Writing Your Own Will Could Be a Financial Mistake

A will may seem like a simple document—a list of heirs who get your assets after you die. But it’s not something that should be written quickly or without careful consideration. Some people may be tempted to create a DIY will using estate planning resources found on the internet, and there’s no shortage of websites and services that promise “irrefutable” or “incontestable” wills for a fraction of whatever a qualified attorney may charge. However, even templates that seem foolproof won’t work if you don’t understand and follow California law. You should only use a DIY will if you have a very simple estate or few assets.

DIY Wills May Not Be Valid

Using an online document to create your will can cost your family a lot of time, money, and hassle after you’re gone. There are many potential pitfalls when creating this type of will, and it’s important to understand the laws that make a California will legal and valid:

In California, a will is only valid if it’s signed by you and at least two other “disinterested” parties
Certain restrictions limit who can sign your will
Your will may need to be brought before a court to be validated, depending on its contents

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A poorly constructed template might not ask for all the required information. Thus, after you pay for and fill out a DIY, it may not have any legal value. If this happens, it’s possible that your prospective heirs may end up fighting for their fair share of your assets with a probate judge.

Unless you know California’s property inheritance statutes and tax code with intimate familiarity, a DIY-template isn’t going to protect your loved ones from unexpected levies or challenges. If, for instance, you own properties worth more than exactly $166,250, you’d be best-advised to discuss property inheritance options such as joint tenancy with survivorship or trust funds with an experienced attorney.

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Philip J. Kavesh

Helping clients with customized estate planning guidance and trust & estate administration for over 44 years.

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