If you have decided to create an estate plan, you may be considering the pros and cons of hiring a lawyer. While some people prefer the DIY route, this may not always be advisable, especially if you own a business or have significant assets.
Many individuals are tempted to use online services or tools to set up their estate plan inexpensively. However, attempting to do it yourself can lead to complications and potential issues down the line. Engaging an estate planning attorney to design and implement your plan is a wise choice for several reasons.
Reasons People Avoid Estate Planning
There are common reasons why individuals delay or avoid estate planning altogether. Some believe they do not have enough resources, while others think they are too young to start planning. Busy schedules, the perceived complexity of the process, and reluctance to confront mortality are also factors.
Can You Create Your Estate Plan?
While it is possible to draft your own documents and create an estate plan using online resources, ensuring the validity of these documents in court can be challenging. Many self-drawn plans do not hold up in legal proceedings, underscoring the importance of consulting an estate planning attorney.
Expert Guidance in Estate Planning
Estate planning involves more than just paperwork. An attorney will take the time to understand your family, finances, and long-term goals. They can provide insights into various types of trusts and ensure that your assets are distributed according to your wishes.
Clarity and Customization
State laws and family dynamics vary, making it essential to tailor your estate plan to your specific needs. An experienced attorney can navigate these complexities, helping you create a plan that aligns with your goals and complies with state regulations.
Handling Complex Situations
Creating a living trust, especially for substantial assets, requires expert guidance to ensure proper execution. An attorney can help customize your plan to address unique circumstances and ensure that your wishes are carried out accurately.
Regular Document Updates
Estate planning documents should be reviewed and updated periodically to reflect life changes and financial circumstances. An attorney can advise you on when to revise your plan, whether through minor amendments or a comprehensive reassessment.
In Conclusion
Consulting with an attorney offers numerous benefits, including legal document preparation and guidance throughout the estate planning process. If you have questions or need assistance, reach out to a qualified attorney to ensure your plan is comprehensive and legally sound. It is always advisable to seek the expertise of a professional in estate planning matters.
