During the COVID19 pandemic, people everywhere are finding themselves preparing for the future. Many have turned to online WILL making programs to help them sort things out. This is not always a good thing. When it comes to planning your future, the best thing is to always include a professional. Below is an article written by Leslie Gibson from UBT bank. She outlines the reasons you should always look to a professional when planning your future.
The novel coronavirus (COVID-19) pandemic has refocused many of our thoughts on the health and safety of our families. In addition to taking the necessary steps today to protect your loved ones, it’s, equally important to consider their financial security in the future,
If you don’t have a will, drafting one should be your first step in developing a comprehensive estate plan. Because of stay-at-home orders in many states, it may be tempting to turn to on line do-it-yourself (DIY) tools that promise to help you create a will (and other estate planning documents). Even though this may be a relatively cheap option, using these online tools is risky except in the simplest cases.
A will that isn’t executed properly under state law isn’t legally binding. Therefore, your assets may be divided according to state intestacy laws, regardless of your intentions. And, if you have young children, a court may appoint their legal guardian.
No “one-size-fits-all” solution
Despite what you might have read online, there’s no single prototype for wills. It’s complicated because the laws can vary widely from state to state. For instance, some states recognize oral wills, while others don’t. Or a state may require two or even three attesting witnesses.
One common mistake of DIY wills is leaving out important provisions that can lead to challenges in the future. Case in point: If the will doesn’t include a residuary clause addressing amounts that are “left over” after estate debts and tax payments have been settled, an unspecified party could walk away with a large sum of money. It might even be a family member you had wanted to “disinherit.”
Leslie Gibson -UBT Bank
Remember, it is always best to turn to a professional when planning the future. At Brock Law Offices, we can help you with that. Please reach out and gives us a call 888-791-3531.