Last week, I shared the first part of this series on the dangers of do-it-yourself estate planning. Here, we’ll look at how online legal documents can also put your minor children at risk.
Given how far web-based
technology has evolved, you might think online legal document services have
advanced to the point where they’re a viable alternative to having your estate
plan prepared by a lawyer.
After all, you’ve been able to prepare and file your taxes online for years, so
what makes estate planning different? Aren’t lawyers using the very same forms
you find on these document websites?
This kind of reasoning is exactly what do-it-yourself (DIY) planning services
would like you to believe—but it’s far from true. Indeed, relying on generic,
fill-in-blank planning documents can be one of the costliest planning mistakes
you can make for your loved ones.
Online planning documents
may appear to save you time and money, but keep in mind, just because you
created “legal” documents doesn’t mean they will actually work when you (or
most importantly, the people you love) need them. Without a thorough understanding
of how the legal process works and impacts family dynamics upon your death or
incapacity, you’ll likely make serious mistakes when creating a DIY plan.
Even worse, these mistakes won’t be discovered until it’s too late—and the
loved ones you were trying to protect will be the very ones forced to clean up
your mess or get stuck with a huge nightmare.
Putting your children at risk
Knowing that your DIY plan could fail and force your family into court and
conflict is distressing enough. But imagine how you’d feel if you knew that
your attempt to save money on your estate plan caused your children to be taken
into the care of strangers, even temporarily.Yet this is exactly what could happen if you rely on a generic will and/or
other legal documents you find online to name legal guardians for your kids. In
fact, this could happen even if you create a plan with a lawyer who isn’t
trained to plan for the unique needs of parents with minor children.
Naming and legally documenting guardians for your kids might seem like a straightforward
process, but it entails a number of complexities most people aren’t aware of. Even lawyers with decades of
experience typically make at least one of six mistakes when naming long-term
legal guardians.
What’s so complicated about naming guardians?
Some DIY
wills allow you to name legal guardians for your kids in the event of your
death, and that’s a good start. But does it allow you to name back-up
candidates in case your first choice is unable to serve?
If you named a married couple to serve and one of them is unavailable due to
injury, death, or divorce, what happens then? Would it still be okay if only
one of them can serve as your child’s guardian? And does it matter which one it
is?
What would happen if you become incapacitated by illness or injury and are
unable to care for your kids? You might assume the guardians named in your DIY
will would automatically get custody, but did you know that a will only goes
into effect upon your death and does nothing to protect your kids in the event
of your incapacity?
Do the guardians you named live far from your home? If so, how long would it take them to make it to your house to pick up your kids: a few hours, a few days, a few weeks? Who would care for your kids until those guardians arrive? Did you know that without legally binding arrangements for the immediate care of your children, they are likely to be placed with child protective services until those guardians arrive?
Even if you name family who live
nearby as guardians, what happens if they are out of town or otherwise can’t
get to your kids right away?
And assuming the guardians you named can immediately get to your home to pick
up your kids, do they even know where your will is located? How will they prove
they’re your children’s legal guardians if they can’t find your planning
documents?
These are just a few of the potential complications that could arise if you try
to create your own plan naming legal guardians for your kids. And if just one
of these contingencies were to occur, your children would more than likely be
placed into the care of strangers, even if it’s only for a short period of
time.
The Child Protection Plan™
Seeing all of the things that could go wrong, you should never trust the safety
and care of your children to a DIY plan—or for that matter, a plan created by a
lawyer unfamiliar with the unique needs of planning for parents of minor
children. To ensure your children are
never raised by someone you don’t trust or taken into the custody of strangers,
even temporarily, consider creating a Child Protection Plan™ – a comprehensive
system designed specifically to address the inherent gaps in the way most
estate plans document legal guardians.
Consider what’s at stake
The DIY
approach might be a good idea if you’re looking to build a new deck for your
backyard, but when it comes to estate planning, it’s one of the worst choices
you can make. Are you really willing to put your family’s well-being and wealth
at risk just to save a few bucks?
If you’ve yet to do any planning, stop putting it off and get started today –
especially if you have minor children.
If you’ve already created a plan—whether it’s a DIY job or one created with another lawyer’s help—contact us if you’d like to schedule an Estate Plan Review and Check-Up. We’ll ensure your plan is not only properly drafted and updated, but that it has all the protections in place to prevent your children from ever being placed in the care of strangers or anyone you’d never want to raise them.
Dedicated to empowering your family, building your wealth and defining your legacy,
