More than half of Americans do not have a will…but attempting to do it yourself is a bad solution to this problem.
Your biggest mistake in estate planning, aside from having nothing at all in place, could be trying to do it yourself using one of the many online sites pushing do-it-yourself fill-in forms. Think of it this way, would you take on an entire kitchen remodel yourself using just an online checklist?
The same is true of do-it-yourself estate planning.
A qualified estate planning attorney is trained and equipped to look at your entire set of circumstances - financial situation, tax consequences, family relationships, etcetera – and assess what you need in terms of planning and planning documents.
Each estate planning document has specific legal formalities that must be followed for the document to be valid. If a person drafts his/her own power of attorney documents incorrectly, rendering them invalid or omitting some necessary power(s), a conservatorship may have to be obtained when that person becomes unable to make his/her own financial or health care decisions. Conservatorship is an expensive and often stressful court process to assign authority over a person and grant those necessary powers.
Likewise, will or trust drafting errors lead to too many cautionary tales of confusion, expense, and fighting. I had a litigation case where the deceased had attempted to draft his own trust and in doing so accidentally created conflicting terms regarding the distribution of his real properties and did not correctly fund his trust. After battling it out in court for a bit, the family members finally settled. But not before great financial and emotional costs for everyone involved.
Is planning for your future and those of your loved ones really something you won't screw up because you tried to do it yourself? Consulting with an attorney for your estate plan is essential to protect you in your life and plan for the ones you love after your death. It is also important to note that a skilled attorney should make sure you are connected to other professionals you may need to put your life and death plans into action such as accountants, financial advisors, and/or insurance agents.
Our office would be happy to help you in a multitude of trusts & estate area matters: trusts & wills, advanced health care directives and power of attorney documents, complex trusts, probate administrations, trust administrations, conservatorships, and a variety of other specialty estate planning tools.
January 2020 Montrose-La Crescenta Magazine Article