It seems like everyone is so busy in Minnesota that they do not have the time to prepare for the future. No matter how much you have going on, you should not overlook the importance of getting your estate planning out of the way. It may seem convenient for you to use online will and trust creation services to make plans to settle your final affairs. However, these services are geared towards individuals who have little to no assets and simple situations.
No two people or situations are alike. According to MarketWatch, there is a significant risk in using DIY estate planning services. Your estate planning documents should not be the same as everyone else’s. Take some time to consider the following disadvantages of DIY estate planning.
Easy to make mistakes
Some mistakes in estate planning can lead to your loved ones filing disputes with probate court and bickering amongst themselves. Other types of mistakes like missing witness signatures and affidavits and other necessary components can lead to your plans being invalidated. Some online estate planning services do not inform you about all of the necessary components your estate plans need to make them legally binding.
Do not include proper provisions for trusts
Establishing trusts can be complicated. Many online estate planning services do not have the right provisions in place to ensure that your trusts are set up right and properly funded. Most programs use a standard template for all asset levels that can lead to you owing far more in estate taxes than you intend. It can also lead to complications that cheat your beneficiaries of their inheritances.
One of the most important things you should remember about estate plans is that they help to protect you, your assets and loved ones if you suddenly become incapacitated or die. Without an estate planning expert to assess your circumstances and help you make plans that are most beneficial to your situation, you and your relatives could run into some expensive and heartbreaking issues when it is time to probate them.