There are some things that you can do for yourself with a little bit of information and perhaps the purchase of some specific tools or equipment. And of course there are other things that are best left to experienced and qualified professionals because in the end you may wind up losing more than you gain by trying to go it alone.
Estate planning would fall into the latter category. There are websites out there willing to sell you generic template legal documents. The idea is that you simply fill in the blanks and all of your worldly possessions will fall into the hands of your heirs effectively after your passing.
In truth there is a lot more to comprehensive estate planning than filling in the blanks. First of all there is no one universal estate planning document that serves every purpose.
You may think of a Will when you consider the topic of estate planning. But in fact you have other options when you are arranging for asset transfers, such as various revocable and irrevocable trusts and utilization of a Will may not be the best one and even if you do use a Last Will it should be prepared professionally with the nuances of the legal requirements in mind. We have reviewed many poorly prepared documents that failed to meet the legal requirements for a Will and, accordingly, the intentions of the person creating the document were not realized.
The only logical way to proceed when you are making preparations for the future is to retain the services of an experienced and qualified estate planning attorney. If this makes sense to you, take action right now to arrange for a consultation with such an estate planning attorney.
Latest posts by Timothy P. Murphy (see all)
- 529 Plans: Planning for Education with a Tax and Asset Protection Bonus - September 17, 2019
- What Is a Spendthrift Trust? - September 15, 2019
- What Can I Do to Prevent My Beneficiaries from Contesting My Will? - September 13, 2019