There are many online options for doing estate planning on one’s own. Some websites may even provide legal forms that the website claims are legally valid in Ohio for doing estate planning, including form wills, trusts and other estate planning documents.
While there may be some cost advantage to a do-it-yourself approach to estate planning, it also has some significant drawbacks:
- There is no guarantee that the forms are valid. In the case of documents like a will, you might not find out during your life that the online will you signed has no legal effect in Ohio. The issue of validity may also come to a head at a critical time in your life, like during a medical emergency or in late-stage dementia.
- Even if the forms you find online are valid, estate planning documents usually will require certain formalities, like signature in the presence of a witness or a notary. If a person is not clear on the requirements, they may invalidate their documents by mistake.
- Just because documents are valid on their face does not mean they are free from a legal challenge. Someone who is doing estate planning on their own may not have the objectivity to appreciate family dynamics and other factors that could be the breeding ground for a probate dispute.
- Likewise, self-prepared documents may not be clear, may be unenforceable or may leave open important questions.
- An estate plan is more than just one or even several documents. An estate plan ultimately is an overall goal an Ohioan will set for what they want to happen to themselves and their property as the age and eventually die. A person who is preparing their own documents may pick good documents yet choose an overall approach to estate planning that is not financially or legally best for their situation.
- An estate plan is more than just even one or several documents. An estate plan ultimately is an overall goal an Ohioan will set for what they want to happen to themselves and their property as the age and eventually die.
- On a related point, a financial advisor, accountant or other financial professional can offer valuable insight into estate planning. However, they may not provide legal advice or tailor legal estate planning documents to a person’s situation.
Residents of the greater Cincinnati area should understand their estate options
Even though the cost of DIY estate planning is tempting, residents of the greater Cincinnati area should think twice before doing it. Instead, they should make sure they evaluated their options so they can understand what estate plan would work best for them.