The popularity of using do-it-yourself tools to make an online will has gradually increased over the years. During the height of the COVID-19 pandemic, millions flocked to sites offering online will creation services, as they worried about what might happen if they were to die unexpectedly without a proper estate plan.
Make no mistake, though: online wills can be a bad idea, especially for estates that have high values or require complicated arrangements. Most online wills cannot be extensively customized — those that can often charge a significant premium to do so. In any case, an Albuquerque online will lawyer should review any documents that have been created to ensure that they are enforceable, properly executed, and can ensure that its creator’s wishes are carried out as expected.
Schedule a no-obligation consultation with an attorney to avoid common traps that can come with creating an online will without professional legal help. Reach out to New Mexico Financial Law to discuss your estate plans with an experienced attorney when you call 505-503-1637 or contact us online.
Caveat emptor: it’s an old saying that’s often translated to “let the buyer beware.”
While there are plenty of protections offered to consumers who are illegitimately bilked by a goods or services provider, purchasers are still expected to perform some amount of due diligence before they complete a transaction.
In the case of online wills, those using these services should recognize a few things:
Because of these issues, there is a high degree of risk that an online will not “fit the bill,” in terms of creating the type of plan you want for your unique estate. Worse, creating a will without the assistance of an Albuquerque online will attorney could lead to unintended consequences. Major flaws with online wills are usually only discovered after the testator has passed, meaning they cannot be easily resolved. These problems are inevitably borne by those with an interest in your estate, including your personal representative (i.e., your executor) and your beneficiaries (i.e., heirs).
As long-time professional trustee Marguerite C. Lorenz puts it: “If you prepare your taxes yourself and they end up incorrect, you and the Internal Revenue Service may end up working things out. If you decide to do your estate planning by yourself, however, you may never know the results of your work, but your loved ones will.”
Flaws with an online will can create stress, uncertainty, and possible financial or legal consequences for those with an interest in your estate. Put another way, the supposed cost and time savings of making a DIY online will often mean you’re just offloading that time and expense onto a future person: your representative and beneficiaries.
Your loved ones may end up needing to hire an attorney to resolve issues, as was the case in a 2010 lawsuit against a major online will provider. In this case, the representative of an estate that used an online will was unable to use the created documents to access critical funds held in a vital account. The financial institution holding the accounts stated that the documents did not meet the minimum legal requirements to comply with laws and internal policies. The executor was later able to resolve these issues, but only after hiring an attorney, at the expense of the estate and its heirs.
The story harkens back to caveat emptor once more: know what you’re getting into when you try to save money and time with an online will, and strongly consider getting a professional’s help to avoid the worst consequences before it’s too late.
When working with an Albuquerque online will lawyer, you can ensure that any document you create can legally be used and is capable of carrying out your wishes.
Some of the top benefits of using an attorney to create a will include:
Conversations and information shared with an attorney create an attorney-client relationship. By entering into this relationship, your information becomes privileged and protected.
While the information you enter into an online will site is supposed to also be protected, these platforms handle a much bigger volume of information compared to a typical law office. Their systems could also be more likely to be targeted by hackers since they have a larger user base. These users leave behind a trove of personal identifying information along with information on their most valuable assets.
Larger platforms may also be more likely to share your data across departments or even with other companies. While they are supposed to obtain consent for these types of uses, the consent declaration is often buried within pages of terms and conditions that can be difficult to understand without an attorney’s help.
The state of New Mexico does not currently recognize electronic wills. Any will created online in Albuquerque has to be printed, signed by the testator, and signed by at least two witnesses (NM Stat § 45-2-502).
An Albuquerque online will lawyer can help you carry out these steps so that your will can be considered legitimate and can be used to probate your estate.
Writing a will can be more challenging than it appears. The language you use may be clear to you, but it is possible that it could be confusing or lead to multiple interpretations during probate.
A common example is that a testator (the person creating the will) describes multiple different scenarios for who inherits what, based on who is alive at the time of the testator’s death. While having contingent beneficiaries is a smart idea, the will should make it clear who is supposed to inherit what at any given time. An attorney might recommend listing certain assets separately, along with a list of beneficiaries in order of their priority, so as to avoid having a situation where two people might have a possible claim to the same asset.
