You can do a lot of things on your own by obtaining information online. DIY efforts can be useful, but you should understand your limitations. This is something to take into consideration when you hear about downloads or worksheets that you can use to create your own estate planning documents.
DIY Estate Planning
There are purveyors of legal documents that want people to believe that anyone can effectively put an estate plan together. Anything is possible, but there are a number reasons why you may want to take pause before you buy into these notions.
In the field of estate planning, many different documents can be utilized. The correct course of action is going to vary depending on the circumstances. The appropriate document for one person would not be appropriate for the next. Are you sure that the document that you are considering is the right one for you given your financial situation and your family dynamic?
For example, do you want your loved ones to receive their inheritances in a timely manner? If you use a last will, there is going to be a considerable delay, because the will must be admitted to probate.
Probate is the legal process of estate administration. It can take numerous months in simple cases, and it can sometimes take years. There are also considerable expenses that can present themselves during the probate process.
It is possible to avoid probate in a number of different ways.
Are you concerned about the federal estate tax? Do you have a loved one with special needs on your inheritance list? Do you want to protect a spendthrift heir from his or her bad money management skills? Do you have asset protection concerns? Do you want to preserve inheritances for your children from previous marriages?
If you have any of these concerns, you probably don’t know exactly how to proceed from an estate planning perspective. You could simply try to create your own last will, but it would not not be the right choice under these specialized circumstances.
When you discuss everything with a licensed estate planning attorney, you can go forward in an intelligent and informed manner. All of your questions will be answered, and your options will be explained to you. In the end, you will emerge from the interaction with an ironclad estate plan that ideally suits your needs.
Free Report on Dangers of DIY Estate Planning
We have prepared an in-depth report on the dangers of do-it-yourself estate planning. This report will provide you with some very valuable information, and it is being offered free of charge at the present time.
To access your copy of the report, click this link and follow the simple instructions: DIY Estate Planning Report.
Parman & Easterday
- Understanding Estate Planning – What is a Letter of Instruction? - April 2, 2020
- Do I Really Need an Estate Plan? - March 31, 2020
- Founding Attorney, Larry Parman, Shares a Personal and Insightful Message about the Coronavirus Situation and How the Firm is Handling It (click on the video below) - March 27, 2020