Some projects are okay to do yourself, but estate planning is not one.
You know you need an estate plan.
You are just a little wary about spending money to get one made.
According to a recent Axcess News article titled “The Very Real Dangers Of Doing Your Own Estate Planning,” estate planning is not a journey you should embark on yourself.
Unless you are planning to get a law degree and years of subsequent specialized training, that is.
Honestly, hiring an attorney is less expensive.
Why is doing your own estate plan so dangerous?
Template documents online can be costly.
Although the price tag may look nice, it could cost your estate and loved ones far more in the long term.
The estate plan may be defective or not satisfy the needs of you family, let alone state law.
An experienced estate planning attorney can help you create a functional plan to meet your goals.
Your situation may require more complex planning.
True, some people can get away with a simple plan.
But not everyone can.
Has your spouse passed away?
Do you have children?
Do you own real estate?
Are you divorced?
Are you remarried?
If you said "yes" to any of the above, then your estate plan may require more specific planning.
You may need a trust.
This is a sophisticated legal tool.
It will require the work of someone experienced in the field.
One mistake and the trust will not work.
More money means a greater risk.
Do you have wealth?
Is your estate worth millions of dollars?
You probably do not want to risk doing an estate plan alone.
An experienced estate planning attorney will be able to create a plan to maximize tax savings on your estate.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Axcess News (August 2017) “The Very Real Dangers of Doing Your Own Estate Planning”