When estate planning in Ohio, you may be tempted to write your own will to save money. After all, there are numerous resources out there that make it seem like a breeze, especially if you consider your needs to be very simple. While you can create your own will, The Balance offers a few reasons why you may not want to.
Laws vary quite a bit
Understanding estate laws can be a bit challenging. Even if you’re fairly certain of federal laws, there are many more state and local laws that also apply. If you’re unsure of these laws your will could be deemed invalid, which would make it subject to probate. You could also end up paying more in taxes that you need to, which deprives your estate of money.
All estates are different
DIY estate plans tend to only cover the most basic of circumstances. If your needs deviate from basic considerations, they will likely not be able to accommodate you. For instance, complex property situations, ownership of financial accounts, and guardianship arrangements may be too complicated for a boilerplate will to cover. In this case, professional assistance would be necessary.
There’s no substitute for legal guidance
At the end of the day, having an attorney’s help when creating your will offers peace of mind. That way you can rest assured that your family will be taken care of after your passing, especially when it comes to dispersing your estate. An attorney will also help you settle debt with creditors and locate any lost or forgotten assets, which can be tough to do on your own.