Planning your estate is serious business. Although there are any number of Do-It-Yourself Will and Estate Planning kits on the market, before you run out and purchase one, be sure that this is the best route for you to take. In an effort to save on attorney fees, you may end up costing you and your family members a great deal more.
Preparing Your Own Will
It is generally not advisable to create your own Will. However, in the following situations it may be possible to prepare a Will yourself with a minimum of risk.
You have a small and simple estate. This could be a small savings account in your own name and a few household furnishings or collectibles. If you expect to leave all of your possessions to your spouse, who will also be your estate executor, this would qualify as a simple estate.
You do not have a living spouse. You want to leave everything to your children equally, and your estate is below the amount at which estate tax kicks in.
You have no assets which are subject to probate, or the amount is minimal.
If you decide to prepare your own Will, be sure to educate yourself about your state's requirements and adhere to them precisely. Various software programs include information about individual estate planning state laws.
Why Estate Planning Attorneys are Necessary
Hiring an estate planning attorney can help you avoid costly mistakes. When preparing estate planning documents, it is critical to draft them properly. One wrong word or missing signature can change the entire intent of a Will or Trust.
State laws govern Estate Plans. They are very specific about what can and cannot be included in estate planning documents; who can and cannot serve as a personal representative, trustee, healthcare surrogate or attorney-in-fact; who can and cannot be a witness to a Will, Trust, or Medical Power of Attorney; and what formalities must be observed when signing a Will, Trust, or Medical Power of Attorney.
Buying estate planning forms, software, books, etc. online and elsewhere comes with no guarantee that the documents will be accurate, legal, or conform to your state's estate planning laws. Unfortunately, this costly mistake may not be discovered until after your death, when your family learns that all or part of your Will or Trust isn't valid or doesn't accomplish what you had originally planned.
Estate planning attorneys have the knowledge and legal acumen to help solve complicated family and/or financial situations. Oftentimes there are specific estate planning arrangements that will suit your particular situation, whether you are a single parent, in a second marriage, have a disabled family member, own real estate in more than one state, or any number of other situations. It takes an experienced estate planning lawyer to evaluate your particular situation and advise you of the options that best suit your estate planning needs and goals.
Choosing Your Estate Planning Attorney:
Before deciding on the estate lawyer you will hire, there are important factors you should consider and information you should obtain first.
Fundamentals of Estate Planning - hg.org. (n.d.-c). https://www.hg.org/estate-planning-fundamentals.html