It seems as if there is an app for everything these days. You may not think an estate planning app exists, but it does. There is a new app that aims to help people create wills, trusts and other estate planning documents.
While this may sound like a convenient way to develop an estate plan, it is worth considering whether it is reliable. Here is an analysis of whether you should trust a mobile app when making important decisions regarding asset distribution and other end-of-life decisions.
About the app
The creators of the estate planning app in question say it is free and allows users to create estate planning documents within minutes. Users can designate executors, guardians and trustees by importing contacts from their phones. When users input decisions, the app generates documents. Life insurance is also available for purchase within the app.
Limitations and dangers of DIY estate planning
It is always a good idea to be wary when something as complex and important as estate planning is free and someone claims you can accomplish it within a few minutes. Choosing who gets your assets, establishing a trust and selecting a guardian for your children are enormous decisions that require careful thought and consideration. Plus, you need to ensure you create all these documents according to state law. You do not want to end up with an estate plan that does not hold up in court.
If you create an estate plan without legal advice, you and your family may encounter a lot of problems. An estate plan that is not accurate or lawfully executed may result in probate nightmares, family disputes and unintended expenses. This may complicate things for you and your beneficiaries.
Think twice before trusting an app
Mobile apps can be useful for a variety of reasons, but you should do something as delicate as estate planning through an official legal process.