Estate planning is something that every American can benefit from, regardless of their financial status and/or family structure. Unfortunately, many people do not realize its significance until they approach old age or gain experience from the death of a loved one who didn’t even bother to leave a last will behind. Even when people comprehend that estate planning is something worth investing in, they are somehow reluctant to use professional help. DIY estate planning seems like a feasible solution to avoid the cost of a qualified financial advisor.
It is easy to find several cheap DIY legal resources on the World Wide Web for Estate Planning Attorney in Tampa, FL, and think that this something you can do on your own. However, DIY estate planning is nothing like following an online video tutorial to recreate a recipe. There is a lot that could go wrong, causing you and your family serious legal trouble. Estate planning is not a single universal document; every estate plan is unique, as it has to be customized to your individual needs.
Acknowledge the risks of DIY estate planning before you dive in:
Confusing Legal Jargon
Estate planning documents do not have a ‘one size fits all’ approach. The readymade paperwork you find online is not going to make much sense, unless you have a degree in law. Legal jargon is complicated and confusing to the average person, which is why the input of an experienced lawyer is crucial. It is possible that the estate planning documents you acquire are not even valid in your state, or are simply incompatible with the nature of your estate.
Failure to comply with Requirements
Legal documentation is not something you can manage with guesswork. Missing a single detail, making an error, or providing one wrong bit of information can trigger dire consequences. Your estate plan shall possess no legal value if it does not fulfill all requirements of local law. For instance, your last will should be created in the presence of two witnesses and be notarized by an official who is not among those witnesses or from your family. All your time and efforts will go to waste without proper guidance; you might unintentionally violate state laws and be subject to penalties.
Misunderstanding your Family needs
Every family is not the same, which is why an estate plan that works for one will not necessarily be ideal for another. Modern families are diverse, thus it is difficult to figure out potential conflicts. Many couples have children out of wedlock and never bother to get married. Many men and women marry multiple times during their lifetime and conceive children with more than one spouse. As you can imagine, there are so many contrasting scenarios to consider. Without fully understanding family and property laws, you cannot establish an estate plan that is truly fair and complete.
Misinterpreting Tax Laws
Another aspect of estate planning that people mess up too often are taxes. Estate ownership and gifting is bound by strict and complex tax laws. However, many people underestimate the value of their property and tend to overlook life insurance death benefits. The last thing you need in your life is to be accused of tax fraud. An experienced lawyer can help you create an estate plan that minimizes your tax liabilities and maximizes deductibles/incentives. Every dollar you save in taxes can contribute to a better life for your loved ones.
