Sea Girt  (732) 974-8898         Middletown  (732) 706-8008

Drafting Your Own Will

by | Aug 10, 2020 | Estate Planning, Powers of Attorney

I recently saw a question on a social media service.  The person was asking if anyone knew a good estate planning attorney and what the cost of a Will should be.  One of the people responding said that she had used an on-line, do-it-yourself Will service.  She did not provide the cost of her do-it-yourself Will, but my guess would be that the cost was somewhere between $100 and $300.

So, what are my thoughts, you might be asking.  (You probably weren’t asking that question until I posed the scenario, but I thought I’d answer the questions anyway.)

A good, local estate planning attorney, in my humble opinion, is me.  I have drafted tens of thousands of last wills and testaments, advanced health care directives, and financial powers of attorney over the course of my twenty years of concentrating my practice in the field of elder law.  I have reviewed thousands of these documents that other attorneys have drafted, so I have a point of comparison.

In the course of my long, concentrated career, I have never seen a Will, health care directive, or power of attorney, I have never seen one of these basic estate planning documents that another attorney drafted that made me think, Oh, boy, have I been doing it wrong for the past twenty years.

Over the course of my career, I have seen sections in other attorneys’ documents that I have incorporated into my documents because I believed the sections to be helpful to my clients.  But never have I thought on whole that another attorney’s documents were substantially better than mine.

On the other hand, I have seen numerous instances of attorneys who have drafted estate planning documents that range from inadequate to meet the client’s needs to just plain problematic.  Now, I don’t think I’m the only good estate planning attorney in the area.  There are a number of very good attorneys.  So, what should you look for in an attorney who will draft your estate planning documents?

First, you should look for an attorney.  The do-it-yourself Will companies that advertise on television and the radio are not attorneys.  I just heard a radio commercial from what of these companies and the spokesperson literally said “We are not attorneys.”  When you use one of those services, make no mistake about it, you are drafting your own Will.  A “company” is not a lawyer and cannot legally practice law.  A lawyer is an individual who is licensed to practice law by the Supreme Court of New Jersey.  A company is not a lawyer because a company cannot be licensed to practice law.

Do I think you should draft your own Will?  I think you can.  I also think you can operate on yourself.  I think you can be an electrician around your house.  I think you can be your own car mechanic.  Do I think you should do any of these tasks if you have no knowledge as to what you are doing, no, I don’t.  But you are certainly free to do any of these things on yourself or  your property if you want to.

The problem with drafting your own Will or your own health care directive or your own financial is, you won’t know if the documents have an issue until it’s too late.  Your executor won’t be acting on your Will until after you die.  It’s too late for you to fix it at that time.  Your power of attorney agent won’t be using your power of attorney until after your mental incapacitated.  It’s too late to fix then as you have to have mental capacity to draft a new power of attorney.

I think you should use an estate planning attorney who concentrates his/her practice in the area of estate planning, for instance, a certified elder law attorney or an attorney who through the associations to which he/she belongs demonstrates a concentration in the area of estate planning.

How much should estate planning documents cost?  For an estate planning package (Will, living will, power of attorney), I charge about $600 for a single client and about $850 for a couple.  Some of the attorneys who concentrate their practices in estate planning charge anywhere from $1,500 to $5,000.  I think my documents are just as good.

Categories

Recent Posts

Do You Really Need a Trust?

When people begin the estate planning process, they often hear that they “need a trust.” The truth is more nuanced. Trusts can be extremely useful, but the right kind of trust depends entirely on your goals, your assets, and your family circumstances. For most people,...

Understanding the Medicaid Five-Year Lookback Period

When someone applies for long-term care Medicaid, one of the most important rules is the five-year lookback period. This rule determines whether the applicant made any gifts or transfers of assets that could delay eligibility for benefits. Despite frequent...

Protecting Your Home from Long-Term Care Costs

For many families, the home is their largest and most meaningful asset. It represents a lifetime of work and is often what parents hope to pass on to their children. Unfortunately, rising long-term care costs put that goal at serious risk. In New Jersey, nursing home...

Living Documents

For more than 26 years, I have practiced elder law in New Jersey. Over that time, I have drafted tens of thousands of estate-planning documents—last wills and testaments, financial general durable powers of attorney, and advance health care directives. These documents...

Gift and Estate Tax: The Boogeyman

Beginning in 2026, the federal lifetime exclusion against gift and estate tax is scheduled to increase to $15,000,000 per individual. In simple terms, this means that a person can give away—or die owning—up to $15 million in assets without paying any federal gift or...

Archives

Additional Articles

To schedule a consultation with the Law Offices of John W. Callinan, call our office closest to you:
Sea Girt  (732) 974-8898         Middletown  (732) 706-8008