When in the market for an estate plan, it can be tempting to seek out online legal services like LegalZoom that promise fast and low-cost solutions for estate planning and other legal needs. But as experienced estate planning attorneys, we’ve seen first-hand the problems that arise when individuals rely on one-size-fits-all templates instead of seeking professional legal guidance.

Here are some things we’ve seen that might make you think twice before using an online tool for something as critical as your estate plan documents:

When the first spouse passes away, whether expected or not, it’s a difficult time for the surviving spouse. Contacting family members, making funeral arrangements, and of course, the grieving process are mentally and emotionally draining. But on top of all that, there are also legal concerns to consider when a spouse passes away.

What does a surviving spouse need to do from a legal perspective? Well, it will depend on the nature of the assets owned by the deceased spouse, and it will depend on how well the couple had planned. There may be a lot of material to process, so it typically helps to prioritize.

Turning 18 officially declares someone an adult. And with adulthood comes the right to make important life-changing decisions. From the moment someone has their 18th birthday, they can sign binding contracts, decide where they live, and can take on a whole host of other responsibilities.

What is basis? Basis is simply the amount you pay for something. Basis is sometimes adjusted by depreciation or undistributed income, but let’s keep it simple. You buy a share of stock for $100. Your basis is $100.

Why does basis matter? Basis matters because it determines the amount of income tax you pay when you sell. If you paid $100 and sell for $150 then you have a $50 gain on which income tax will be due.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has brought on a lot of highly publicized programs. For instance, every business owner is likely aware of the Paycheck Protection Program (PPP), a forgiveable loan designed to provide relief to businesses and keep people on the payroll.