Why You Should Never DIY Your New York Estate Plan: An Overview For Residents Of Suffolk County

In this article, you can discover…

• Whether DIY wills are recognized under New York law.
• Common mistakes people make when attempting to handle estate planning alone.
• The benefits of using an experienced estate planning attorney to protect your assets and your wishes.

What Are DIY Wills In Estate Planning, And Are They Legal In New York?

Yes, estate planning documents that you have typed up yourself or downloaded online are valid in New York, so long as they contain all the language and structure required by State law. DIY documents meant to go through probate must also be signed before two witnesses who have also sworn to a self-proving affidavit.

Having said that, trying to draw up your own estate planning documents without the help of an attorney is incredibly risky. The manner in which you have titled your assets may in fact not be processed through your Will at all. So you may mean to leave your estate equally to all three children, but wind up leaving most of your assets to the one child named as a joint owner on your bank accounts.

It’s also not uncommon for DIY wills to be contested based upon procedural grounds and not executed before an attorney. Say you have written up your own will and disinherited a child with a substance abuse problem. This adult child could contest your will once you’ve passed away, arguing you were under duress and undue influence or did not follow protocol when you wrote those documents up. These incidents can be stressful, expensive, and absolutely shatter families.

The safest thing to do is to sit down with an estate planning attorney and ensure your wishes for your assets, children, and legacy are carefully, clearly, and legally worded and notarized, the right way.

What Are The Most Common Legal Mistakes People Make When Creating A DIY Estate Plan?

A common mistake is not understanding that how you title your assets supersedes anything in your will. This means that if your ex-spouse is still named as a beneficiary on your life insurance policy and your Will states that all three of your children will receive those benefits equally, those life insurance benefits are going to the ex-spouse.

Another common error is failing to account for named beneficiaries passing away or divorcing. In such cases, you and your family may be at a loss as to how assets should be distributed.  It is always risky to attempt DIY estate planning, as there is much that you will not know, cannot foresee, or may accidentally omit.

Attorney Joanne Schlenk McAvey is a seasoned Medicaid and estate planning attorney serving New York. Since 1982, she’s helped clients just like you avoid the costly pitfalls and complexities of DIY estate plans, making sure their documents are drawn up correctly, the first time.

Have questions, or in need of legal help? Reach out to the Law Offices of Joanne Schlenk McAvey, PLLC to schedule an initial consultation today.

How Does Hiring An Estate Planning Attorney Provide Long-Term Value And Peace Of Mind?

Your attorney can work to truly educate you as to how your assets will be inherited. They will also know exactly which terms to place into a trust or a Will, and how to name beneficiaries clearly. If a named beneficiary should pass away, you’ll also have a plan in place as to who should inherit those assets.

Your lawyer will also be up to date on any changes to the law that may impact your plans, your children, or your spouse. For many families, trusts are the best way to go; working with an attorney on this process will ensure your loved ones can avoid probate, so that your family won’t have to frantically search for people to sign waivers and consent forms and often wait inordinate amount of time to receive authority to access the property.

Ultimately, working with a New York estate planning attorney ensures you are educated about your options, that your documents are drawn up correctly, and that those documents truly respect your wishes, family dynamics, and intentions.

What Do You Say To Clients Who Are Hesitant To Hire A Professional Because Of The Cost?

You’ll spend a lot more money when you don’t allow an attorney to help you with your estate plans, or when you make no plans at all. I have many clients who come to me and say, “We should have listened to you. We could have protected two million dollars, but now we have to spend it on nursing home costs”.

When you wait to hire an attorney, you’re setting yourself up for chaos, legal complications, and far higher expenses down the road. By themselves, the legal and practical fees to navigate asset distribution if you pass away without a will can be extraordinary. And even with a will, probate can be expensive and complicated.

Save your family the time, effort, and expense, and simply have a trust drawn up professionally instead. Even if your estate is quite small, an attorney can be helpful.

For example, many families wind up receiving union death benefits that they’d forgotten existed. An attorney will get your beneficiaries set up for success, will help you know what to expect, and save your loved ones untold stress, surprises, and confusion in the years to come.

Still Have Questions? Ready To Get Started?

For more information on the dangers of DIY estate planning in New York, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (631) 489-6613 today.