If you’re thinking about saving some cash and creating your own estate plan, you should carefully think this decision through (and don’t try it.) You likely want to make sure that you have an estate plan that is valid and meets all of your needs. If you create your own plan, there is room to make mistakes. Take a look the information below, to better understand the importance of working with an experienced estate planning attorney to create your estate plan.
- You may not understand how to properly protect your assets. Do you have a child who is unable to manage money? What if one of your beneficiaries is involved in a bankruptcy or lawsuit in the future? You likely want to make sure that your assets are used for what they’re intended. An estate planning attorney will be able to explain how to properly protect your assets so that they’re used to benefit your beneficiaries.
- When creating your own plan, you may not understand when an update is necessary. If you never make updates to your planning, your plan may not work. Your needs may change throughout your lifetime and the law changes all of the time. Your attorney can help you with updates after major life changes as well as on a regular basis, so that your plan is always as effective as possible.
- It can be hard to understand certain laws. If you misinterpret a law, you may create a plan that is invalid. Additionally, new law changes may make your plan ineffective. It’s important to know about law changes before they affect the meaning of your plan. An estate planning attorney is always on top of law changes and fully understands how the law impacts your plan.
If you have any questions, or if you’d like to begin discussing your estate plan goals, consult with a qualified estate planning attorney.
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