Many people like to take on do-it-yourself projects to save money, and they can also be a hobby of sorts. Without question, there’s a lot of useful information on the internet, and there are YouTube videos that provide step-by-step instructions in many cases.
There is nothing wrong with adopting a “can-do” attitude in a general sense, but you have to know where to draw the line. This definitely enters the picture when it comes to estate planning documents like wills.
There are websites that sell boilerplate, fill-in-the-blanks legal documents. They contend that anyone can execute legal devices effectively without the assistance of an attorney.
To be fair, there is no law that prevents you from using a worksheet to create your own will. At the same time, you may want to take pause before you go this route.
Consumer Reports Study
When you read an article advising against DIY estate planning on a law firm’s website, you may take it with a grain of salt. In reality, you do not have to take our word for it.
Everyone has heard of Consumer Reports. They decided to put the subject of do-it-yourself estate planning under the microscope a number of years ago.
Three staffers were charged with the responsibility of creating simple wills based hypothetical facts. The researchers used downloads and worksheets that they obtained from three of the leading legal document websites.
Consumer Reports brought in three highly regarded legal professors to examine these wills. They stated that they found flaws. Furthermore, they said that unintended negative consequences can come about if you use one of these tools.
In the final analysis, the publication stated that people should steer clear of do-it-yourself estate planning. The did concede that it could be acceptable if the situation is extremely straightforward, like leaving a modest estate to your spouse.
Another Consideration
In addition to the above, there is another factor to consider. Are you sure that a will is the right choice as a vehicle of asset transfer?
There are other options, and you should understand them thoroughly before you make any final decisions.
For example, let’s say that you have a nephew with a disability, and you want to leave him an inheritance. He is relying on Medicaid for health insurance, and he receives income from the Supplemental Security Income program.
These are need-based benefits, and a direct inheritance through the terms of a will could cause a loss of eligibility. There is an estate planning tool called a supplemental needs trust that could be used under these circumstances.
The trustee could use the assets in the trust to improve the beneficiary’s quality of life in many ways. However, benefit eligibility would not be negatively impacted.
Estate Administration and Probate
When a simple will is used, it must be admitted to probate, and this legal process comes with drawbacks. Expenses accumulate when the estate passes through probate, including legal fees, the executor’s payment, court costs, and others. This red ink cuts into the inheritances that will be passed along to the beneficiaries.
The time consumption is another probate pitfall. No inheritances are distributed until the estate is closed by the court, and it will take close to a year. There is also a loss of privacy, because interested parties can obtain probate records.
If you were to use a living trust instead of a will, all of these negatives would be avoided. When you establish the trust, you would designate a trustee to administer the trust after your death. You would also name beneficiaries who will receive inheritances after your death.
After you are gone, the trustee would be empowered to distribute assets to the beneficiaries in accordance with your wishes. Probate would not be a factor.
These are a couple of examples, but there are many different tools in the estate planning toolkit.
Attend a Free Webinar
Attorney S.J. Khalsa conducts webinars periodically that cover all the most important topics. We have also recorded an on-demand webinar that you can access at your convenience.
You can visit our Manhattan, NY estate planning seminar page to obtain details and registration information.
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