3 Dangers of Do-It-Yourself Estate Planning
Even if Pennsylvania’s law of Intestate Succession decides what happens to an individual’s property if they die without a will, the law cannot prevent disagreements among family members. For this reason, it is essential to plan what happens to your property upon your passing while you are still alive. However, estate planning is a process that many people fear or avoid. Apart from people fearing the legal process involved, many feel that it is too expensive to hire an estate planning attorney. Due to the latter, many are tempted to try do-it-yourself estate planning.
Several companies provide online fill-in-the-blank templates, but even if some good companies provide these templates, do-it-yourself estate planning can bear several negative consequences.
Filling online templates can have devastating effects on your family members or beneficiaries when you make an error during the process. In the long-run, it is not only about money. While a single mistake could cost your heirs and estate a substantial amount of money in the long-run, your family could also end up in agony if you overlook a crucial detail.
Many dangers come with do-it-yourself estate planning. Read on to learn about three of these dangers.
Misinterpretation and Misunderstanding of Legal Terms
When you choose do-it-yourself estate planning, you might find yourself misinterpreting or misunderstanding some legal terms. Without any legal experience, you might ignore or dismiss some words as “legal jargon.” If that happens, you might end up with a plan contrary to the one you intended to end. For example, you might end up leaving some assets to unintended recipients. Misinterpreting and misunderstanding legal terms could also make you end up with an estate plan that is not legally enforceable.
Online Templates Often Contain Vague and Unclear Language
Do-it-yourself estate planning appears like a simple process because it involves ticking boxes and filing a template already provided for you. However, as much as it might seem like a simple process, keep in mind that some of these online templates contain vague language. If you fill a form incorrectly because of vague or unclear language, conflict may arise later on. It would be best if you allowed an experienced Pennsylvania estate planning attorney to draft estate planning documents for you so you can avoid the conflict that comes with filling forms containing unclear and vague language.
Resolving an Error After a DIY Estate Planning Might Be Time-Consuming and Costly
If a person passes before correcting a mistake which they made when they created a DIY will or trust, resolving the issue might be time-consuming and costly for the family that remains behind. A family that falls victim to such a scenario will most likely be left with little or no understanding of the deceased’s last wishes. If they cannot get an attorney to help them, the family might decide to make assumptions. Additionally, if family members do not agree with each other, the situation might worsen.
Reach Out To Anderson Elder Law Today if You Need Help With Estate Planning
When estate planning, you need an attorney who can guide you and help you create a plan that considers your needs and those of your family members or beneficiaries. An online template cannot offer the legal guidance and advice you need when making a plan. Contact Anderson Elder Law today to receive the legal guidance you deserve.