People increasingly realize nowadays that life is too short, and you never know if you are going to see another day. Therefore, more and more people are becoming aware of the importance of updating their estate planning documents.
With the attorney fees rising every year, it may be tempting to create your own estate plan. However, you could make a big mistake. An estate planning lawyer could educate you about things you may not stumble upon. Moreover, they can help you avoid mistakes.
Reasons you should not create your own estate plan
- You are not well versed with the laws.
The average person is not well versed with the laws like an attorney is. You may think you can create the perfect document for your estate plan using an online found template, but this is not always the case. Different states have different laws regarding estate planning, and it is important to ensure that your document conforms to those laws. An attorney can facilitate this process since they regularly do this job.
- Online resources are not detailed and reliable.
If you are attempting to create an estate plan without the help of an attorney, you might turn to the Internet to research the process. Nowadays, you can learn about anything and everything on online websites.
Of course, online articles can be a great deal of help to give you insights into estate planning and the laws. However, they may still not be as good as an attorney. There are thousands of websites on the Internet spreading misinformation. Moreover, you could miss out on an approach that suits you best.
- Your plan may not accommodate changes that may occur in the future.
An estate plan may be subject to changes due to various life events. For example, suppose you want to leave your estate to your two children. But what happens if one of them dies before you? It may create problems later if you do not change the terms of the document.
A computer program would not understand these issues, but an experienced attorney will. They will help you through potential changes that could have an impact on your plan.
- DIY estate planning might be more costly.
When you create an estate plan on your own from scratch, you never know where you might go wrong. If your estate plan document turns out to be faulty, it could be legally questioned in court. This can become a lengthy, time-consuming process and subject to costly litigation. It can also lead to fights among your family members.