The Case Against DIY Estates
One thing you can say about the people of Georgia, including Atlanta. We really love doing things ourselves, especially when it comes to personal financial matters. And thanks to the Internet, the answers to many questions are literally at our fingertips.
Unfortunately, the do-it-yourself trend is not well-suited to setting up an estate plan. There are many reasons for this, but the biggest one has to be that, when it comes time to matter, it's too late to fix any mistakes. When considering an estate plan, the best course of action is to seek out qualified professionals to help you and give you advice.
Even the most basic estate plan is made up of three very important elements: a will, a durable power of attorney and an advance directive, which should include a few very important documents in and of itself. Each of these documents serves a vital role in an estate plan, and everyone needs them.
- A will basically dictates how your assets will be distributed after you pass away, but it can also include resolutions of a number of other issues, such as appointing guardians for minor children.
- The durable power of attorney gives someone you appoint the ability to make financial decisions on your behalf, after you pass away, or if you become incapacitated.
- The advance directive authorizes someone you choose to make health care decisions on your behalf if you are unable to do so for yourself. It gives medical professionals instructions regarding the type of care you want under certain circumstances, including decisions you want regarding life-sustaining treatment, medically administered nutrition and hydration, and a do not resuscitate order.
Creating these documents yourself can seem economical and a number of resources are available to get you through the process and answer questions and concerns. However, before you dive into the DIY waters, you should know that estate planning documents that are not properly executed can create serious problems for your loved ones after you pass away, and could even make that document null and void.
You should know, also that the basic documents, such as those you find online or in your local office supply store, are not going to be sufficient if there is any complexity to your estate, because the language is insufficient. This is especially true if this isn't your first marriage and you have children from a previous relationship. If you need to go beyond the basics – for instance if you want to set up trusts for those children or your grandchildren – you should definitely get advice from an estate planning attorney.
Another thing to keep in mind is that laws are always changing as are family circumstances. Therefore, if you take the DIY approach, at some point you will likely have to change something, or your documents won't be current. For example, what if the person you want to handle your estate dies, or is incapacitated? With an estate planning attorney helping you, you are more likely to have a good plan and keep it up to date. That can save your heirs a lot more in the long run than it costs you in the short run.
