Think Twice About A DIY Estate Plan

While many of us are proudly “do-it-yourselfers,” when it comes to your estate plan, seeking professional advice is often the most prudent course of action. 

A basic estate plan comprises of three core documents: a will, durable power of attorney, and an advance directive.  These all serve vital roles in your estate plan, which is why everyone needs them.  Although you can create these documents yourself (perhaps the more economical solution), you must be careful as estate planning documents that are not properly executed can cause problems for heirs, potentially making the document null and void. 

Certain circumstances may warrant or even necessitate various types of trusts, and if you think you could benefit from one, getting advice from an estate planning attorney is highly recommended.  Furthermore, basic documents will likely not provide the necessary language to handle more complex situations, such as including children from a prior marriage, children with special needs or transferring a business ownership.  Also be aware that a DIY approach may not contain the most up-to-date information, since new legislation and case law is constantly renewed.  Paying for advice could save you and your loved ones added expenses and frustrations, allowing you to focus on other DIY tasks.

See Mark A. Hebert, Money Sense: Do-It-Yourself Estate Planning Has Potential Pitfalls, New Hampshire Union Leader, March 7, 2015.