Documenting your intent in a clear way can also make it easier to resolve any questions or disputes that do arise. Your statements on an attested document can make it clear to the courts what you wanted to happen, why, and what the ideal outcome should be. This language can be entered into evidence, giving your estate representative greater leverage to promote an interpretation that aligns as closely as possible with your actual wishes.
Customization options for an online will often add expense. The more things you want to change from the basic template, the more has to be added on. This situation can sometimes motivate someone to avoid taking steps that would enable them to have greater control over their will’s instructions, all just to avoid a surcharge. The customizations available may also be cumbersome to implement, forcing the testator to “figure out” the platform rather than being able to include certain language without fuss.
Hiring an attorney can give you nearly infinite customization. Your attorney can also help you fit your will to your estate, accounting for your specific family and any complex arrangements you want to make. For example, if a business is part of your estate, a poorly worded will could mean that a court order is required to give someone ownership of it. In the meantime, its operations could suffer. With a properly worded will, or arrangements like a trust, you can ensure smooth and continuous management of the business, even after your death.
Certain provisions recommended in a generic online will may not be enforceable in New Mexico compared to other states. An Albuquerque online will lawyer can review the language of your will to ensure it follows all relevant state, federal, and municipal laws. Your attorney may also recommend specific language or strategies based on the outcomes of previous cases — something an online will service provider may not be capable of offering.
A will is just one part of your estate plan. Your beneficiaries can also receive assets through a trust, payable-on-death beneficiary status, joint tenancy with rights of survivorship, and other means.
Working with our Albuquerque online will law firm ensures that you keep all of these factors in view when crafting your will. Their supervision and due diligence prevent situations where two different documents in your estate plan say two different things about who is supposed to inherit what.
An attorney can also create clauses in your will to ensure that other estate plans you have are carried out. For example, if you have a living trust, your attorney can create a residuary clause to funnel any remaining estate assets into it, rather than risking that they fall into intestacy status.
Certain strategies can make it easier for your personal representative to handle your estate, and they can also make it quicker and easier for heirs to receive their property.
Your attorney will look for language and instructions that can reduce unneeded complexity or delays. In their place, they can recommend efficient methods for disposing of your estate.
For example, an attorney may suggest to set aside liquid assets that can cover administration costs, creditor claims, and other estate-related expenses without forcing the executor to sell assets or use money that was supposed to be designated for an inheritance.
Updating your online will can be easy — unless your service provider changes their system or goes out of business. In these cases, you may need to restart the will creation process from scratch.
When you work with an Albuquerque online will law firm, you have established a relationship and rapport that can make it much easier for someone to “jump back in” to your will. They can review it for any needed changes, based on any changes to your estate or state/federal laws. They can then go in and adjust small parts of its language, rather than forcing you to use a workaround, as many online tools do.
Your conversations, interactions, and preparation with an attorney all serve to create a paper trail during your will’s creation. This information can make it easier to support your wishes if there is an eventual dispute or other issues that arise with your will.
The same attorney who helped you create your will could come in and represent your estate after you pass, with this information in hand. Or, the attorney could submit an interrogatory or deposition to recall your reasoning, submit key facts, and reduce the risks that something will take place that goes against your final wishes.
“You get what you pay for” rings true when your entire estate is on the line.
While an online will creator tool can be a useful first step for estate planning and information gathering, you should avoid trusting these platforms to be the final word on your legacy. Having an attorney review your plans and assist you ensures that your will accurately reflects what you want. It also makes it much more likely that your wishes can be carried out once you pass.
New Mexico Financial Law is ready to help you discuss your estate plans and create the best will possible. Our personalized will creation services account for your unique estate and end-of-life goals, while thinking of strategies that could save your loved ones from a lot of stress down the road.
Find out how we can assist you and create the best will possible for your estate when you call 505-503-1637 or contact us online to schedule a no-obligation case review.
CallCall now to schedule your consultation 505.503.1637
Office