Do It Yourself Estate Planning: Think Twice

Often, we hear these words: “Can't I just grab a will off the internet, do a transfer-on-death deed for my land, put my kids on my bank account, and I'm done?”

This is a bad idea. In order for the plan to succeed, you have to factor in a lot of complexities. A good plan should protect your spouse and your children from loss of valuable government benefits, if anybody is or becomes disabled. The plan should avoid the delay and expense of probate court. The plan should protect money from children’s creditors or divorce or remarriage. As joint owners, it should be crafted to promote family harmony and minimize disputes between the kids. 

Even a relatively simple situation is made up of many moving parts. Internet documents and joint-ownership devices just won’t do the job. 

Also, assembling the moving parts so they work smoothly is just the first step. Your estate plan needs maintenance too, just like your car has a “check engine” light. Major family events like serious illness or death, marriage, birth, or financial reversals are alerted that you should tune up your plan to reflect those changes. Your plan shouldn’t be “one and done.” 

It takes expertise to coordinate the various strategies available. Don’t risk a result that will cause your family problems and unnecessary expenses. Call us to create a plan that harmonizes the moving parts, so the gears will work together, and you will leave the legacy you intended. For more information and further inquiries about your personal situation, please contact our office at 302.651.0113.