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Estate planning isn’t as simple as creating a will and having it notarized. Not only is there more to an estate plan than a will, but if your documents don’t use specific language required by your state, they may not even be valid. Creating a solid, legally-enforceable estate plan requires legal knowledge, and that’s why it’s important to hire a lawyer.
With the help of an estate planning lawyer, you can rest assured knowing that the documents detailing your wishes will be honored.
Estate planning lawyers provide a variety of essential services. For example, in addition to creating wills and trusts, they can also help you avoid probate and eliminate tax liability for your beneficiaries.
Here’s why you don’t want to create an estate plan without an attorney.
DIY estate planning packages are too basic
In a world where it seems like you can get a DIY package for just about everything, trying to make your own estate plan by purchasing premade documents online will most likely be a disaster. Unfortunately, you may never know about the problems because they won’t arise until after you die and everyone is trying to sort things out.
Pre-made, templated estate planning documents are too basic to be comprehensive. Unless you’ve created many estate plans with the help of a lawyer, you probably don’t know what you need. It’s not just a matter of designating beneficiaries for your property and money. There are specifics that you’d never guess, and if you don’t address them in your estate plan, there will be problems.
For example, you might need advanced healthcare directives, tax planning, and a guardianship plan for your minor children. Most estate planning packages won’t cover all the specifics you need, and if they do, it will be a brief mention. You’ll still be left on your own to figure out how to word your needs, and if it’s not done legally, it won’t be valid.
Templates may not be legal
Many estate planning templates available online don’t conform to every state law. They can’t, because many states have conflicting laws. You can’t afford to risk creating an estate plan that could be deemed legally invalid by a court because it doesn’t use specific language required by your state, or because it contains clauses that don’t conform to required statutes.
The more assets you have, the more expensive the taxes are
If your assets are valued higher than a certain number, they’ll be subject to a significant tax rate. For example, in Florida, the first $5.43 million of your estate is exempt from taxes, but after that, there’s a 40% tax rate. However, there are ways spouses can increase their exemption up to $10.86 million, but it’s not easy to figure out without an attorney.
Complex situations make a DIY estate plan hard
There are many specific situations that make an estate plan difficult to create on your own. Complex situations, like blended families, businesses with business partners, real estate, offshore bank accounts, and family disputes, can make it more complex even for an attorney to complete an estate plan. If you try to do it on your own, there’s a good chance you’ll do it wrong.
Holographic wills aren’t always legal
If you think you can just write out your wishes and sign it or have it notarized, think again. This is called a “holographic will,” and only roughly half of U.S. states accept handwritten, signed documents that express a person’s wishes. Some states make it complicated. For example, Washington, Wisconsin, and Connecticut don’t recognize holographic wills made within the state but honor those made outside of the state if it’s valid within the state where it was created.
You can’t afford to make mistakes with your estate plan
When it comes to the risks associated with doing it wrong, you have everything to lose – literally. Your beneficiaries may never get the assets you intend for them to have, and your assets could end up being sold off to pay debts without ever making it to their intended recipient.
Worse, if you become incapacitated and you never gave anyone Power of Attorney (PoA) or created advanced health directives, the state will be making decisions for you regarding your medical care and finances, and that isn’t what anyone wants.
All of these potential scenarios are precisely why you should hire an estate planning lawyer. They’ll ask you all the questions required to create a custom estate plan that includes every document applicable to your situation. Don’t leave anything to chance. Get the peace of mind you deserve by hiring an attorney to protect your assets and secure your long-term care needs.
