Is a DIY Will “Worth” It?

DIY estate planning tools can create consequences that cost far more than an attorney’s fee — from probate disputes to unintended beneficiaries. Here are six risks to understand before using an online will or trust template.

Do Estate Laws Vary by State?
In addition to federal tax laws, states impose their own probate and tax laws, and the rules, tax rates and exemptions differ significantly from state to state. Some states, such as Florida, impose no estate tax, while New York imposes its own state estate tax on top of any federal liability. New York also has an unusual “cliff” provision, where once your estate exceeds the state exemption by a certain amount, the entire estate is subject to tax, not just the amount above the threshold. Navigating these nuances without an attorney knowledgeable in your state’s laws can lead to unintended consequences.

Can Tax Laws Change After I Create a Will?
The one thing that is certain is that there is no certainty when it comes to tax laws, on both a federal and state level. Currently, the federal unified estate and gift tax exemption is at $15MM per person ($30MM for a married couple) for 2026, which puts estate tax outside the concerns of many people today. However, depending on the composition of Congress in the future, this amount could significantly change. Documents that lack the flexibility to adapt to changing tax laws, something only a skilled practitioner can build in, can produce unintended and expensive outcomes.

Does a Beneficiary Designation Override a Will?
For your assets to be passed according to your will, they must be titled in your name without a conflicting beneficiary designation, because beneficiary designations take precedence over any will provisions. As an example, Stan has substantial funds in a 401(k), which, under his will, are directed to pass to his children from his first marriage. However, the beneficiary designation for this account names his second wife. At Stan’s death, the assets will pass directly to his wife, regardless of the provision under the will. When working with legal counsel, all assets and their titling are reviewed during the engagement, ensuring that your intentions will be carried out for your intended beneficiaries.

Why Is Precise Language Important in a Will or Trust?
Wills and trusts must be written with legal precision, leaving no room for ambiguity. Unfamiliarity with legal terminology can introduce uncertainty into how your assets are distributed, opening your estate to potential litigation.

What Happens If Assets Are Left Out of a Will?
A will must account for all your assets. Inadvertently leaving out assets, such as art, real estate, digital assets, or other non-traditional holdings, can result in probate disputes. Wills also address non-financial issues, such as the appointment of executors, guardians for minor or disabled children, and your philanthropic intentions. Without legal guidance, important details are easily overlooked.

What Happens If a Will Isn’t Properly Witnessed?
For a will or trust to be valid, it must be properly witnessed and signed in accordance with your state’s specific requirements. A document that is not executed correctly can be rendered null and void.

Trying to save time and/or money with a DIY approach can ultimately be more expensive and have unintended consequences. Working with experienced trust and estate counsel ensures that your documents are properly structured, legally sound, and built to adapt over time. KF Advisors works closely with your legal and tax experts to make certain your complete financial picture is accurately reflected in your estate plan.

Please reach out to us at 212.492.7000 or info@klingenstein.com with any questions you may have. If you are not yet working with us, we invite you to reach out to us to learn more about Klingenstein Fields Advisors and our client-first fiduciary approach to wealth management.