Do-It-Yourself Estate Planning Should be Avoided for 3 Reasons
Don’t fall victim to the concept of do-it-yourself (DIY) estate planning. Sure, the idea of saving
you the money that would be spent having an attorney draft your estate plan is alluring.
Everyone likes to save money, but the truth of the matter is that you may end up costing your
family more money than you save. A DIY approach may work well for constructing a backyard
deck or renovating a bathroom, but an effective, well-crafted estate plan is not something that
can be accomplished with just a book, a dream and an Internet connection, and here is why:
1. Almost all DIY estate planning kits are created on a one-size-fits-all principle. As a result,
these kits use standard forms that require you to fill in the blanks. While it may sound
easy, the problem is that these forms may result in loopholes that others could use to
their advantage, destroying the plan you had in mind.
2. The tax laws are constantly changing and a DIY kit may not be keeping up with those
changes. This means that your survivors may lose out on tax savings that a qualified
estate planning attorney would be able to secure for them.
3. Using a DIY kit to plan your estate often results in people granting too much power and
control to another party. They create a power of attorney that he or she doesn’t fully
understand, and they do so simply because they are not aware that other, more
appropriate alternatives exist.
Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA
offers estate planning and business planning resources to residents of Fayetteville AR. To learn
more about these free resources, please visit http://www.arkansas-estateplanning.com today.