The Do It Yourself, DIY, craze persists in the U.S. People are engaging in DIY home renovations, DIY life hacks, DIY arts and crafts, and so much more. What about DIY estate planning? You may have seen ads for services that will provide you with estate planning forms where all you need to do is fill in the blanks. These services tout themselves as convenient and affordable alternatives to getting your estate plan developed by an estate planning attorney. Are they too good to be true? Yes, they often are. There are many pitfalls in DIY estate planning and the consequences can be severe.
The Pitfalls of DIY Estate Planning
The laws pertaining to estate planning are both many and varied. There are laws at the federal level to account for and there are also state-specific laws that impact estate planning. DIY estate planning may not account for these important details. Each state, for instance, has requirements for how to draft and execute a valid will, power of attorney, living will, health care surrogate, and other important estate planning tools. There are laws pertaining to who may serve as the personal representative of the estate and the portion of an estate a spouse may be entitled to pursuant to an elective share law despite what an estate plan may say. All of these laws mean that failure to comply with the legal requirements can render your estate planning documents invalid in whole or part. Key aspects of your plan may be rendered ineffective because of conflicts with state law.
With a DIY estate planning service, you will also miss out on having the personal counsel an estate planning can provide. Are you concerned about whether you will need to change your estate plan in the future? Is there a new marriage on the horizon? Perhaps a divorce? Are there potential legal changes developing that could impact your estate plan? An attorney can advise you as to when you might want to consider updating your estate plan. Furthermore, an attorney can detail how current legal trends and potential changes in the law may impact your estate plan and how you can account for such changes.
With estate planning being such a personal matter with potentially big implications for a person’s family, an estate planning attorney is often adept and managing family dynamics. How can you manage the expectations and realities of your family when it comes to your estate plan? How can you help guard against family disputes arising? An estate planning attorney can provide counsel and advice on how to handle such issues. You will not get this on a DIY estate planning website.
Estate Planning Attorney
Some things need and merit commitment to quality. At Monk Law, we develop a strong, uniquely crafted estate plan that is tailored to you and your goals. We know that the one size fits all approach just does not work when it comes to the varying needs and situations of our clients. Contact Monk Law today.