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Pitfalls of DIY Estate Planning
Estate planning can be complicated (which is one of the reasons why so many people put it off). There are several considerations at play, among them passing your wealth to your children, planning for your long-term care, and creating a crisis plan should you become incapacitated. But no one knows your wishes like you do, so couldn’t you just do it all yourself? While the answer to that question is “yes,” there are quite a few risks of DIY planning of which you should be aware. If you don’t think you can bear those risks, contact a Springfield probate lawyer.
Non-Compliance With Legal Formalities
In your quest to take care of the big-picture issues, it’s easy to forget the details. Unfortunately, getting the details wrong can result in parts or all of your estate planning instruments (e.g., wills or trusts) being found invalid. For example, did you know that Missouri law requires wills to be attested by two witnesses and that a gift to a witness is void unless there are at least two other witnesses who are not receiving gifts?
Vague or Unclear Language
If you’ve ever read a legal document, you know that it uses much more precise language than everyday writing. That’s because such language is necessary to avoid ambiguity. While the language you use might make sense to you, your beneficiaries — or the probate court — might not see it that way, which can open up your estate plan to disputes and challenges.
Omission of Key Documents
As long as you have a will, your estate plan is good to go, right? Wrong. Wills are but one aspect of a comprehensive end-of-life strategy. For example, with just a will, who would be in charge of managing your finances and making healthcare decisions on your behalf after you become incapacitated but before you die? You could fill that gap in your plan with a power of attorney, but you might overlook that detail by doing it yourself.
No Updates or Revisions
Estate planning is not “one and done.” You need to update your estate plan after every major life event, including a marriage or divorce, the birth of a child, the death of a beneficiary, or a significant change in your financial status. DIY estate plans are more susceptible to being forgotten about after they are created, which raises the risk of them becoming outdated.
Lack of Contingency Plans
No matter how much thought and care you put into choosing an executor for your will or a trustee for your trust, there’s always the possibility that they could predecease you or otherwise become unable to serve. What happens if you don’t name a backup? Professionally crafted estate plans take these and other “what ifs” into account, minimizing the risk of your estate plan being derailed.
Avoid Pitfalls by Working With Our Springfield Probate Lawyers
There is no legal requirement to hire a lawyer to draft your estate planning documents, but you should consider it anyway to avoid these and other potentially unpleasant pitfalls. To get started, please contact the Springfield probate lawyers at the LifeGen Law Group by calling 417-823-9898 or using our online contact form.