New York Estate Planning & Elder Law Blog
Beginning with a list of your assets can be a simple way to begin estate planning. Unfortunately, statistics compiled by Caring.com reveal that more than half of Americans do not have a will. This is despite the numerous advantages offered by having a will which include avoiding potentially high legal fees and tax consequences. If you do not yet have a will or estate planning documents in place, it can be tempting to use one of the numerous do it yourself forms that are available online. Before writing an estate planning document in this manner, however, it is important to understand the numerous complications that can arise from creating an estate planning document on your own rather than obtaining the help of an experienced estate planning lawyer. This article reviews some of the important things that you should consider when creating an estate planning document online.
# 1 – Recognize All of the Available Options
There are several options to create an estate planning documents: a do it yourself service, on your own, or with the help of an experienced attorney. If you decide to create state planning documents on your own, it is critical to have a firm understanding of various applicable estate planning issues. If you decide to use an online service, you will not have any legal advice to create these documents or to warn if you create any mistakes while engaged in the planning process. Obtaining the assistance of an estate planning lawyer helps to make sure that you fully address any issues that can arise in the estate planning process.
# 2 – Decide What Is Best for Your Estate
The worth and nature of your estate as well as your family relationships can have a substantial impact on what considerations you make when drafting a will. Some individuals with smaller estates are able to write estate planning documents on their own that successfully address all issues. In situations where a person has a larger estate, however, it is often a much better idea to obtain the assistance of an experienced estate planning attorney. You might also decide to use an attorney if you are interested in reducing the risk that your estate will be subjected to probate.
# 3 – Inform Heirs where Estate Planning Documents are Located
No matter what option you decide on to create estate planning documents, it is a wise idea to keep these documents in a safe spot and inform other individuals about where the documents are located. This helps to avoid a situation where after your death, your loved ones are not certain where your important documents are stored.
Speak with an Experienced Estate Planning Lawyer
Given the reduced cost and ease in doing so, it can be particularly tempting to create a will online, doing so creates a great risk that you will end up with estate planning documents that do not achieve your goal. Instead, it is often a much better idea to obtain the assistance of an experienced attorney. Contact Ettinger Law Firm today.