Your will is one of the most important financial documents you’ll have in your entire life. Indeed, it outlines important provisions about your assets and even the guardianship of your children, outlining any wishes you’d like to see upheld upon your death.
And yet, despite the importance of the will, many people continue to make simple and costly errors. The biggest error of all? Not having a will. Close behind it? Drafting your own will.
We’d recommend hiring a wills trusts and estates attorney, instead of taking the DIY approach… and in this post, we’ll explain why.
1) There are countless ways in which a DIY will can go wrong.
Wills may seem like fairly simple documents, but actually, there are a lot of complexities involved… and if you neglect or get wrong even a small detail, it could invalidate the entire document.
What if you get the wording wrong? Or what if you don’t have the right witness present to watch you sign the document? These are just a couple of examples of common errors that nullify wills and cause estate planning chaos.
A living wills and estate lawyer can help you avoid this fate.
2) A will may not be sufficient.
It’s sometimes assumed that all you really need for the estate planning process is a will. Actually, in our experience, a will is seldom sufficient.
If you want to ensure that your estate avoids probate court, and that you minimize the associated hassle and headache for your loved ones, you may want to learn more about revocable and irrevocable trusts.
A will and trust attorney can walk you through the different documents and strategies that can help you accomplish your specific estate planning goals.
3) A will and trust attorney can help you with tax planning.
One thing that needs to be included in the DIY wills conversation is tax planning.
Upon your death, your real and personal assets will likely be subject to an estate tax. That can diminish the size of the financial legacy you leave to your loved ones.
There are strategies a wills trust lawyer can put into place to help you minimize your tax burden. If you choose the DIY route, you may not know about these important tax strategies.
4) A Will Trust Lawyer can help you revise your will as needed.
One final reason why the DIY approach is not recommended: Writing your will isn’t meant to be a one-time thing. Actually, it’s important to review your will and update it as necessary, especially if there are changes to your estate, your family dynamics, or your personal goals.
A wills and trust lawyer will be vigilant in connecting with you on a regular basis to discuss any recommended changes to your estate plan. Again, this is a critical part of the process, and it’s something you won’t have access to if you choose to write your will all on your own.
Speak with Wills Trusts and Estates Attorney Today
Do you have any additional questions about the process of writing your own will, or about the reasons why the DIY approach is generally not recommended? We’d love to talk.
To speak with an irrevocable living trust lawyer in the Fremont, California area, we welcome you to reach out to Singh Law Firm. We’re here to help you draft your last will and testament, develop a pour-over will, plan a trust, or whatever else your estate requires. Contact us at your next opportunity.