Here’s Why You Should Never “DIY” Your Estate Plan
Are you or someone you know thinking of doing your estate plan yourself? If you are, there are a few things you should consider. While there are any number of things you can do yourself with no consequence, gambling with your legacy should not be one of them.
Read on to view the top reasons why it truly is a gamble to DIY your estate plan, as well as why you should hire a professional for your estate planning needs.
1. You may miss out on formalities
When it comes to any kind of estate planning, certain key elements must be present in your paperwork. Every state is different, and your state is sure to have very specific formalities that must be followed.
In addition to the specific demands of your state, there are federal requirements imposed by the United States government. Should you leave any state or federal requirements out, or worse, address them improperly, your entire plan may be invalid. This is just one of the many things that can go wrong.
2. You won’t have any legal support
In addition to missing formalities, you won’t have support for your legal questions.
For example, how do you delegate healthcare responsibilities? Should you have a witness for your will? Did you properly assign your desired power of attorney? The list of common planning questions goes on and on.
Questions like the ones above are just the tip of the iceberg. You can be sure you will have many more to follow. At times like these, a simple Google search for all your estate planning questions may seem tempting, to say the least. However, you will come to discover it is nearly impossible to find an answer that’s been personalized to your needs.
For the best results, you should always hire an estate planning or probate lawyer. You’re guaranteed to have questions and the more support you receive customized to you, the better.
3. You may use improper language
What kind of terminology should be present in your will or trust? If you’re too specific, you may hinder your family’s ability to handle your affairs. Alternatively, if you are too vague, you could be leaving the interpretation of your finances, relationships, and tax affairs up in the air.
The law treats these documents literally, which can affect your family’s outcome. Something as simple as a typo could have disastrous results.
Imagine passing on $200,000 to the wrong beneficiary when you only intended to leave $20,000. These aren’t hypothetical mishaps either, they happen to real people. Given the importance of your estate and how frequently these mishaps occur, consulting a legal professional is always the safer option.
When it comes to estate planning, DIY does have a certain appeal. It may seem easier, more cost-effective, or generally simpler to do at home. However, the truth is there are several affordable options available to you and your family.
To find low-cost options for estate planning in Arizona or southern California, contact Rilus Law. Our attorneys are here to guide you through every step of the way. Click here to get in touch, or call (480) 924-4424 to speak with a lawyer now.