A lot of people think that estate planning is easy. After all, you just have to create a will, and you can draft that on your own, right? The answer depends on your circumstances, but the process isn’t as straightforward as it seems.
In fact, you might need several estate planning vehicles to bring your vision of the future into reality. But even then, can’t you just turn to online resources and templates to assist you? We strongly discourage you from doing so, as engaging in do-it-yourself estate planning can be extremely risky.
Why you should avoid DIY estate planning
A quick Internet search can return thousands of results that appear to provide you with guidance when it comes to creating an estate plan. However, these resources may not be as helpful as you think. Here are some of the risks of relying upon them to create your own estate plan:
- Missed opportunities: Many online resources provide you with surface level information. If you rely upon them, then you might miss significant opportunities that give you, your estate, and your loved ones a financial advantage. It’s not about making your estate plan more complicated. It’s about creating the plan necessary to achieve your goals and protect your interests.
- Increased expenses: A lot of people skip formal estate planning assistance because they think that it’s an easy way to save money. But if your DIY estate plan ends up being challenged, then your estate will incur far more costs than you would’ve seen if you had created your estate plan the right way to begin with.
- Missed modifications: The estate planning process isn’t something you just do once. Instead, you need to revisit your estate plan regularly to ensure it still suits your needs. Online guides and resources might lead you astray when you want to change your estate plan to better suit your needs.
- No assistance with disputes: If you create your own estate plan and it’s subsequently challenged in probate court, then you’ll be on your own to protect your interests unless you decide to hire an attorney at that point. But if you have an attorney assist you with your estate plan from the get-go, then you’ll have dispute assistance from the jump. This can better position you to avoid costly legal disputes that are harmful to your estate and your familial relationships.
- Uncertainty: After creating an estate plan on your own, you might be left with an unsettling feeling that you’ve missed something. That lack of reassurance can leave you on edge, worried that your estate plan won’t hold water when the time comes for your assets to be distributed. If you work with a legal professional to build your estate plan, though, then you can rest easy knowing that your plan was drafted in accordance with the law and is better protected against future legal issues.
\The way in which you craft your estate plan can have profound implications for the future of your assets and your loved ones. There’s simply too much at stake for you to leave these issues to chance. That’s why it’s a good idea to educate yourself on the estate planning process as much as possible while also seeking the proper guidance you need to craft a proper estate plan. So, if you’d like to learn more about how to build your vision of the future so that it can become reality, then now is the time to start the estate planning process.