The Dangers Of DIY Estate Planning
There are certain routes it can be very risky to take when it comes to estate planning. One is dragging your feet on such planning. This could result in you not having an estate plan when incapacity or death strikes. This would leave you without a voice on what happens after such major events.
Also risky is going the do-it-yourself route in estate planning. This could leave you without the right kind of estate plan. Just like not having an estate plan, this can create massive risks of your wishes not being followed when incapacity or death occur.
So, it can be very important to do estate planning with the guidance of an experienced estate planning attorney. Such lawyers can help steer a person away from some of the costly mistakes one could stumble into in DIY estate planning.
The range of errors a person could make when going DIY with their estate plan is wide. This is because estate planning involves many complex decisions, each of which requires careful consideration of one’s circumstances. This includes:
- What devices (wills, trusts, etc.) to include in your estate plan.
- What terms to include in such devices.
- What to leave your love ones (and what form to have such gifts take).
- What updates to make to your estate plan over time.
- Who to name for important roles in your estate plan (like trustee or personal representative).
Going with choices ill-suited for your situation when making these decisions could have lasting consequences, for you, your family and your legacy. This is why having the right guidance can be so essential when these decisions come up.
As one can see, the choices a person makes regarding their estate plan can have major implications in the future. This can be a critical thing to keep in mind when deciding what route to go when it comes to estate planning.
Source: CNBC, “Don't drop the ball when planning your estate,” Trey Smith, Sept. 13, 2016