Estate Planning, can I Do-It-Myself?

When asked if DIY Estate Planning: it's cheap and easy but is it better than nothing?

According to Michael Loftus, Managing Director at Loftus Wealth Strategies in Millville, "Americans are do-it-yourselfers and the same holds true for estate planning. Although do-it-yourself (DIY) estate planning can cost a fraction of what attorneys charge, this may be a case of being penny-wise and pound-foolish."

Proponents of DIY estate planning typically have two arguments:

1. Cheap and easy

Creating a will and other estate planning documents on your own can cost far less than doing so with an attorney's assistance. You can find resources online and in the library that could help.

2. Better than nothing

What happens if you die or become very ill without important estate planning documents? In that case, the state will make important decisions for you, such as how your property will be distributed, who will care for your minor children, and what medical care you'll receive if you are unable to make your wishes known.

These points are valid, but basic is not always ideal

For those who cannot afford to pay an attorney, DIY may be an economical alternative. For others, a poorly drafted will may be better than no will at all, especially when naming a guardian for minor children is involved. So you are beginning to see, estate planning involves a lot more than producing documents. Click Below to read how DIY sources generally fail in sophisticated estate planning strategies.

http://blog.activeadultsdelaware.com/2014/09/08/pitfalls-diy-estate-planning/