The Risks of Doing Your Own Estate Planning
Your estate is your total net worth in the eyes of the law which includes everything you own and everything you owe. An estate can include but not limited to, bank accounts, investments, real estate, cars and life insurance. The goal is to preserve and protect all of your assets and reduce taxes, legal fees, court costs and other expenses. Having an experienced estate planning attorney can help the process go as smoothly as possible otherwise the risk of doing your estate planning can create issues in the future.
Simply having a plan is not enough. Estate planning needs to be updated as you go through major life events if your goals change or if public policies change. Other reasons to not do estate planning without an attorney include:
- No legal advice
- Complex issues that are unique to your circumstances may not get addressed
- Fixing errors can be costly
- If you never realize there are errors, the documents can become invalid
- Contingencies, such as divorce, children or beneficiaries are not addressed
Attorneys are taught to provide the best legal advice and if you make assumptions on your own, there are things you may miss. You do not know what you do not know meaning getting counsel for your specific situation can help you avoid problems that may come up down the road. It’s not a good idea to rely solely on do-it-yourself legal forms because estate planning affects not only you but your loved ones as well. It will be very beneficial for your loved ones if you contacted an experienced estate planning attorney to review and discuss objectives for your estate before you make any big decisions.
These are just a couple of tips to keep in mind before making any estate planning decisions without an attorney. Here at DAL Law Firm, Attorney Darcel Lobo can help you discuss and figure out more on the specifics of your estate planning. You can call us at (206) 408-8158 or visit us at www.dallawfirm.com. We look forward to helping you!
19803 1st Avenue S.
Normandy Park, WA 98148
T (206) 408-8158
F (206) 374-2810
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