Estate planning—like household plumbing or electrical repair—is something that you technically can do on your own, though this is not always a wise or safe idea.
That’s because your estate planning is both important and complex. It’s important because it outlines what you want to happen to your legacy, and how your loved ones will be cared for after you die. It even includes stipulations about how your children are to be cared for. It’s complicated because there are numerous documents to keep in order, and they need to be updated regularly, with care and precision.
Again, this isn’t to say that you can’t create an estate plan on your own—but before you go down the DIY route, consider these points.
- Estate planning isn’t as simple as putting together a will. To prevent your estate from being caught up in probate, it’s also recommended that you form a trust—and that’s really not something that the lay person is equipped to do.
- If you attempt DIY estate planning, you may miss some things. You may neglect to name a contingent executor or beneficiary, for instance. It may be a small matter, but then again, it could dramatically impact the execution of your estate once you die.
- Finally, note that an estate plan that’s not assembled wisely can invite legal trouble—not just for yourself, but for your loved ones who survive you. The point of estate planning, at least in part, is to ease the burden on loved ones—but DIY estate planning can just complicate things.
When putting together a plan for your future, it’s important to exercise the utmost care—and that’s what an estate planning professional can bring. Learn more by reaching out to Singh Law Firm today.