Are Online Estate Planning Documents Enough?

Creating an Estate Plan online can seem like a simple, affordable way to get your affairs in order. In just a few minutes, you may be able to download a Will, create a Power of Attorney, or put together other important documents.

But having documents is not necessarily the same as having a plan that works for you.

Estate Planning is about more than filling in the blanks. It involves understanding your circumstances, choosing the right documents, and making sure those documents work together to carry out your wishes.

Not Every Plan Fits Every Situation

Online Estate Planning documents are often designed to serve a broad audience. They may not account for your family relationships, the way you own your property, or what you want to happen if you become unable to manage your own affairs.

For example, a Will may explain who should receive your property, but it does not avoid probate. A Power of Attorney may name someone to act on your behalf, but the type of Power of Attorney and the way it is prepared can affect when and how it may be used. The document must also be properly prepared and executed to serve its intended purpose.

The right documents depend on your goals and circumstances. What works for one person may not be appropriate for another.

State Laws Matter

Estate Planning laws vary from state to state. A document found online may be based on the laws of a state other than Michigan.

This can create problems when the document is used without considering Michigan’s requirements. For example, a Farm Trust intended for Florida residents may not address the requirements or circumstances involved in planning for property located in Michigan.

Even if a document appears complete, it is important to understand whether it is appropriate for your situation.

Your Documents Need to Work Together

An Estate Plan is more than a collection of signed documents. It also involves making sure your assets are properly titled and coordinated with your plan.

For example, creating a Trust does not automatically mean all your assets are included in it. Certain assets may need to be retitled or otherwise coordinated with the Trust for it to work as intended.

Beneficiary designations, jointly owned property, and other arrangements can also affect how assets are transferred. If these details are overlooked, your assets may not pass according to the plan you intended.

Your Life Can Change

Even a well-prepared Estate Plan may need attention over time. Marriage, divorce, the birth of a child, a death in the family, a new home, or changes in your finances can affect your planning needs.

Documents created years ago may no longer reflect your wishes or circumstances. The same is true of documents created online. Reviewing your plan periodically can help identify gaps and determine whether updates are needed.

A Plan Should Give You Confidence

Online documents can provide a starting point for learning about Estate Planning, but they may not address every detail that matters to you and your family.

A thoughtful Estate Plan considers your goals, your assets, the people you want to protect, and the steps needed to carry out your wishes. It also considers how your documents work together and whether your plan is properly in place.

At Biddinger, Schrot & Rolando, we help individuals and families understand their options and develop plans that reflect their needs and circumstances.

If you already have Estate Planning documents, it may be worth taking another look to make sure they still fit your life. We recommend reviewing your plan every three to five years to make sure it is properly funded, the legal language is up to date, and it still reflects your current goals and circumstances. If you are just getting started, understanding your options can help you make informed decisions about your future.

Call or text us at 989-872-5601 to start the conversation today.