Even though the concept of estate planning is alluring, many people don’t know how to go about it. Estate planning is rife with scams, and the unscrupulous advisers majorly target the elderly with living trust mills, IRS scams, and the most notorious of all, DIY estate planning.
Admittedly it can be tempting to save some buck by DIY estate planning. But it is not a wise move. Here’s why going the DIY route is a bad idea and what to do instead.
Problems with DIY estate planning
DIY estate planning means you get an estate plan without spending much, right? Wrong. DIY estate planning costs you and your family time and money in the long run. As with all legal matters, a cookie-cutter approach does not cut it. Here are the major problems with DIY estate planning:
- Multiple documents are involved
An estate plan is a variety of documents. Estate planning involves combining multiple documents that outline how your estates will be managed after your demise. Some of the documents have a legal learning curve that you may not overcome quickly. Instead of trying to make sense of the legal jargon alone, get Expert probate and estate planning services from Littlejohn Law LLC to understand the documents.
- Invalid DIY plans
Most states have specific requirements on the validity of an estate plan. The estate planning templates you find online may not meet the statutory demands of your state and, as such, are invalid. Many estate planning templates are generic and must be redone by attorneys to make them valid and enforceable.
- Higher costs
The perceived cost savings of a DIY estate plan ends up biting back on your loved ones. A faulty DIY estate plan means the estate might go into probate, which you were trying to avoid in the first case. The costs associated with paying probate fees and hiring an attorney are more than hiring one to draft a valid estate plan the first time.
- Outdated language
Software that generates DIY estate plans tries to develop multiple plans for various users. The trade-off is that they use generic language, which rarely sometimes translates into the current legal language used in estate plans. Also, the laws governing estate planning vary from state to state and are dynamic. The template you find on the internet may not have the applicable laws. The court and other legal institutions do not recognize estate plans lacking their associated laws.
5.No provisions for intestate estates
Choosing an estate plan template on most web services restricts it to a specific state. You must fill in other templates if you have assets in multiple states. However, this does not mean the relationship between the assets will be straightforward in probate court. Usually, clients seeking expert probate and estate planning services from Littlejohn Law LLC have problems with interstate estate planning. A DIY state plan for assets held in different states does not simplify it.
What to do Instead
For most people having an estate plan is the best gift to leave their loved ones. An estate plan means your assets will take care of your family’s needs, and your wishes will be followed. However, if you DIY an estate plan, the opposite is likely to happen. To ensure a valid estate plan, get Expert Probate And Estate Planning Services From Littlejohn Law LLC attorneys, who will help you draft a legal agreement. Finding a lawyer to help you ensures you cover all the legal bases for an estate plan, which leaves your loved ones with the perfect gift.