If you’ve decided that you need an estate planning strategy, you might be weighing the pros and cons of hiring a lawyer. While some individuals prefer the DIY approach, this is not always advisable. This is especially true if you own a business or have substantial assets.
It’s common to be tempted by the low cost of using an online service to set up your estate plan. However, if you choose to do it yourself, there’s a significant risk that your plan may not be effective. Hiring an estate planning attorney to design and implement your estate plan is a wise decision for several reasons.
In this article, we will highlight some of the key benefits of working with an experienced attorney.
Common Reasons People Avoid Estate Planning
Many people believe that estate planning is not necessary for them. They often make excuses that it’s not the right time to start planning their estate. Here are some common reasons why people delay estate planning:
- They think they don’t have enough assets.
- They believe they are too young for estate planning.
- They are too busy.
- They find the process complicated and don’t know who can help them.
- They prefer not to think about their mortality or incapacity.
Is DIY Estate Planning Feasible?
Yes, you can draft your documents and create your estate plan. Numerous websites and online tools are available to assist with DIY estate planning strategies. However, you must ensure that the documents you prepare are legally valid. In many cases, DIY plans fail in court. Therefore, it is always advisable to hire and consult an estate planning attorney.
Expert Guidance in Estate Planning
Estate planning involves more than just drafting documents. An attorney will take the time to understand your family, finances, and long-term goals. They can also help you comprehend the complexities of different types of trusts.
By working with an attorney, you can be confident that your assets will be managed according to your wishes. This also ensures that your beneficiaries are taken care of as you intend.
Achieving Clarity in Estate Planning
Each state has unique laws, and these can vary significantly. Additionally, no two families are the same. If you’re considering the DIY route, you should know that estate planning strategies can differ greatly from one person to another.
An experienced attorney can help you understand how laws in different states work. They will also assist you in creating an estate plan that meets your specific needs.
Navigating Complex Situations in Estate Planning
Creating a living trust is not something you should attempt with an online tool. Living trusts are complex and need to be handled properly. If you have significant assets and specific distribution rules, an attorney can ensure your wishes are precisely followed. An experienced attorney understands that every estate is unique and requires personalized care.
Regularly Updating Estate Planning Documents
Estate planning documents are not something you prepare once and forget. As life events occur or your financial situation changes, it’s crucial to keep your documents updated. If you already have estate planning documents, an attorney can advise you on whether updates are necessary. Sometimes, a simple amendment is sufficient, but other times, a complete reevaluation of your plan may be required.
Conclusion
Hiring a knowledgeable attorney offers numerous benefits. They can guide you in creating legal documents such as wills, trusts, and more. If you have questions about the process or need more information, contact an attorney today. Consulting with a qualified attorney is always the best course of action.
