There are many reasons why people continually put estate planning on the backburner. Some people do so because they’re afraid it will cost too much. Others are concerned about making important decisions that could impact their loved ones. There are also people who just don’t see the point.
In an attempt to save time and money, some people turn their attention to do it yourself (DIY) estate planning. They assume it’s a simple process to complete, so they find help online, rush through the paperwork and hope for the best.
When it comes to something as important as your estate plan, there’s no room for error. You need to do everything right the first time around.
Here’s why DIY estate planning is a bad idea:
- You don’t understand the details of the law: There are many legalities associated with estate planning, most of which you don’t understand. For example, just because you can download a form online doesn’t mean you understand what it says and what you’re doing.
- Mistakes can harm you and/or your family in the future: Even a small mistake can have a big impact on the well-being of your loved ones, such as upon your death. And with DIY estate planning, you never really know if you’re making a mistake.
- You could create an estate plan that isn’t legally binding: In other words, you think you have an estate plan, but in actuality you don’t, as what you created isn’t legally binding.
- It costs you more time in the long run: You think you’re saving time with DIY estate planning, but you soon realize that you have no clue what you’re doing. So, rather than work quickly, you get caught up in the details, which slows you to a crawl.
As tempted as you may be by DIY estate planning, think long and hard about the process and everything that could go wrong.
Estate planning is not something you should take lightly. It will affect you and your loved ones now and in the future, so it’s best to do everything the right way. This will give you the peace of mind you deserve.