Hiring an estate planning attorney or DIY in estate planning is a question that troubles many people in NY these days. This uncertainty has been brought about by the online services providing tools that may enable you to execute estate planning all by yourself by drafting estate deeds that seem professional. Considering the low costs that the DIY has in comparison to hiring an estate planning attorney, one may certainly opt for DIY-estate planning. But does this mean estate planning attorney career is worthless? You should bear in mind that individuals who devote themselves to studying estate planning matters are rational people and they saw a gap in estate planning. This is the reason they pursued it to help people. DIY estate planning can be cheaper in the short run, but it may end up being costlier in the long run. There are also some common mistakes that people do in their execution of an estate plan. Some mistakes are only noticeable when you die. There might be nothing to do to correct these mistakes since you are silenced forever by death.
Limited conditions to consider DIY estate planning
Estate planning where the assets involved are very minimal and solely owned, drafting a last will by the DIY method can be less costly. However, this is not always guaranteed, there are various cases where one draft a will deed considering the number of assets that they may be having at hand, and fail to update the will deed whenever they acquire or dispose of some assets, or sign the will deed without the presence of at least three witnesses. This type of inconveniencies might certainly lead to your will being rendered invalid by the probate courts in NY. Moreover, if there is a slight complication with your estate, working closely with your estate planning attorney will save you a great deal. This is because a will is a document that comes to effect when you die, a slight mistake that you may do in its execution may lead to monetary and emotional consequences for your family.
Reasons to hire an experienced estate planning attorney
1. A consultant concerning your estate planning and probate rules.
In addition to just professionally drafting your estate deeds, your estate planning attorney will always be there to offer you guidance whenever you consult them. There are various circumstances in estate planning that are technical, your rational decision-making will depend on the advice given to you by your estate planning attorney.
2. A person to clarify your demands
Disputes among the family member of a deceased person are very common. This dispute is always about the allocation of assets to respective heirs according to your last will. In the event of your dispute, the probate court may fail to listen to both of them. The probate court usually considers a neutral person who was involved in your estate planning which is your estate planning attorney. Your estate planning attorney steps in and makes your wishes to be honored by the probate court and your family members.
3. Safe storage of your estate deeds
When you undertake the DIY estate planning, you will have to store the estate deeds by yourself. This is very risky because in the event you have misplaced an original estate deed, for example, a will, and your family members cannot locate it at your death, the probate court will consider the will canceled. Hiring an estate planning attorney saves you from this problem as they safely store the estate deeds for you, and in case they misplace the original copy, which is a very rare case, it will still be possible to probate a copy of it as the probate court is not likely to render it canceled.
4. Minimization of your estate taxes
In estate planning, the state and federal taxes can sometimes be so high. This may end up increasing the cost of your estate plan. Working with an estate planning attorney, reduces and avoids these taxes as they are qualified in developing a strategy that is meant to minimize your estate tax up to its minimal point.
FAQs: About Hiring an Estate Planning Attorney or DIY
What does DIY estate planning mean?
DIY estate planning is a form of estate planning where individuals execute estate planning by themselves. It typically means “do it yourself” estate planning.
Can I draft my own will?
Drafting a will deed can seem to be a simple task but a lot of things need to be put into consideration. This is to avoid your will to be canceled by a probate court in NY in the event you are long gone. Working closely with an estate planning attorney may save you and your family from trouble.
Who is the best estate planning attorney in NY?
The best estate planning attorneys are available near you in your state, reach out to us for help on how to find the best estate planning attorney near you.
What documents are the most essential in estate planning?
Estate planning is a more customized thing. The estate deeds to be drafted will depend on your situation. However, the most essential estate deeds include; last will, Living trust, Durable power of attorney, health care power of attorney and the living will. Find out more on this by getting answers from our free attorney consultation services.
What is the difference between a living will and a last will?
A living Will is an estate planning tool that allows you to state your guidance of how your assets or your health should be handled while you are still alive, while the last will is an estate planning tool that only states how your assets are administered when you die. A living will benefit both you and your family while a last will only benefit your heirs.
How do I find an estate planning attorney?
Finding an estate planning attorney is a very crucial task. It needs a proper plan as the attorney may end up being a lifelong one. Our free attorney consultation will provide more on how to find an estate planning attorney.