Once you have made the decision to create an estate plan, it is important that you take time to ensure that you develop one that will meet your family's needs while honoring your wishes once you are gone. However, with the prevalence of do-it-yourself estate planning guides and tools available online, it is understandable why many people are tempted to create their own estate plan in an attempt to save money.
Unfortunately, there are several problems that can arise from attempting to create a DIY estate plan. The fact is that estate planning is a complex process that requires filling out lengthy legal documents. For those unfamiliar with the estate planning process, attempting to create a DIY estate plan can result in mistakes that could cause the validity of your will or trust to be called into question upon your death, causing your loved ones to have to go through a lengthy, costly, and stressful probate process. For this reason, it is critical that you consult an experienced attorney when creating an estate plan. If you are looking to start the estate planning process, here is a look at just a few of the reasons why you need to work with an estate planning attorney.
You May Not Know What Type of Estate Plan You Need
One of the most important reasons to consult an attorney during the estate planning process is that you may not know what your estate plan should entail. While many people assume that all they need to do is create a will, this is not always the case. Depending on your unique circumstances, as well as what you are hoping to get out of your estate plan, a will may be sufficient, or you may need to include a trust to better protect your assets. You may also want to consider adding a durable power of attorney so that you will be cared for should you become incapacitated, and if you have minor children you may need to designate a guardian in case you die before they come of age. An experienced estate planning attorney can help guide you through this process and help you to determine what your estate plan should include based on your individual needs.
Laws Can Be Complex
Unless you have an in-depth knowledge of your state's trust and probate laws, it is important that you work with an attorney in order to ensure that your estate plan is drafted in accordance with current state law. The fact is that estate planning laws vary greatly from state to state, and these laws are constantly changing. State laws are very specific about what an estate plan can and can't include as well as what procedures must be followed when drafting an estate plan in order for it to be valid. If you attempt to create your own DIY estate plan and you do not adhere to state law, your will or trust may not be considered valid upon your death, and your estate may not be handled as you would have wished. However, a local estate planning attorney will have an in-depth knowledge of local estate planning laws, and they will know what needs to be done to ensure that your estate plan is valid and fits within the parameters of state law.
Make Sure Your Wishes Are Followed
Not only can state laws make the estate planning process difficult, but if you attempt a DIY estate plan, you may also find yourself making mistakes due to complex legal jargon. The fact is that the estate planning process is extremely complex, and you may soon find yourself lost in documents that you do not fully understand. When this happens, you run the risk that your estate planning documents will not accomplish what you wanted them to. A simple mistake such as a forgotten document or a misinterpreted passage could mean that your estate plan will not do what you wished, and your assets may not go where you would have liked upon your death.
Avoid Probate
If you make a mistake during the estate planning process, this can also mean that your estate may have to go through probate. If your estate plan is insufficient, or its validity is called into question, then your estate will have to go to probate court before it can be settled. Probate can be a lengthy and expensive process for your loved ones, as a judge will have to oversee the process of distributing your assets. Not only can this put additional stress on your family during an already difficult time, but probate costs can diminish the portion of your assets that actually goes to your heirs. Additionally, when your estate goes through probate, your financial information becomes public record, which can compromise your family's privacy. This is why it is critical that you work with an attorney during the estate planning process, as working with an experienced estate planning attorney will give you the best chances of developing an estate plan that helps the majority of your estate to bypass the probate process. Estate planning attorneys have a great deal of experience with probate, and they can help you to develop an estate plan that shields your assets from this process.
Save Money
Overall, working with an estate planning attorney can help to save your estate money. While many people attempt DIY estate planning in the hopes of saving money, this can backfire in the long-run as your estate may end up paying more in lawyers' fees and court costs if there is a problem with your estate plan. Furthermore, if your estate plan is not drafted correctly, your estate could also be subjected to additional taxation. Working with an estate planning attorney can then help to ensure that as much of your hard-earned money as possible is passed to your heirs. Knowing the ins and outs of estate and probate law, they can help you to craft an estate plan that will keep your estate out of probate and reduce the tax burden that your estate faces after your death.
Get Objective Advice
It can also be invaluable to work with an experienced attorney during the estate planning process due to the fact that they can provide objective advice. If at any point you are unsure what decision you should make regarding how your assets should be divided or who should be designated as a trustee for your estate, an attorney can act as a voice of reason who can help you make these difficult decisions. Having handled cases similar to yours, an estate planning attorney has the experience to guide you through this difficult process. They can also help you to inventory your assets and make sure that you make decisions regarding how all of your belongings should be distributed after your death, which can help to reduce conflict between your beneficiaries after you are gone.
Your Estate Plan May Need to Be Updated
Further complicating the estate planning process is the fact that, depending on the type of estate plan you choose, it may need to be updated over time as your needs change. However, updating an estate plan is no easy feat, and this process needs to be handled carefully in order to ensure that no mistakes are made. When you partner with an estate planning lawyer, you will not just work with them for a few hours and be done. They will be there for you over the years in order to ensure that your estate is still doing what you need it to, and should there be changes to your financial position, they can help to make sure that any amendments to your estate plan are handled properly.
You Only Have One Shot to Get It Right
When developing an estate plan, it is critical that you get everything right the first time, as you may not have a chance to change things later. If you make a mistake when drafting a will or creating a living trust, your estate plan may not be valid after you die. While it is possible to invest in a new estate plan if you realize that your DIY attempt at creating an estate plan was flawed, this can mean time and money wasted creating a plan that didn't work. Additionally, there is always a risk that you won't catch these mistakes, which could cause problems for your beneficiaries after you are gone. By partnering with an experienced estate planning attorney, you can rest easy knowing that your estate plan will be done right the first time as it is being handled by a seasoned professional.
Hiring an Estate Planning Attorney Can Provide You With Peace of Mind
Considering the important role proper estate planning plays in protecting your assets and ensuring your wishes are followed after you are gone, working with an estate planning attorney can help to provide you with a peace of mind knowing that your estate plan is being drafted by an experienced professional. Your attorney can help guide you through the estate planning process and answer any questions that you may have along the way, helping you to feel confident that your family will be looked after once you are gone.
If you have made the important decision to start estate planning, feel free to contact us to learn more about how we can help walk you through the process of developing your own estate plan.
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