Many people are unaware of the potential risks associated with a Do-It-Yourself (DIY) estate plan and trust. A DIY estate plan is one that is created without the assistance of an estate planning attorney, and can result in a number of serious problems. Here, we will discuss the reasons why it is best to avoid a DIY estate plan and trust, the common errors that can lead to invalidation or contesting of a trust, and how an estate planning attorney can help ensure that your estate plan is valid and secure.
Why Should You Avoid a DIY Estate Plan and Trust?
Creating an estate plan without the assistance of an attorney can be a risky and expensive endeavor. Estate planning laws are complex and vary from state to state and without the assistance of an experienced attorney, there is a high risk that important details can be overlooked or that steps may be taken in the wrong order. Furthermore, an estate plan must be tailored to the individual’s personal circumstances and needs, which requires a deep understanding of the law that only an experienced attorney can provide.
Common Errors with Trust Creation
There are a number of common errors that can lead to a trust being invalidated or contested. These include:
• Failure to follow all the necessary steps in creating the trust.
• Failing to properly fund the trust with all the necessary assets.
• Not properly naming the trustee or beneficiaries of the trust.
• Not properly signing and notarizing the trust document.
• Not properly transferring assets into the trust.
• Not properly protecting the trust from creditors.
How Can An Attorney Help Give Confidence for Your Estate Plan?
An estate planning attorney can help ensure that your estate plan is valid and secure. An attorney will be able to assess your individual situation and craft an estate plan that meets all of your needs and goals. An attorney can also help you avoid the common mistakes that can lead to invalidation or contesting of a trust, ensuring that your estate plan is valid and secure. An attorney can also provide guidance on how to fund the trust, how to manage assets, and how to properly transfer assets into the trust. Finally, an attorney can provide peace of mind by making sure your estate plan has taken into account all of your goals and wishes.
In conclusion, creating a DIY estate plan and trust can be a risky and expensive endeavor. There are a number of common errors that can lead to a trust being invalidated or contested.