proxy, a Living Will, a Last Will and Testament. If these instructions and laws are not followed then the documents could be invalid and thus ineffective. This could result in consequences you never intended. You may not even realize the consequences during your lifetime, but your loved ones will suffer the lasting consequences of your “do-it-yourself” mistakes after you die. In the end, the mistakes you make in creating your own estate plan will cost your loved ones more than any legal fee you would have paid to have it done right initially.

Legal advice –

Internet pone al alcance de su mano una gran cantidad de conocimientos. Sin embargo, de nada sirve obtener esta información sin comprender cómo se aplica a su situación específica. Un abogado cualificado tendrá la experiencia y los conocimientos necesarios para ofrecerle todas las oportunidades a su alcance y crear un plan que satisfaga sus objetivos. Otra ventaja de un abogado cualificado frente a Internet es la experiencia práctica. Existe la ley en blanco y negro y luego está el mundo real. Un abogado cualificado tendrá una base de conocimientos de ambos y le informará de qué hacer y cómo conseguirlo.

Laws change –

La legislación cambia constantemente a causa de las novedades legislativas y jurisprudenciales. Esto es especialmente cierto en términos de impuestos y beneficios gubernamentales. La labor de un abogado cualificado es mantenerse al día de los cambios en la legislación y asesorar a sus clientes en consecuencia.

There are a lot of risks involved in creating your own estate plan. It may seem cheap and easy to use the internet to create your estate plan, but don’t be penny wise and pound foolish with something as important as your legacy.

For more information on how your estate plan can be tailored to fit your specific needs, contact one of our experienced attorneys at Vincent J. Russo & Associates, P.C. today.