Do it yourself (DIY) estate planning is enticing. It allows you to create an estate plan at your own pace and without having to consult with a professional. And of course, it can probably help you save a few dollars upfront.
Before you go down the DIY path, you should consider the many risks associated with doing so. This is usually more than enough for you to realize that it’s a bad idea. Consider the following:
- You don’t have estate planning expertise: This is why you hire an estate planning attorney. They know the ins and outs of the law and how to apply them to your situation. Without expertise, you can almost guarantee that you’ll make some type of mistake.
- You have unique circumstances: No two people are the same, so no two people should take an identical approach to estate planning. But when you use an online DIY service, that’s exactly what you’re doing.
- You may pay more in the end: It feels like you’re saving money upfront, but you’re actually taking a big risk. For example, you may find in the future that your estate plan is all wrong, thus leading you to consult with an attorney anyway. Even worse, you may never find out that you made a costly mistake and it ends up harming your loved ones after your passing.
While these are among the most common problems with DIY estate planning, there are many others that could sneak up on you throughout the process.
If you want to give yourself the peace of mind you deserve, consult with an experienced and knowledgeable estate planning attorney. With this approach, you’re no longer alone. Instead, you can lean on your attorney and their team to create an estate plan that works for you and your family. Contact us if you need help.
- Business Succession Planning May Be Easier than You Think - June 1, 2022
- Estate Planning – Something You Shouldn’t Do Yourself - May 18, 2022
- Just When You Thought You Understood the 10-Year Rule, Think Again - May 11, 2022
