While it is always wise to seek the best deal available, there are times when spending a little more now can save you a lot of money and disappointment later. Estate planning is one of those times not to be pennywise and pound foolish. Here are a few reasons why trying to set up your estate plan yourself is not a good idea.
Estate planning can be simple, but it isn’t easy
Estate planning can be as simple as writing a will, but most people would benefit from having more in their plan. Almost everyone should designate powers of attorney and healthcare proxies, and have an advance healthcare directive in place. For those with substantial assets, there are a variety of trusts that can help your estate avoid taxes and give you greater control over how your children inherit your wealth. The more complicated your estate plan is, the more likely it is you will make a mistake due to inexperience with the rules and regulations.
The consequences of an invalid will
New York State law sets out specific requirements for a valid will. If your will does not pass all of these requirements, when the time comes, the probate judge will not accept your will. Then your estate would be distributed according to the intestacy law. This law might follow your wishes for inheritance, but there is a good chance that it will not. If you want your assets to be distributed your way, you must have a valid will. While you can write and execute your will yourself, to have true faith that your will is up to legal standards, you need legal help.
The amount of legal fees you pay for estate planning depends on the experience and reputation of the attorney you higher. Whatever the cost is, it can dwarf the expenses your estate could have to pay if your assets are not properly protected.