Estate Planning: Going the DIY Route vs Seeking Professional Assistance
Want to prepare a solid estate plan? There’s plenty of options to pick from including lawyers specializing in wills and estate, self-help websites that let you prepare your will, DIY kits and legal forms for free online and what not.
Have you done a will yet? If you haven’t, you aren’t alone. According to a 2017 research survey, 6 in 10 adults in the US don’t have a will or living trust, which are key documents for estate planning.
Fortunately, the older adults seem to be leading the way for everyone: they understand that their preparation for the end of life is only complete only when they sit down and do the needful to prepare these key documents.
Sure enough, estate planning seems more pertinent to older adults than anyone, but it doesn’t mean younger people– particularly those who have children– need not bother about tackling estate planning until they’re really old and infirm and get gravely sick.
But why do so many people put off estate planning for a later time in their life? Some people simply haven’t gotten around to it, whereas some attribute cost as the key factor they haven’t written a will. Some find the process to be too time-consuming. For many, the ambiguity around whether they have enough assets to leave to anyone has stopped them from going forward. So on and so forth. They have their own reasoning, but it is not wise to leave things to chance.
Experts, however, think it is important you put documents like a will or a power of attorney in place when you are alive and well.
As they say, life happens fast and you never know what tomorrow brings.
Luckily, these days, we have easier options than before when it comes to getting your estate planning in order. The internet has thrown open a range of options and it is up to you to pick and choose the one that matches your needs, budget, and your family situation.
Let’s dive deeper and look at the different options in front of you.
DIY Options
Free forms are available everywhere on the internet, and a simple google search will get you to a website where you can find one. But remember they’re pretty basic and don’t come with detailed instructions on filling up the form. Cough up a little and you can get a slightly comprehensive DIY will kit. These kits have been around for a long time now and are readily available both offline and online now. These kits generally include the forms with blank spaces and a detailed leaf carrying instructions on how to fill them up.
A step above from these low-cost options are the different online will services which have come up in the last decade. In order to help people get a solid grasp of their will, these web services take them through an interactive process where they’re supposed to answer a number of different estate-planning questions around things like your relatives, pets, any specific requests for charity, and much more. There’s a good chance you may have not considered these questions yourself. These sites are also able to identify errors in your process and tell you what you need to do to correct them.
The DIY options are a good place to start but they have their fair share of downsides. When you’re doing it all by yourself, the odds are you will run into a bump midway and get stuck there with no one around to help. You’re not talking to a professional with a specialty in this area. Someone who can appraise your needs, review all that you’ve put in your will, make pertinent suggestions and recommendations.
We strongly suggest working with a professional if you want to steer clear of any pitfalls specific to your situation or mistakes that could result in a challenge for the will.
Taking the Professional Route
Dealing with a professional lawyer with years of experience under their belt makes all the difference. If you can find the time and money for it, speak to a lawyer whose area of practice is in wills. Find out how you can go about setting up a will, get answers to all your questions. There’s a good chance they may raise issues or questions pertaining to your case that perhaps you didn’t think were important but are super critical anyway.
If you’re looking for a professional American estates and Wills service, your search is over. With two board-certified attorneys, Florida-based Hoyt and Bryan LLC is well-equipped to offer professional services in Wills, Trusts and Estates. Get in touch with them today and discuss your case to find out how they can assist with putting your estate planning documents together.
Make sure you discuss your assets, your relationships, and your exact family situation; what you want to keep in your kitty for as long as you live, in terms of estate planning; and, what plan you want to put in place when you’re not around. After a few discussions back and forth, you will be well on your way to drafting a complete will just the way you wanted.
It is highly recommended that people with complex family situations work with a lawyer to put together an estate plan that resolves all your problems and explains who does/gets what when you’re not around. For example, people who’re unsure as to which of their children get to carry on their family business; people having children with different partners; or, those who decide to take someone out of a will which can be potentially challenged later in court.
Have a Open Conversation
Have a meeting with your family and tell them about what you wish to do with your estate plan. Get them involved in the process, ask questions, and take feedback. Most importantly, carefully deliberate on your decision before the meeting so you can be convincing when you explain.
Having a straightforward conversation with your family about your estate planning goals may feel a bit uncomfortable, but it’s absolutely important. It’s actually far easier than you think it is. If you’re having trouble raising it for discussion, you could use the current news around a celebrity death or a ‘estate plan gone wrong’ story to casually bring up this discussion during your dinner time.
Summing Up
Estate planning is all about distributing the assets you’ve worked hard to acquire- house, car, jewelry, your own unique collection of antiques etc. The process typically includes creating a will, deciding who would be the guardians for your kids, vesting the power of attorney in someone for both money and health care related decisions. This process doesn’t have to be expensive and you can do it yourself. But if you want to do it the right way and are able to spend more time and money, there’s nothing like working with a lawyer.
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