A lot of consumers, especially budget-wise consumers, are concerned with the costs associated with estate planning. If you’re thinking of writing your own estate plan, you may want to think twice. Most professionals will advise against DIY estate plans. Not because they want you to pay them, but because they know the pitfalls associated with DIY estate plans.
DIY Doesn’t Mean One-Size-Fits-All
When you create your own estate plan, you’ll use a template available online or in a book. These plans try to use a one-size-fits-all method, but they don’t address any of the unique properties associated with your estate. By using these you could leave out valuable wording that protects your family, assets and even your children’s guardianship.
Probate Laws Vary
DIY estate plans rarely address the unique probate laws for every state. If you find a DIY estate plan specific to your state, it still may lack in the legal formalities required to validate your estate planning documents. There are also specific issues that your state may have regarding anti-lapse statutes and community property.
Save More Now, Lose More Later
Have you ever heard the saying “you get what you pay for?” With a DIY estate plan, you’re literally doing just that. Sure, you save money, but the issue is how much does it cost you in the end? Most DIY estate plans lack the security of true estate plans; therefore, your estate could suffer from unexpected costs down the road that punish your beneficiaries for your DIY planning.
Only an estate planning professional can create a true, solid estate plan. Meet with an estate planning attorney today to get started on your estate plan – you’ll be surprised at how affordable it really is.