Avoiding Do-It-Yourself Estate Planning

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The True Cost of a Do-It-Yourself Estate Plan

In a world of online tutorials and DIY projects, it can be tempting to apply the same approach to your legal documents. Software companies and online templates promise a quick, easy, and inexpensive way to create a will or trust. However, when it comes to something as crucial as your family’s future, a do-it-yourself approach can be the most expensive mistake you ever make.

Why a Template Can’t Replace an Attorney

Most people miss out on important tax and money-saving strategies when they use generic software. These services use boilerplate documents that cannot account for your unique family situation or the specific laws of North Carolina. A one-size-fits-all document simply does not exist for effective estate planning.

Worse still are documents drafted entirely by a layperson. We often see clients who have attempted their own planning, and it frequently costs their families far more to fix the mistakes than it would have to get professional advice at the outset. Common problems include:

  • Invalid Documents: A simple error in how a will is signed or witnessed can render the entire document invalid, forcing your estate into a lengthy and expensive court process.
  • Unintended Consequences: A DIY power of attorney might not grant the specific authority needed to protect assets from a long-term care crisis, defeating its very purpose.
  • Lost Assets and Family Conflict: When documents are unclear or cannot be found, your wishes may not be honored, leading to legal battles and unnecessary stress for your loved ones.

The “Fix-It” Tax: A Cautionary Tale

Recently, a well-educated client created his own trust, deed, and will using a flawed template. His will left property to a trust that his family could never find, rendering the will useless. His daughter, also a do-it-yourselfer, then tried to transfer his property using a homemade power of attorney, but the document lacked the legal authority for such transfers. This cascade of errors resulted in the need for an intestate probate—the complicated legal process for those who die without a valid will—costing the family immense time, money, and heartache.

The Elder Law Advantage

Today, people live complex lives, and simple documents are rarely the right solution, especially for seniors. A crucial part of protecting your assets involves understanding how to plan for potential long-term care needs. Instead of just “estate planning,” seniors should seek an elder law attorney who specializes in the unique blend of asset protection and estate planning.

A properly drafted plan does more than just distribute assets; it protects them. If you or your loved ones need assistance with your planning, it is vital to seek experienced legal advice. Call our office at (919) 256-7000 to schedule a consultation.