All adults could benefit from having an estate plan. You may find yourself among the numerous individuals who think that estate planning is only for individuals with considerable wealth, but that it not the case. Whether you have a simple estate or many complex assets, you could still use an estate plan to get your affairs in order before your death.
While any plan could prove better than no plan, you may want to reconsider following do-it-yourself planning. Several options for this type of avenue may be available to you, but you may want to remember that they may not meet the specific needs of your estate. Of course, without the right information, you may not realize that you missed tools that could have proved useful to you.
With DIY options, not fully understanding the planning tools available to you could be a major drawback. Additionally, you may not know that including certain details could help make a more solid plan, such as naming a backup executor. You may also miss out on chances to help lessen the likelihood of facing estate taxes or even utilize tools that could potentially help you avoid probate proceedings.
Going beyond the basics
If you have complex or considerable assets, DIY planning may also not meet your needs. As mentioned, these planning programs may only offer basic information and planning tools. As a result, you could end up creating a plan that does not cover your estate's needs. This could lead to complications for surviving family members as they work to administer your estate after your passing. If you need to go beyond the basics, it may prove wise to explore other planning avenues.
You could also lead your estate into legal complications if you do not create your plan correctly or if no witnesses to your plan creation are available to corroborate the information in your will. As a result, surviving family members may dispute the information in your plan or suspect that an outside party may have influenced you to make the terms more favorable for that person.
In order to better understand planning options, the needs of your estate and how to create a comprehensive estate plan, you may wish to obtain reliable legal information. By consulting with an estate planning attorney, you may have a greater chance of ensuring that your estate's needs are met.