The Perils of Do It Yourself Estate Planning

I used to attempt home repairs more than I do now. Experience can be such a harsh teacher. On
one notable occasion, my do it yourself plumbing repair caused a flood inside my home. I was
so confident, before the fact, that the initial problem (the steady drip, drip, drip from a leaky
valve) would require but a simple fix. Not so. If you have ever watched Mickey Mouse perform
the role of The Sorcerers Apprentice, you can envision my panicked response when water began
pouring out all over the floor, through the ceiling below, etc. Our first homeowners claim, my
wife remarked rather matter of factly, as we surveyed the damage I had unleashed. As
embarrassing as the whole situation was for me personally, the blow to my wallet hurt worse.
The dollars I expected to save by doing the job myself were in fact paid several times over in
order to satisfy the deductible on my homeowners policy.
So, I have learned to leave many simple repairs to those more qualified. In a similar vein, I
have found in my estate planning practice that folks who attempt do it yourself estate planning
risk creating big headaches for themselves. Case in point: a few years back, a new client came to
me after her attempt to sell her home was completely frustrated by some do it yourself estate
planning. It all began when she inherited a home from her parents estate. She decided it would
be easy to add her three minor children on the propertys title. As she explained to me, well after
the fact, her intent was to protect the childrens rights in the property were she to die. With that
in mind, she purchased a fill in the blanks quit claim deed at her local stationary store and had
the deed recorded. Not long afterwards, when she decided to sell the property, she learned that
adding her minor children to the title created huge problems: for the title company, which would
not insure the transaction because of the underage sellers; for her prospective buyer, who would
not proceed without title insurance; for her lender; and, for herself. Too late my client realized
her attempt at do it yourself estate planning turned out about as well as my exercise in plumbing
repairs.
I have heard variants of this sad story from other estate planning professionals. It isnt
uncommon, it appears, for well-intentioned folks to take a stab at preparing their own estate plan
without professional advice. I suppose the access to all that free information via the internet, the
proliferation of do it yourself legal kits and the entirely understandable desire to save a few
bucks wherever possible have led more than a few enterprising consumers to boldly go where
they eventually realize they wish they hadnt. Having stood with wet shoes in the puddles
created by my do it yourself plumbing, I can certainly sympathize. As I have learned, and as my
client learned, sound professional advice can protect you from costly mistakes.
12/8/2016 Charles A. Ford of Hunt & Associates, P.C. All rights reserved.