Writing Own Estate Plan Is Often a Big Mistake

A little work and some quick notes can often leave a lot of trouble behind.

One of the major problems with estate plans is that non-attorneys frequently think it is a straightforward situation.  However, unfortunately it usually isn’t, according to the South Bend Tribune in "You can do your own estate plan, but should you?"

Many people think they know just what they want done with their assets, after they have passed, so they do some research and may download a form or two to guide them. After a few hours, they have something that constitutes an estate plan and think they have saved money.

However, that process can easily backfire, as explained in a situation where a man thought he could make his own estate plan but it ended up a complicated mess after he passed away because no consideration was given for how his family would get liquid assets when they needed them.  Since the estate is worth $12 million, it will cost far more in attorney's fees to sort out everything in the estate.

Some people suggest that instead of doing everything on your own, it would be a good idea to use an online service for estate planning. With those services, you can get some basic questions and answers to consider and they are cheaper than attorneys. The problem is that it still does not give you the personal attention estate planning requires.

In the end, you might lack the knowledge to answer any questions in the best way for your estate.

An estate planning attorney can answer your questions and advise you on creating an estate plan that meets your unique circumstances. Contact us today and we can answer all your questions about a custom estate plan.

Reference: South Bend Tribune (Feb. 6, 2018) "You can do your own estate plan, but should you?"