Craig's Corner - Wealth Planning Insights

Friday, December 26, 2014

Dangers of Do It Yourself Estate Planning

Why should you contact an attorney to do your estate planning?

In this day and age anyone can go on the internet and download forms to do his or her own estate planning.  Some of these forms are free and others are available to the general public for a nominal fee as compared to what one might pay an attorney to draft an estate plan.  With this ability, why would anyone use an attorney for estate matters?  Simply put, do it yourself estate planning is dangerous.

Some individuals in the legal field claim that do it yourself documents are better than no documents at all.  We beg to differ.  When doing your own estate planning, one minor error can totally mischaracterize your intentions and have major consequences.  If you make this type of mistake, you will not be around to correct it.  Generic forms always expose you to this risk and that is why it is important that those experienced in the field make these arrangements for you in an appropriate manner.

Not knowing what is legally appropriate is another risk of do it yourself estate planning.  For example, if you disinherit a party that, by law, cannot be excluded, you run the risk of that party obtaining a much larger share of your estate than what they would have gotten had you planned for them to receive the smallest amount possible.  Only a professional can explain what is legal and what is not.

Calculating contingencies is a major part of estate planning and without the help of an experienced attorney you might not be prepared for all of the possible scenarios.  A lot can happen in a short period of time, people pass away and relationships end.  You want to make sure that you are covered in every situation.  

You also might not create a plan that covers all of your assets.  If your assets change from the time, you might also fail to update your plan.  If the plan does not cover all of your assets, the court and state law will decide how they are distributed.

While these are just some of the risks of do it yourself estate planning, other complications can and will arise.  Therefore, it is in your best interest to contact an experienced estate planning attorney to handle your plan no matter your situation.  Contact Nevada attorney Craig Stone by calling (877) 905-0890 for a consultation today.

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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.

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