Estate Planning Without a Lawyer Is Risky
While it may be tempting to try to save money though DIY estate planning, it is important to have the support of a seasoned estate planning attorney during the process.
July 11, 2012
With the easy availability of so many legal forms online costing little or no money, many people are completing "do-it-yourself" estate plans. Some question the need to spend the money to hire a lawyer for help with the process when they can do it for so little themselves. Others believe that having some kind of estate plan in place is better than not planning at all, even if it is something that a person drafts on his or her own. However, people run the risk of creating major problems for their survivors if they choose to make wills, trusts and other estate planning documents without the input of an attorney.Easy to Err
It is easy for people without legal training to make errors when trying to draft estate planning documents -- even when filling in computer-generated forms. If a person does not fully understand the directions on the forms or does not completely follow the instructions, he or she could end up with invalid documents or documents that have legal ramifications the drafter never intended. The mistakes that result can be costly and bothersome for survivors to try to disentangle -- which completely negates any money a person saved in trying to draft estate planning documents alone in the first place.
Online forms also cannot account for each individual's unique circumstances, so they do not create estate plans that are specifically tailored to benefit the individual to the utmost extent possible. Additionally, the forms do not address even common legal issues such as inheritances for children from previous marriages or property that has appreciated in value resulting in capital gains taxes.
Value of Legal Knowledge
Online sites providing estate planning forms cannot provide legal advice, and the input of a person well-versed in the complexities of estate planning laws can be invaluable. Laws governing estate planning matters, such as estate tax laws, change constantly and lawyers keep abreast of the changes. Online forms are often not current with the latest changes to the laws.
Additionally, online forms do not help a person decide how to most effectively utilize various estate planning strategies to maximize asset preservation and ensure that loved ones are taken care of. An attorney who has experience in estate planning can advise a person on which estate planning tools would be most beneficial to him or her, given the person's unique circumstances.
While it may be tempting to try to save money though DIY estate planning, it is important to have the counsel of a seasoned estate planning attorney during the process.
Article provided by Law Offices of Harold H. Parker
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