Disadvantages of a DIY Will in North Carolina
Everyone wants to save money, but choosing to cut corners on estate planning in North Carolina may end up costing individuals more than they ever expected. The cost of do-it-yourself estate planning may seem attractive at first, however Consumer Reports released a study that shows most of the DIY will programs have unintended consequences.
- Most online DIY will providers are not flexible. There are limitations in creating trusts, critical items omitted, and other matters that affect estate distribution, tax liabilities, and preservation of assets. Many DIY will programs are one-track generic document generators that have limited options and none of the features most people need to protect their assets.
- Some make-your-own will programs are flexible, but not to one’s benefit. Consumer Reports found that flexibility was actually a disadvantage, allowing individuals to unknowingly add features that contradict other sections of their will. This could easily create conflict between family members and disputes through the probate process, all of which could be easily avoided with a valid will.
- Many programs are outdated. If you are using an online program to make your own will in North Carolina, it most likely does not have up-to-date estate law information. Legislation changes, like the North Carolina estate tax repeal, a new bill affecting digital account assets, and other legalities specific to North Carolina estate planning are not commonly included in these programs.