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Why you should avoid DIY estate planning

| Jan 15, 2021 | Estate Planning

Just about everyone is looking to save money one way or another. Unfortunately, for many people estate planning falls pretty low on the totem pole of priorities, so they often skip out on seeking assistance from a skilled estate planning attorney. Some people choose to forego estate planning altogether, which is a big mistake. But if you’re reading this post then you probably at least recognize the value of having an estate plan or are at least looking to learn more. You might also fall into another category of people, those who are wondering whether they can simply create an estate plan on their own.

The dangers of DIY estate planning

There’s no doubt that there are a lot of resources out there that can help you create an estate plan. Internet guides, templates, and even other blog posts can all try to steer you in the right direction so that you receive the protection you want while trimming costs. But creating your own estate plan can be enormously dangerous for you, your estate and your loved ones. Here are a few reasons why:

  • Generic: Whether you’re reading estate planning advice from a website or utilizing a template to try to create a trust, your probably looking at generic information that may or may not apply to your particular set of circumstances. It might not even comply with your state’s laws on estate planning. Therefore, relying on these resources can lead to poor outcomes.
  • Too much at risk: Passing away without a legally valid or a legally questionable estate plan can lead to a nightmare scenario for your estate and your loved ones. Family infighting over inheritances can destroy relationships and your assets might fall into the hands of someone who you never intended to inherit in the first place. Your estate’s assets might dwindle significantly as administrative costs and legal fees mount up while these issues are resolved, leaving little for your beneficiaries to enjoy.
  • No peace of mind: You might feel great about yourself once you first create your own estate plan for yourself, but as time goes on you’ll probably find yourself questioning whether it really provides the protection you intended it to.
  • Not holistic: Estate planning documents that you find online are provided piecemeal, meaning that it’s usually a hodgepodge of generic documents that you can choose from. Even if some of the documents do wind up being legally valid, taking this approach can leave huge gaps in your estate plan.

These are just a few of the issues that can arise when you choose to engage in estate planning on your own, and that primarily only focuses on asset distribution. It doesn’t really contemplate other critical areas of estate planning, such as powers of attorney, which can have huge ramifications on your health and finances.

Consider seeking out the help you need to protect your interests

Estate planning gives you an opportunity to give those you care about a gift. Yet, you can maintain control over your estate’s assets to ensure that they aren’t squandered away or so that your loved ones are driven to achieve certain identifiable goals. But the future of your estate and your loved ones is only as strong as your estate plan. Why leave that to chance? You can develop the strong estate plan that you need and your loved ones deserve by working with an attorney who is experienced in this realm. Perhaps then you can achieve peace of mind and bring your vision of the future into reality.