Should You Create Your Own Estate Plan?
With information at our fingertips online, it’s easy to search for solutions – whether you’re fixing a leaky faucet or troubleshooting your car. However, when it comes to complex legal matters like estate planning, relying on the internet can lead to significant challenges. Estate planning is more than just filling out a form or downloading a template; it requires careful consideration and expert guidance to avoid future complications for your loved ones.
At Schulz Stephenson Law, we’ve seen firsthand the problems that arise when people try to handle estate planning on their own. While DIY estate plans might seem like a cost-effective solution, they often result in unnecessary expenses and legal battles for your family later on.
The Risks of DIY Estate Planning
Although there are plenty of online resources claiming to help you create a will or manage your estate, these solutions can be dangerously incomplete. Estate planning involves detailed legal considerations, and without the assistance of an attorney, you may leave critical aspects of your estate unprotected.
Why You Should Have an Estate Plan
Working with a qualified attorney to create a comprehensive estate plan ensures your wishes are clear and legally enforceable. Here are a few reasons why an estate plan is essential:
1. Prevent Family Disputes
After a death or incapacitation, emotions run high, and the absence of a clear estate plan can lead to disagreements among family members. Without a valid will in place, relatives may end up in court, spending unnecessary time and money disputing the distribution of your assets. With the help of an estate planning attorney, you can minimize the risk of these conflicts and ensure your wishes are honored.
2. Reduce or Eliminate Probate or Distribution Time
Probate is the legal process of validating a will, and distributing property, which can be both time-consuming and costly for your heirs. By establishing a proper estate plan, you can help your family simplify the distribution of your assets. A well-drafted will or trust will clearly outline how your property is to be allocated, preventing unnecessary delays and potential disputes. Also considering whether certain retirement or other accounts should made payable on death accounts, will allow these assets to pass outside of the estate.
3. Minimize Estate Taxes
Estate taxes can significantly reduce the value of your estate, leaving less for your beneficiaries. However, with the right estate planning strategies, you can reduce or even eliminate these taxes. At Schulz Stephenson Law, we assist individuals and couples in protecting their estates from unnecessary taxation, ensuring more of your legacy is passed on to your loved ones.
4. Protect Your Beneficiaries
Whether you are leaving an inheritance to minors or adult beneficiaries, an estate plan allows you to protect their interests. For minors, you can appoint a trustee to manage their inheritance until they reach an appropriate age. For adults, you can set specific guidelines to ensure that their inheritance is used responsibly and is safeguarded from undue influence or mismanagement.
The Dangers of DIY Estate Planning
When you attempt to handle estate planning on your own, you expose yourself to several risks:
- Improper Asset Distribution: Without an experienced attorney, there’s a significant chance your assets won’t be distributed according to your true wishes. A poorly constructed will can lead to confusion, unintended consequences, and disputes among family members and heirs.
- False Sense of Security: Simply having a will doesn’t cover all aspects of estate planning. In situations where you may become incapacitated, for example, you will need to have in place additional documents such as a living will, medical power of attorney, and a durable financial power of attorney to ensure your affairs are properly managed.
- Tax Complications: DIY estate planning often overlooks potential tax implications, which could leave your beneficiaries facing large and unexpected tax bills. Your estate planning attorney may also recommend that a CPA assist in reviewing your proposed estate plan, to help you mitigate these risks.
Let Schulz Stephenson Law Assist with Your Estate Plan
A well-crafted estate plan is essential for protecting your loved ones and ensuring your final wishes are honored. At Schulz Stephenson Law, our experienced legal team is ready to help you navigate the complexities of estate planning. Contact us today at 252-728-7300 or fill out our online form to schedule a consultation and secure your family’s future.