Do-it-yourself estate planning solutions can be attractive to cost-conscious people. However, in an attempt to save money by writing your own Will or Trust, you may inadvertently be costing your estate more money in the long run. An Australian woman who died in 2015 unfortunately left her loved ones in this situation when she tried to write her own will.
In that case, the deceased woman’s estate ended up being subject to probate court proceedings. It has been estimated that it will ultimately cost thousands of dollars to administer her estate using the vague and conflicting directions provided in her DIY Will, and to distribute assets to the 20 friends, family members and charitable organizations she named as beneficiaries of her financial assets, real estate and personal property.
While there is an up-front cost associated with hiring an estate planning attorney to draft your Will, Trust and other estate planning documents, doing so can help ensure that your wishes will actually be carried out, and that your documents are designed to provide for expediency and efficiencies in the process.
Laws governing estate administration can be complex and confusing. When you choose to work with an experienced, knowledgeable estate planning attorney, you can have the peace of mind that comes from knowing that your documents will comply with applicable laws and regulations. You can also rest easy knowing that your attorney will help you determine the best tools to meet your goals and wishes.
For example, most people’s wishes will be best served by using Revocable Trusts designed to avoid probate proceedings and put some structure around the management and distribution of estate assets. There are other scenarios that call for different estate planning tools, but it can be hard to figure out on your own.
The best estate plan and the best estate planning tools for you will depend on your specific situation and wishes. To learn more about the importance of having your will or trust professionally drafted, contact us today!