Many individuals wonder if they need an estate planning attorney or whether they can do it themselves. Here are some things to think about.
In an effort to save money,
some individuals consider skipping the estate planning attorney and instead draw up their own documents. These are very important documents and a novice should think twice before undertaking the tasks. A typical estate plan should include a will, a power of attorney, a letter of instructions and a living will.
Will: A will is a legally enforceable document that lists your heirs, property division, and guardianship for underage children.
Power-of-attorney: Drawing up a power-of-attorney is a way of allowing someone else to step in and access bank accounts.
Letter of instructions: A letter of instructions is a paper with specific, additional instructions to heirs and is one item that can be drafted without an estate planning attorney.
Living will: If individuals become too sick to make decisions themselves, a trusted family member or friend can step in to do so if they've been legally designated.
Problems can happen without a savvy estate planning attorney and there are various concerns to ponder regarding drawing up estate planning paperwork on your own. Here are some things to think about:
Dying without a legal will: If a person dies and hasn't drawn up a will or has one that isn't valid, the state will have to step in to divide property and appoint guardianship for minor dependents. This will likely create heartache, bickering and extra expenses for your surviving heirs.
Passing away without a power-of-attorney: If an individual passes away without this in place, no accounts will be able to be accessed without a court proceeding.
Living will: Without a living will or without a valid one that holds water, when a person is too sick to make decisions, he or she will have no say over who is calling the shots.
If a person simply can't afford a lawyer, he or she might want to try alternatives. For very simple wills, there are some low cost options to consider.
Online sites: There are several online sites where a person can draw up a simple will for prices ranging from $20 to $100.
Kits off the shelf: Kits to draw up your own will and testament can be purchased at legal or office supply shops. These kits only cost in a range of $5 to $20.
Paralegals: There are paralegals that can help draw up legal paperwork for less than a full-fledged lawyer but they won't be able to offer advice.
There are times when it's not appropriate to use an online service, an off-the-shelf kit or a paralegal. Sometimes the low-cost alternatives aren't sufficient for an individual's estate planning. If a person has a large amount of money and property, he or she won't want to risk anything going wrong by taking the DIY route. The fees for drawing up wills, living wills and powers-of-attorney aren't that expensive and can save a lot of grief for survivors down the road. If a person has any complicated issues that might arise such as wanting to disinherit an heir, the documents may be contested or the individual needs some legal advice, hiring a competent estate planning attorney will be the best bet.
