A common question that many people have is “can I write my own will?” It’s a fair question, but the simple answer is no. While it is possible to write your own will and estate plan, it’s not recommended. There are many reasons why you should hire an attorney with expertise in estate planning, and we have described them in this article.
#1. You Need More Than Just a Will
Most people are aware of what a will is, but most don’t realize that it’s actually part of an estate plan. An estate plan is a legal document that lays out what will happen to your assets after your death. There are six documents that make up an estate plan with a will being just one of these, the others being a disposition of final remains, a disposition of personal property, a financial power of attorney, a health care power of attorney, and an estate plan questionnaire. While you may be able to write one of these correctly, completing all six will be very difficult without legal help.
#2. Save Time and Money
Writing an estate plan properly takes a lot of time, and that’s even if you have experience in law. If you need to research how to write one, you’re looking at months of work. An estate attorney like finitylaw.com can take this burden away from you, while also helping you to receive financial relief and tax benefits. In addition, without an estate plan, your family may end up paying more in fees after your death. Setting a plan up in advance for a fixed fee is the better idea.
#3. Objective Advice
An estate planning attorney has a lot of experience in this area of the law and they will be able to give you objective advice on whether you are making good decisions regarding your finances. Do you really want to pass all of your inheritance to your 16-year-old son? It may be a better idea to place it in a trust account that they can access when they are older. It’s things like this that attorneys will be able to advise you on in a more impartial way.
#4. They Can Help You Make Changes
Some people, especially those with a lot of assets, create their first estate plan when they are young and healthy. However, life changes and what is a constant in your life right now may not be in twenty years time. You may end up getting divorced, you may have another child or grandchildren, and you may have different assets. An estate attorney can update your estate plan with ease as and when your circumstances change. They can also ensure all of the changes you make are legal.
Although you may think writing your own estate plan is a good idea, there are plenty of reasons why it’s better to hire a professional. Don’t go it alone with something so important.