Creating an estate plan can provide many benefits to you and your family. However, those benefits may only come about if you create your plan correctly. Estate planning can be complex and settling an estate through probate can be even more so. Almost any mistake can negate plans.
Because of the importance of estate planning correctly, this process may not fall into the category of a DIY project for you. Certainly, DIY options exist, and numerous online sites boast easy planning options, but they may not lead your plans in the right direction.
What documents do you need?
A variety of estate planning tools and documents exist because the laws in each estate and each person's specific needs are different. When working with a legal professional who understands these documents and can apply your specific circumstances to your plan, you may have the ability to create a comprehensive plan that addresses your unique situation. If you utilize a DIY site, your actions may not result in a full-coverage plan.
In fact, if you do not know what documents you need as soon as you start planning online, you will likely not obtain in-depth assistance on how other tools may be more useful to your plan. You may think you only need a will, but health care-related tools and others can also play important roles in your plan.
The DIY approach to estate planning could result in a website providing you with incorrect information, you in-putting incorrect information or both. If there are mistakes with your plan, you may not notice them, and your family will likely be the ones to discover those errors as they attempt to settle your estate. Unfortunately, because you will have likely become incapacitated or passed away by the time your plan goes into effect, your loved ones probably will have an even more complicated scenario to sort out.
Pros and cons
DIY estate plans certainly have their pros and cons, but more than likely, the cons overshadow the possible benefits. Because your estate plan will act as an essential tool to your loved ones after your passing, you will undoubtedly want to make sure that you create your plan correctly and with as much applicable information as possible. Fortunately, a New Jersey attorney would be happy to assist you throughout the planning process and help you clear up any issues with a plan that already exists.