Dangers of Executing Your Own Will   

The employees of our firm are big proponents of saving money and being good stewards of your assets.  However, many people confuse being cheap with being wise managers of their money.  There is definitely a difference between the two actions.  That is why we are reminding you to take caution when not seeking a qualified, state-specific lawyer to draft your estate planning documents in an effort to save money.

In one Florida case, the "do it yourself" Will of a women had so many discrepancies and omissions that the woman's estate was taken all of the way to the Florida Supreme Court to determine how the property was going to be distributed to the woman's heirs after the woman died.  The attorney fees incurred for the case cost substantially more than what the fees would have been for the woman to have had her Will prepared properly by a qualified attorney before her death.

Many attorneys who choose to practice in this area of law have some advanced certification or accreditation in the field because of how difficult this area of law can be to practice.  That is even more reason why a person who tries to draft his or her own Will, Trust, etc. should read the article that was posted on the Sydney Morning Herald website about the dangers of "do it yourself" documents.  Sometimes not having any estate planning documents at all can be better than having documents that are self-prepared due to the problems that can occur with documents that don't comport with state law and are ambiguous. 

Walk To End Alzheimer's    

My Name Is "On" Mom's Account, So Won't It Avoid Probate?

The correct way to title a bank account to avoid probate is Joint Tenants With Rights Of Survivorship (JTWROS).  We do not recommend, however, that an account be titled JTWROS with anyone other than your spouse or the sole heir who you want to receive all of the money remaining in your bank account after your death.
 

Parents who have more than one child should take caution when putting one child alone on their bank account as JTWROS because by doing so, you are effectively excluding your remaining children or heirs from having any right to the money remaining in your bank account after you die, regardless of what your Will says.  Yes, having someone designated as JTWROS does avoid probate in many situations, but it can also open up a multitude of issues.