While there are many things that can be turned into a DIY project such as sewing your daughter’s dress or creating props for your son’s play, there are certain things that are best left to professionals.
One of these is with regards to estate planning.
Estate planning refers to the planning and preparation of transferring your assets and properties to your beneficiaries in the event of disability or death. This can help avoid issues or problems with regards to inheritance.
It is highly recommended to go through this process with the help of an expert and reliable attorney who specializes in this field.
But yes, it’s true that doing your estate planning on your own has its own benefits. These include the following:
- Lower cost – It’s cheaper to create and formulate your own estate planning documents. There are online tools that allow you to set up the basic documents for only $40 to $250. This costs a lot less than hiring an attorney.
- Convenience – Since you’re only doing the documents in your home, this spells convenience for you. No need to travel to the lawyer’s office to get things done.
Doing estate planning on your own is possible but only practical when you have a simple financial situation, which include but are not limited to the following:
- You’re single
- You’re traditionally married
- You have not gone through divorces
- You do not have stepchildren
- You do not have adopted children
- You only have very few assets being passed down to your heirs
- Your assets are to be passed down to your heirs the same way
Now given that you have a situation that’s far from simple, it’s more practical in the long run to hire an attorney who will guide through each step of the way.
An estate planning lawyer is a type of lawyer who has obtained legal education as well as experience when it comes to matters of preparing the transfer of their clients’ assets to their beneficiaries.
Although it seems like a simple process, you have to know that it’s not. It’s not as simple as naming a beneficiary and expecting that you can transfer all your properties to this person with just a snap of a finger. You will need to go through various processes to get this done. The whole process becomes even more complicated when there are other things to consider such as if you’ve gone through divorces, if you have step children or adopted children and so on.
An estate planning lawyer will make sure that you go through the process as smoothly and as stress-free as possible. He/she will not only help you create a last will and testament, but will also help do the following:
- Formulate a living trust
- Develop strategies to avoid or reduce estate taxes
- Ensure that your assets and savings are safeguarded against the creditors of your beneficiaries
- Prepare power of attorney as well as healthcare instructions in case of your disability
An estate planning attorney will give you a peace of mind knowing that all your affairs are in order before your departure in this life.
Although there might be certain drawbacks, such as cost, which is the number one concern of many people, you have to know that hiring a lawyer actually saves you more money in the long run.
You will only need to shell out a significant amount on the onset to hire the lawyer but with his/her expertise and experience, you will get to save a lot more on taxes and other costs, which makes the initial investment definitely worth it.
Doing estate planning successfully is easier with the help of an expert and experienced estate planning lawyer. Do yourself a favor and hire one for your own peace of mind.