Do-it-Yourself or DIY is well-known to apply to any task or project you start and finish all by yourself. When we say DIY, the first image that pops up in your mind might be of someone visiting a local hardware shop with a few bruises on their fingers buying equipment and supplies to finish their project.
Think Before Planning
You could easily fix a dripping faucet, change the flooring, repair drywall or wash your own car, but the question is, can you do your own estate planning? Well, yes, but not without concerns. While you can do your own estate plan, the important thing to remember is estate plans are complex and prone to mistakes if you aren’t sure of what you are doing. You need a complete understanding of the Wills and State Laws, which could get complicated and prone to confusion for someone who does not have a legal background.
Some of these mistakes can be irreversible, so you might have to think twice before you decide to do your own estate plan. When you have effective guidance and instructions from an experienced estate planning attorney, it could be possible to make your own estate plan under expert supervision.
What to Consider When Coming Up with Your Own Estate Plan?
As mentioned earlier, estate plans are not simple or as easy as they seem. You will need to consider many requirements and facts to get everything in the right order. Some of the requirements or considerations for an estate plan are:
- Meeting the probate requirements
- Effectively making dispositions of the estate
- Elaborating how the debts will be repaid
- Taxes and other federal restrictions and obligations
- Appointing administrator for the estate
- Selecting potential people to take care of the minors and other beneficiaries
It’s essential to ensure estate plans cover all the aforementioned and more compliance requirements to be considered valid in court.
The Bottom Line
If you want to, you can do your own estate plan, but be certain it’s free of any mistakes. Consult an experienced attorney who specializes in estate planning to discuss your plan. An attorney will assist you in drafting complicated documentation. For example, the decision to pick the right guardian for your children or pets, in case of your untimely or sudden demise, is something you would need to discuss with a competent real estate planning attorney.
If you require any assistance regarding estate planning or doing it on your own, you are eligible to schedule a free consultation. Contact Casement Law Group at (847) 888-9300 today to speak with an experienced estate planning lawyer and help understand your rights and obligations. We are here to answer all your queries.