Estate planning is a way to manage your assets and determine how they will be distributed after your passing. Many people wonder if they can create their own estate plan without legal assistance. While possible, there are important considerations and potential risks to understand before proceeding.
What Is Included in an Estate Plan?
An estate plan typically consists of several documents that outline your wishes for the distribution of your property, care for dependents, and medical decisions.
Each document serves a distinct purpose:
A will specifies how assets will be distributed and names guardians for minor children.
A power of attorney designates someone to manage financial matters if you become incapacitated.
A healthcare directive provides instructions regarding medical care if you cannot communicate your wishes.
Can I Draft These Documents Without a Lawyer?
Drafting estate planning documents on your own using templates or online resources is possible, but this requires careful attention to detail and knowledge of state laws. Each state has specific requirements for wills, trusts, and other estate planning tools. Failing to meet these requirements can result in invalid documents and unintended consequences.
While templates may seem convenient, they are often generic and may not address your unique circumstances. For instance, they may not account for complex family dynamics, unique asset types, or tax implications. Errors or omissions can create legal disputes, delay the distribution of assets, or lead to higher taxes for your heirs.
What Are the Other Risks of a DIY Estate Plan?
One significant risk of creating your own estate plan is the possibility of errors. Even small mistakes, such as improper witnessing or unclear language, can render a will or other document invalid. This can result in your estate being distributed according to state intestacy laws, which may not align with your wishes.
Also, laws governing estate planning can change over time. Keeping your plan up to date with the latest legal requirements is essential. Without proper legal guidance, you may be unaware of changes that could impact the validity or effectiveness of your plan.
When Is it Advisable to Seek Legal Assistance?
While it is possible to create a basic estate plan on your own, certain situations call for professional guidance:
If you have a substantial estate, own property in multiple states, or wish to establish a trust, working with a lawyer can help you address these complexities.
Blended families, estranged relatives, or other unique circumstances may require customized planning.
Legal assistance can also be beneficial if you want to minimize tax liability for your heirs. Lawyers who focus on estate planning understand how to structure plans to take advantage of tax-saving strategies.
A lawyer can help preserve more of your estate for the people and causes you care about.
How Can I Keep My Estate Plan Updated?
An estate plan should not be a one-time project. Life changes like marriage, divorce, the birth of a child, or the acquisition of significant assets may require updates to your documents. We recommend regularly reviewing and revising your estate plan; it should continue to reflect your current wishes and circumstances.
You should also revisit your plan if laws affecting estates and inheritances change. Tax laws, for example, can significantly impact how assets are distributed. Staying informed about these changes or seeking guidance from a professional can help you keep your plan current.
Contact the Blue Ash Estate Lawyers at Wolterman Law Office for a Free Estate Plan Consultation
While it is possible to draft your own estate plan documents, the respected Blue Ash estate lawyers at Wolterman Law Office can help you avoid costly mistakes and see that your wishes are carried out effectively. For a free consultation, call 513-790-4207 or submit our online form. Located in Loveland, Ohio, we serve clients in Hamilton County, Fairfield, Norwood, and Forest Park.