Loune-Djenia Askew, Esq.
Jul 22, 2024
One of the primary reasons people opt for DIY estate planning is the potential cost savings. By using online templates and resources, you can avoid the fees associated with hiring an attorney. However, there could be repercussions if you take this approach.
Possible Repercussions of DIY Estate Planning
One of the primary reasons people opt for DIY estate planning is the potential cost savings. By using online templates and resources, you can avoid the fees associated with hiring an attorney. However, there could be repercussions if you take this approach.Â
Legal Mistakes
Estate planning involves legal documents, such as wills, trusts, and powers of attorney. Each state has specific legal requirements for these documents to be valid. DIY estate planning increases the risk of making mistakes, which can result in invalid documents or unintended consequences.
Overlooked Details
An experienced estate planning attorney can identify potential issues and make sure that all details are covered. DIY estate planning might lead to overlooked details, such as not naming a contingent beneficiary, failing to update beneficiary designations on financial accounts, or not planning for potential tax implications.
Disputes Among Heirs
Poorly drafted or incomplete estate plans can lead to disputes among heirs. These disputes can be costly and time-consuming, potentially leading to legal battles that could have been avoided with professional assistance.
What is the Lawyer's Role?
Expertise and InterpretationÂ
An estate planning lawyer understands the complex laws governing property rights, taxes, wills, probate, and trusts. DIY solutions like online tools or software often miss important legal details, potentially causing serious issues.
Comprehensive Legal Advice
Lawyers offer extensive legal guidance, to make sure your estate plan is thorough and accurate. They manage assets not covered by your will or trust, consider state-specific laws, and address relevant tax and legal matters.
Personalization
Unlike generic programs, a lawyer can provide tailored advice, creating a personalized estate plan that aligns with your unique goals and needs.
Trying to fix a DIY estate plan can lead to more problems than benefits. Consider getting professional advice to avoid costly mistakes.
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.