Although you may believe your estate plan should be simple, there are a number of issues that can arise if your estate planning documents are not drafted correctly. Many of those issues are difficult and costly to resolve following your death and/or incapacitation.
If possible, estate planning documents should be drafted and executed with the input and assistance of an attorney. At first thought, you may be interested in preparing your own estate planning documents using online forms. However, there are many issues that can arise from drafting your own documents, including but not limited to the following:
- Failure to include estate tax planning (leading to an otherwise avoidable estate tax bill at your death)
- Failure to address state specific estate-related laws and/or issues
- Not completing all the documents you need
- Invalid documents due to improper execution issues
- Failure to plan for unique family circumstances such as beneficiaries with special needs, family businesses, real estate, pets, etc.
- Failure to properly plan for out-of-state property
- Potential conflicts after your death over unclear or confusing documents
- Lack of coordination between Wills and Trusts, and retirement and/or life insurance or other beneficiary designation assets
We recommend you reach out to an estate planning attorney for assistance.
If you have any questions or would like assistance preparing your estate planning documents, please reach out to one of our estate planning attorneys including Ryan Montgomery, Kara Kalenius Novak, Kaitlyn K. Perez, Allison Int-Hout, and Matthew Hart.
Seeking guidance from an estate planning attorney is essential to prevent costly mistakes. DIY approaches often miss critical issues such as estate taxes, state laws, and unique family dynamics. Working with an attorney ensures comprehensive and coordinated documents, offering reassurance and clarity for your estate’s future.