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The pitfalls of DIY estate planning

On Behalf of | Jun 14, 2022 | Estate Planning

Are you a diehard do-it-yourselfer with a sizable estate? If so, you have probably achieved much in your life using hard work, skills and a talent for learning. You can meet many of your goals by going it alone, but some things function best under the guidance of educated professionals.

Many who like to handle their own affairs believe they can tackle estate planning without guidance. Unfortunately, the DIY approach can be hazardous to your assets and cause problems for your surviving family members.

Save now, but lose later

When you address estate planning without assistance, the immediate rewards are saving money and time. However, the trade-off is that you risk losing much more of both in the future.

Large estates often benefit from specific documents containing many small but critical details. Proper wording and legal language in such documentation are vital to preserving your wealth and assets for future generations.

Most people do not have the skill and know-how to create these documents without training. If problems arise (estate tax issues, for example), it will cost you time and money to address them, effectively erasing the rewards you thought you gained.

Avoiding DIY pitfalls

You can get help with estate planning and still play an active role in the process. For example, write down what you want to achieve and have a professional look it over for errors. Using the information you provided, they can draft a plan you approve of that contains the proper legal language.

If you need to know more, consider familiarizing yourself with Arizona estate planning laws and regulations. You will likely begin to understand why it usually requires someone with accurate legal and financial knowledge to craft an estate plan that can stand up.