Four dangers of DIY estate planning

A quick internet search will uncover a whole host of templates and self-help guides claiming to give you the tools you need to build an effective estate plan. When you see these resources, you might t be tempted to create your own estate plan and bypass legal assistance. After all, it might seem like you can save some money by going it alone in your estate planning endeavor, and you may even feel like you can retain more control over the process.

But the reality is that do-it-yourself estate planning can be extraordinarily risky. Let’s take a closer look at why that is so that you can make the decision that’s right for you when it comes to figuring out your best estate planning path.

There’s a lot that can go wrong when you try to create an estate plan on your own. Here are just some of the risks of DIY estate planning that you’ll want to be aware of moving forward so that you can hopefully avoid massive pitfalls that are disadvantageous to you, your estate and your loved ones:

1. The expenses at stake: Sure, you might save on attorney fees when you choose to create your own estate plan, but the truth is that errors made during DIY estate planning can end up proving costlier. When these errors are made, you could find yourself having to litigate the matter in probate court, or your estate will have to pay for a battle that arises once you’re gone. You can significantly minimize or even eliminate that risk by working closely with an attorney to create the estate plan you want.
2. Lack of attention to detail: A lot of the resources that you’ll find online will oversimplify the estate planning process. This means that you could miss out on estate planning strategies that save money and that ensure asset distribution that aligns with your wishes. You don’t want to box yourself in with an overly broad DIY estate plan.
3. Missing modification: Even though it can feel like a burden is lifted off your shoulders once you create your estate plan, it’s really only the beginning of your estate planning journey. As the circumstances of your life, asset ownership and relationships change, so should your estate plan. But online resources aren’t going to keep you on track here, meaning that when the time comes, your assets might fall into the wrong hands.
4. Lack of support: When you create an estate plan, you want to be put at ease knowing that your affairs are in order and that your vision of the future is on track to becoming reality. But if you create an estate plan on your own, you may not truly know whether it’s legally sufficient to remain valid over time. This uncertainty can and should create stress and concern. Fortunately, you can put these fears to rest with a sound estate plan that you create with an attorney.

Don’t jeopardize the future of your estate with a DIY estate plan

There’s simply too much at stake when it comes to estate planning to try to handle everything on your own. By working with your attorney, you can create the holistic estate plan needed to suit your needs. This will put your mind at ease and ensure that your loved ones and your assets are adequately protected. If you want to learn more about what the estate planning process should look like, then we encourage you to visit our estate planning webpage.