If you’re creating an estate plan in New Jersey, you may be considering writing your own will. Some people think creating a will on their own can help save money, especially if they believe the needs of their estate are simple. While you can write your own will, doing so has quite a few downsides. The Balance offers the following information.
You may be unaware of estate planning laws
There are numerous laws that pertain to estate planning. Understanding these laws is crucial to ensure your will is recognized as valid. Errors in your will can lead to it being contested, which could land your estate in probate court. This is a costly and prolonged process of proving a will, paying off creditors, and dispersing remaining assets to heirs.
All estate plans are different
Additionally, no two estates are the same. That means a boilerplate will may be ineffective at meeting your needs. For instance, if you have property in different states you must account for the laws in each state when creating your will. There are also many other variances that can crop up, such as establishing a guardian for a minor, and these may be impossible to incorporate into a DIY will.
There’s no substitute for legal help
Even if your estate needs are relatively simple, there’s no substitute for professional legal guidance. Not only can an attorney ensure a will is valid, he or she will also help you arrange your plan in a way that’s most beneficial to you. For instance, you may be better served by a trust, and it can be difficult to make this determination when you lack certain knowledge.