DIY wills, trusts, powers of attorney, and healthcare directives may seem cheap and easy but could actually be extremely harmful for your loved ones. In last week's blog, we discussed the first two ways your estate planning could fail. It’s important to note once again that just because you create “legal” estate planning documents doesn’t mean they will actually work when they are needed too.
DIY online estate planning services like you to believe you are safe but relying on them could be the costliest decision you could make.
Last week, in Part 1 of this series, we covered the first two ways DIY estate plans can fail, and here, we’ll cover the remaining three.
3. Having an executor or trustee chosen who doesn’t meet the specific law that the state requires could cost you. Because many states have different laws about who can serve in certain roles like executor, trustee, or financial power of attorney, it’s important to speak with a professional to find out the details of appointing an executor in your state.
4. Unless your family knows exactly what assets you own and how to locate and access those assets, that property is as good as gone when you die. To ensure that none of your assets end up in our state’s Department of Unclaimed Property, and your family will know exactly what you have and how to find everything if something happens to you, it's essential that you keep a regularly updated inventory of all your assets. At Truest Law, we will not only help you create a comprehensive asset inventory, we'll make sure it stays regularly updated throughout your lifetime.
5. Unforeseen conflict can arise between family members when estate planning fails and disputes arise. Families are complex and potential areas where conflict might arise are around every corner. Even the best set of documents won’t be able to anticipate such matters. When done right, and with proper planning and help, estate planning can be handled the right way and keep families happy.
The Kind Of Planning Your Family Deserves When it comes to estate planning, the documents you use are only as good as the understanding your lawyer has about your family dynamics, the nature of your assets, and how the law will apply to your situation upon your death or incapacity. And in most cases, you will need far more than just a few fill-in-the blank documents to properly address all of those complexities.
At Truest Law, we assess your family dynamics, the nature of your assets, and how the law applies to each situation. If you have created or started a DIY estate plan and wish to have it reviewed, book a complimentary Family Wealth Planning Session today.