Your Latin Lesson: Caveat Emptor, Buyer Beware.

Many companies and famous financial gurus have taken to offering legal documents as a part of their package of services – a shade of ‘practicing law without a license,’ in many cases. I’ve had a rash of clients recently come to me with the end products of do-it-yourself kits for their estate plans that, they believe, will work for their purposes. They believe that because they read online that their documents would be accepted in all 50 states.

There’s an old Latin phrase that you become acquainted with in law school and sticks with you through the years and it is “Caveat Emptor,” which means “let the buyer beware.” While this isn’t likely a great advertising plug for these DIY estate planning kits, folks would be greatly served if they understood the importance of this notion of being fully aware of what they might be getting themselves into with products like these. Clients bring me various versions of these documents to see if they’ll do the trick and often I have to break the news to them that they likely won’t.

One popular online company issues a vague buyer beware warning by stating that, so long as your documents comply with your state laws regarding valid wills, an online will carries the same legal weight as one created by an attorney. Super. But wait. Let’s reread that statement. If a will complies with state law, it will be valid and recognized in that state. Well, I hope so. What is left unsaid is that it’s up to you, the buyer, to get it right, to know the law, and to make sure that document is valid. That is how they avoid liability in such situations. They put the responsibility on your shoulders. So, what is it you’re paying them for exactly?

I happen to know someone who might be able to help. What type of person might have information, based on state law, that would ensure your documents comply with state law? How about an estate planning attorney? You might believe you’re saving money by buying a DIY kit but judging by what I’ve encountered, you’re playing a high stakes game of risk with your estate and your money. Will those few extra dollars matter if your will isn’t enforceable and your beneficiaries have to litigate? Will a few dollars matter if your will, at you passing, is treated as if never existed and the courts have to use the default state laws to administer your estate? That is the one-size-fits-all application of law where your estate and beneficiaries are concerned. Is the one size the choice you would have made for yourself and your loved ones? Often it’s not.

I’ve seen DIY kits come to me using legal language that doesn’t apply in the state of Idaho. I’ve seen terms that are used incorrectly and a simple notary signature line in place of statutory witness requirements and the like, just to mention a few errors. I’ve also seen more incomplete documents given to me after someone has passed than I care to recall. Folks have gone through the trouble of buying an on-line kit and then never filling them out or only partially completing the documents. Folks, this doesn’t count. You don’t have an estate plan in that case. You have words on paper, and that can have a devastating impact on your family and loved ones. A notary signature doesn’t magically make a legal document legal, folks. A notary stamp doesn’t have magical dust that can make words enforceable under law.

There are so many hidden costs to not doing your estate plan correctly – or not at all. You might think that by going this route you’re beating the system. It may turn out that, in the end, the system has beaten you. If I can help you navigate the system, give me a call.